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| T O P I C R E V I E W |
| Brett |
Posted - 25 August 2009 : 14:00:05
Hi there, I finally went bankrupt on june 17th after a stressfull couple of years and I feel all the better for it. I am self employed and untill July I hadn't worked this year, however quite typically as soon as I went bankrupt I got some work through, this work will take me to November and that will be it again untill May next year. My problem is that it will pay me £11,000.00 over 5 months, then I will be out of work. My over heads are about £1000.00 a month leaving more than enough for the official reciver to want to take the rest to pay for my creditors, in an agreement for 3 years. As I know that I will again be out of work comne November I really want to try and avoid being drawn into an agreement as I will need all of my pay to spread over the year untill I work next. Do you have any advice that could help me. Is it legal for my wife to set up a limited company for me to get paid into, and hen she pay me as she is also out of work and the money I earn is for both of us to live off. Also do yo pay tax on earnings wilst on the bankrupsy register? Thanks for your time. |
| 1 L A T E S T R E P L I E S (Newest First) |
| gettingoutofdebt |
Posted - 25 August 2009 : 14:23:19
quote:
Originally posted by Brett
Hi there, I finally went bankrupt on june 17th after a stressful couple of years and I feel all the better for it. I am self employed and until July I hadn't worked this year, however quite typically as soon as I went bankrupt I got some work through, this work will take me to November and that will be it again untill May next year.My problem is that it will pay me £11,000.00 over 5 months, then I will be out of work. My over heads are about £1000.00 a month leaving more than enough for the official reciver to want to take the rest to pay for my creditors, in an agreement for 3 years. As I know that I will again be out of work come November I really want to try and avoid being drawn into an agreement as I will need all of my pay to spread over the year until I work next. Do you have any advice that could help me.
My advice would be to let the OR know that your income has changed. If you started the employment in July then you should already have told the OR of this.
The 3 year IPA is something that you have to face up to and accept as a responsibility of being bankrupt. Declaring BR isn't a case of writing off your debts and then keeping any money you earn afterwards. The IPA is very fair in that you are allowed a decent amount for living and then only a maximum of 70% of the disposable income is taken.
I pay into an IPA and am more than happy to do this as it will still be a lot less than my debts that were written off when I declared BR.
quote:
Originally posted by Brett
Is it legal for my wife to set up a limited company for me to get paid into, and then she pay me as she is also out of work and the money I earn is for both of us to live off.
I am not too sure of this but someone else may be able to help.
quote:
Originally posted by Brett
Also do yo pay tax on earnings whilst on the bankruptcy register? Thanks for your time.
If you are PAYE then you would normally have a NT tax code and the tax would be paid to the OR rather than HMRC but there may be different rules for self-employed. A few people who are self-employed are on this board so they may be able to help with this one. |
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