Author Topic: seeking advice HMRC bankruptcy notice  (Read 10592 times)

ahh1966

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seeking advice HMRC bankruptcy notice
« on: Jan 14, 2017, 10:09:14 AM »
I have received a warning notice from HMRC regarding my Self Assessment debt of £22,444.02 which they require to be paid in full. I am a sole trader and work in the events industry, with the last 18 months being very bad. I have a wife and 2 young children to support. We live a modest lifestyle and don't have many assets for example my car is a 10 year old Volvo which is only worth £400. I don't have an office or business premises so only real asset is our flat which we have a joint mortgage on. Can I transfer this solely into my wife's name? I'd be grateful to hear any other advice regarding the best route IVA, DRO, bankruptcy etc. I have 10 days to contact HMRC with my plan to move forward. Thanks

sharon75

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Re: seeking advice HMRC bankruptcy notice
« Reply #1 on: Jan 14, 2017, 10:13:58 PM »
Where is it you stay England.  Scotland

ahh1966

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Re: seeking advice HMRC bankruptcy notice
« Reply #2 on: Jan 15, 2017, 10:10:55 AM »
England

sharon75

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Re: seeking advice HMRC bankruptcy notice
« Reply #3 on: Jan 16, 2017, 12:39:14 PM »
Hi glad you got back to me, if you call my number my friend works for a debt advice company and helps people in the same situation as yourself all the time 07555995824

ahh1966

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Re: seeking advice HMRC bankruptcy notice
« Reply #4 on: Jan 16, 2017, 12:43:51 PM »
Thanks very much, what is the name of the person so that I can introduce myself.

sharon75

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Re: seeking advice HMRC bankruptcy notice
« Reply #5 on: Jan 16, 2017, 03:17:47 PM »
Hi there her name is wendy  if you call her probably best after 5 im sure she will assist you

Lisa Thomas

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Re: seeking advice HMRC bankruptcy notice
« Reply #6 on: Jan 17, 2017, 09:56:50 AM »
Hi - in short the answer is no. 

Any such transfer will be overturned in Bankruptcy as you are purposely trying to put your assets out of reach of your creditors and the trustee will simply overturn the transaction of the property or pursue your wife.

I can't advise which is the best option for you as would need a lot more information.   Your home might be at risk of repossession and sale in Bankruptcy depending on the circumstances.

If you Google Neville & Co on YouTube you will see I have made a video about the different personal insolvency options which might help you narrow it down.  I'm afraid I cant post the link on this forum.
www.Nevilleco.co.uk 01752 786800