I owe HMRC money and they will not enter in a payment plan – I also have other bills I cannot pay. Is bankruptcy the answer?
For reasons known only to HMRC, they will only allow 12 months to settle outstanding tax commitments, something which is costing them a fortune. Once someone has declared bankruptcy, all amounts owing are written off and there is no recourse.
Depending on your circumstances i.e. whether you have significant assets or not, bankruptcy may well be the answer. Most of the people we speak to are just everyday folks with a basic income and living in rented, and these are ideal candidates for bankruptcy.
In bankruptcy you may keep any car up the value of £1,000 and you won’t have to close your bank account unless you owe money to the bank concerned. In most cases there is no monthly payment after bankruptcy, but we can establish this for you in a few minutes. If you have a property with no equity it will not be lost in bankruptcy and we’ll explain more about that too.
Bankruptcy UK has been helping the British public with bankruptcy since 1998 and will guide you through the process step by step. We will avoid jargon and confirm all discussions by email within 30 minutes. Call us for a chat about your circumstances on 01425 600129.