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HMRC Homeowner Bankruptcy Avoidance

Categories: Bailiffs Bankruptcy FAQs Business Bankruptcy IVA

HMRC Homeowner Bankruptcy Avoidance

Avoiding bankruptcy when you have assets such as a home with equity or other assets that you don’t want to lose is essential.

Generally, its HMRC or Council Tax that makes the majority of individuals bankrupt in the UK and we’ve found that most people simply don’t understand the implications of being made bankrupt.

Therefore if you are or have been made bankrupt and you are a homeowner with equity in the property or have other assets that will enable you to clear all your debts in full then you may want to consider bankruptcy avoidance.

If you have received a statutory demand and have tried to get help, but for some reason have been unable to find the answers you are looking for, we suggest you call us as the problem is not going to go away. When you are made bankrupt and you are a homeowner, a £3000 debt will escalate into a much bigger debt.

Consider this example: 

Mr F is made bankrupt in march 2015. He is a homeowner with sufficient equity to clear all of his debts. He was made bankrupt by HMRC for £10,841.39 and the trustees fees are broken down as follows:

Statutory interest:-                                   £ 1639.00

Trustees costs:-                                         £19,128.30

Estimated Additional costs:-                  £ 5000.00 

Trustees Disbursements:-                       £   886.99

Estimated additional disbursements:-£    250.00

Legal Fees:-                                                £ 4781.85

Estimated additional legal fees             £ 1000.00

Agents fees:-                                              £  722.00

VAT                                                             £ 6353.87

Insolvency Service:-                               £ 1224.84

Petitioning Creditor costs:-                   £ 2297.00

Secretary of State Fees:-                        £11,957.53

Hence the total amount required to pay off all of the bankruptcy debts and achieve annulment is £66,083.55      

In this example, we can see how a debt of just £10,841.39 has escalated over the course of 22 months into a debt of £66,083.55  

If you are that homeowner facing bankruptcy but hesitating in drawing the money out of a property to pay the debt then now you can see why its worth doing whatever it takes to get a debt paid when you are a potential bankrupt homeowner seeking assistance.

 

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