Bankruptcy is often seen as the last resort in solving any debt issues, but I do not subscribe to this. In a related article I will take you through the pros and cons of bankruptcy, and the myths of an IVA which is often touted as the debt solution to take. Please read these and it will become apparent that bankruptcy has been and remains a far more utilised debt solution than the IVA.
The consequences of becoming bankrupt may mean you lose your house, it could prevent you from pursuing certain careers and, for example, prevent you from becoming a company director for the period of time that you are bankrupt. Having said that, the severity and stigma of bankruptcy has lessened over time and it is now far more acceptable than it used to be. This year some 80,000 individuals will become bankrupt.
Bankruptcy can be a daunting experience. There are however companies such as mine that specialise in taking customers through the bankruptcy process, even attending court with you if necessary. Faced with a statement of affairs of 35 pages which needs to be completed in triplicate can be an unnerving proposition. Advice from an expert as to whether bankruptcy is the right route, and then someone to fill in the forms and help you file them at court and then attend with you is something to be considered, especially when I can help you keep your house and your income.
How do I know if I need to pursue the bankruptcy option?
The easy way to find out is to call an expert debt advisor. They will, very quickly, get to understand your current financial position and advise the best way to solve your situation. The conversation is completely confidential, free of charge and without obligation. You should choose someone who is not allied to either a Debt management company or an IVA firm such as me I will give impartial advice not the solution which makes me the most commission.
What is bankruptcy?
Bankruptcy means that all your debts (subject to a very few minor exceptions) are written off on the instant you are made bankrupt. If you have disposable income you may be required to pay this to the Official Receiver for a maximum of three years. However part of what I do is to configure your disposable income to reduce as much as possible the potential of having to make income payments. You will generally be discharged from bankruptcy in a year or less. If you have equity in your property or valuable assets you may have to release these to the Official Receiver. Although in the vast majority of cases I have seen this year, with very little if any equity in property, homes can be transferred from the Official Receiver back to the bankrupt or his or her spouse for his fees, of about £400.
If you have ever considered bankruptcy as a way to get out of a debt problem you can do no better than call me today. [...]
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Help for those seeking to go bankrupt in Sheffield
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Help for those seeking to go bankrupt in Shrewsbury
Bankruptcy is often seen as the last resort in solving any debt issues, but I do not subscribe to this. In a related article I will take you through the pros and cons of bankruptcy, and the myths of an IVA which is often touted as the debt solution to take. Please read these and it will become apparent that bankruptcy has been and remains a far more utilised debt solution than the IVA.
The consequences of becoming bankrupt may mean you lose your house, it could prevent you from pursuing certain careers and, for example, prevent you from becoming a company director for the period of time that you are bankrupt. Having said that, the severity and stigma of bankruptcy has lessened over time and it is now far more acceptable than it used to be. This year some 80,000 individuals will become bankrupt.
Bankruptcy can be a daunting experience. There are however companies such as mine that specialise in taking customers through the bankruptcy process, even attending court with you if necessary. Faced with a statement of affairs of 35 pages which needs to be completed in triplicate can be an unnerving proposition. Advice from an expert as to whether bankruptcy is the right route, and then someone to fill in the forms and help you file them at court and then attend with you is something to be considered, especially when I can help you keep your house and your income.
How do I know if I need to pursue the bankruptcy option?
The easy way to find out is to call an expert debt advisor. They will, very quickly, get to understand your current financial position and advise the best way to solve your situation. The conversation is completely confidential, free of charge and without obligation. You should choose someone who is not allied to either a Debt management company or an IVA firm such as me I will give impartial advice not the solution which makes me the most commission.
What is bankruptcy?
Bankruptcy means that all your debts (subject to a very few minor exceptions) are written off on the instant you are made bankrupt. If you have disposable income you may be required to pay this to the Official Receiver for a maximum of three years. However part of what I do is to configure your disposable income to reduce as much as possible the potential of having to make income payments. You will generally be discharged from bankruptcy in a year or less. If you have equity in your property or valuable assets you may have to release these to the Official Receiver. Although in the vast majority of cases I have seen this year, with very little if any equity in property, homes can be transferred from the Official Receiver back to the bankrupt or his or her spouse for his fees, of about £400.
If you have ever considered bankruptcy as a way to get out of a debt problem you can do no better than call me today. [...]
Can A Bankrupt Business Owner Request For A Tax Debt Relief?
With business still not picking up, especially to small businesses, it is not a surprise to see business owners wanting an OIC with IRS. This business owner could be deep in debt besides to IRS. That even if he sold his business, it would not break-even to settle tax debts. This business owner may just be praying right now for a tax debt relief.
Bankruptcy, whether personal or business, can be used as a reason to ask for tax relief from IRS. For a business, showing financial and income statements proves how badly in shape the business is in. And that paying for tax debts at this point is simply impossible. IRS in turn will consider this and might allow a business owner for a tax relief.
The settlement could mean that this taxpayer will still pay the tax debts but the amount is reduced. It can be that any penalties will be abated, but the taxpayer has to pay the full amount in staggered payments. Alternatively, tax debts can be totally wiped out if the situation of the business really merits it.
Technicalities on how long the tax debt has to will, however, hinder tax payers’ hope for a tax debt relief. Because according to tax codes, tax debts unpaid for three years must be paid full before tax relief is granted. And the very recent tax debts and penalties are ones subjected to legal proceedings. That is to consider the said debts for a tax debt relief.
While the business owner cannot also use tax debt relief as a means to escape from paying for local taxes. It is because local tax debts cannot be included in the declaration of bankruptcy. Instead, this must have paid in full before business income tax debts can reach a settlement.
There is much other tax debt payment that bankrupt business owner settles before finally availing tax relief. Compliance of the business owners is demanded by IRS, lest no tax debt relief will ever be granted. In other words, bankruptcy cannot be relied solely as a way to escape paying for taxes. It is because there are non negotiable tax debts that must be settled first.
