My wife and I recently separated and I have been left with approximately £23,000 of debt in the shape of an unsecured loan (4.5 years remaining) and am unable to to pay the approximate £7000 due to the Inland Revenue at the end of this month.
As you will be able to tell that I am self employed. My level of business has decreased in recent months making my future earnings very unpredictable.
I am considering bunkruptcy as a means of clearing the slate and avoiding the stress I find myself under as i try to earn enough money. On a personal note i also need to cut any emotional ties with my former wife.
Could you tell me under what circumstances may an application for bankruptcy be refused and can you confirm that debts to the inland revenue are covered by Bankruptcy.
Debtors petitions are rarely refused. the two common reasons would be if (a) you are not technically insolvent, and (b) you were in an IVA and could not present a certificate/letter confirming the IVA has failed.
I am delighted to confirm that debts to HMRC are included in BR.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
My wife and I recently separated
Posted - 19 January 2009 : 15:48:54
