going bankrupt or being made bankrupt

[tony curtains]

i am being made bankrupt by the hmrc.

could anyone tell me weather or not i will still liable for my other debts ie. credit cards etc.

or is bankruptcy the same weather i do it myself or the hmrc do it.

many thanks tony.

[renegadeimp]

If you go bankrupt, then any debt that is included in it would be wiped, bar certain ones. Youd also lose most of your assets. House etc.

[stu007]

Hi

 

Have a look at this link from Insolvency Service: http://www.bis.gov.uk/insolvency/personal-insolvency

[tony curtains]

thank you very much for your quick response.

forgive my ignorance, but would my debt other than that to hmrc have to be mentioned at the court hearing or would this happen when i see the receiver

many thanks

[citizenB]

If you take a list of all your other debts and perhaps the last statements of each. I thought it was up to the company making you bankrupt to inform your other creditors that they were doing so.

[veganite]

If you go bankrupt, then any debt that is included in it would be wiped, bar certain ones. Youd also lose most of your assets. House etc.

 

You would not necessarily lose your family home. For example, if your family home had negative equity, then it can not be taken off you in bankruptcy.

 

If you have children under the age of 18 then a court may decide to let you keep your home.

 

If you or a member of your family has health problems, again the court may decide to let you keep your home.

 

You can also use the human rights act to enable you to keep your home in bankruptcy.

 

This article concerns human rights and bankruptcy: http://www.9stonebuildings.com/publications/human_rights.pdf

[tony curtains]

well, i have a date of next thursday to see the receiver.

i will let you know what happens.

i have received a thirty odd page form to fill in and take with me.and some of the questions relate to other debts, so we shall see where i end up

i am living in rented accommodation and have very little in the way of assets, i have no dependents.

most of the info on line seems to be about how to make yourself bankrupt as opposed to being made bankrupt, hopefully after my interview i will be able to shed some light on it from my own particular angle.

thanks again for all of your replies.

tony

[Bandit127]

The only difference between someone else making you bankrupt and doing it yourself is you save on the fees. In fact it probably cost HMRC more than it would have cost you.

 

Declare all of your debts. Council tax is one that survives bankruptcy for example but all normal unsecured debt (including CCJs) will be included.

 

Know about IPA and IPO if you are earning. Also know how to do a Statement of Affairs because they will ask for one.

 

DO NOT CHEAT. Be upfront with the receiver and answer questions honestly. Do not try to cover up assets.

 

I would recommend becoming a member of Money Saving Expert so that you can post up on the Bankruptcy and Living With It forum for advice and to read the experience of others.

http://forums.moneysavingexpert.com/forumdisplay.php?f=136

 

And good luck. This is a clean break. While the record of it lasts forever your (financial) life will begin again.