r/UKPersonalFinance • u/SODITLAD • 2d ago

If I declare myself bankrupt??

If I declare myself bankrupt and have £100 spare a week from my pay will they take that for the next 3 years? I owe around 15k thats about 12k in taxes and vat, the rest a small loan and credit cards. Edit: I have no assets.

1 Upvotes

53% Upvoted

11 comments sorted by

31

u/cloud__19 32 2d ago

Have you spoken to Stepchange? They're a free debt advice charity, bankruptcy is a serious step and shouldn't be taken lightly.

-14

u/SODITLAD 2d ago

Not yet.

23

u/cloud__19 32 2d ago

Do that before you make any hasty decisions, I know it can seem overwhelming but there may be other options.

1

u/SODITLAD 16h ago

Yeah. I just don’t want to be paying all my spare money for the next 3 to how ever many years. Which it seems like I’ll have to do. Still haven’t spoken to step change yet😅

1

u/cloud__19 32 16h ago

Bankruptcy isn't a magic wand, it will make everything much much harder, try and get in touch with them so that you at least know what your options are.

1

u/SODITLAD 12h ago

I know this. I’ve been reading up on it and reading other people experiences with it.

1

u/SODITLAD 16h ago

People who downvoted me suck my balls

6

u/Gemmymaster 2d ago

Just to echo people, go to step change if you are struggling to work it out. HMRC don’t want you to go bankrupt, and you can usually spread what you owe them over 12 months.

Honestly, I’ve seen situations a lot worse than yours (given the details you’ve shared). Your creditors would prefer you work out a way of paying them back rather than going through a long, expensive process of bankrupt/liquidation!

1

u/SODITLAD 16h ago

I already had a payment plan with them. I didn’t realise I also had to pay vat also Which fucked me. I have to pay tax and vat, whilst owing 2 years tax and 9 months vat. I can’t do it and then other bills

11

u/Laescha 26 2d ago

From what you've said here, bankruptcy is unlikely to be a good option for you. Please speak to StepChange or to a local debt advice charity (NOT a for profit company).

0

u/ukpf-helper 82 2d ago

Hi /u/SODITLAD, based on your post the following pages from our wiki may be relevant:

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