… I only have one asset which generates 110k in income. However it is a partnership and the partnership owes money so I get 60k for tax and 60k goes to pay the partnership debt. This bank debt will be completely paid off next year then I will have income to start paying the 130 loan back. I have no money at the moment for living etc. Everything goes on tax. I am virtually living on my mothers charity. Does bankruptcy make any sense in these circumstances?
If you file for Bankruptcy the partnership will be dissolved and the income you derive from it will be lost. However, you will be completely debt free and have the opportunity for a fresh start. There would be nothing to stop you from continuing as a self employed person, possibly generating business for the same company.
Bankruptcy UK offers bankruptcy help across the board and will submit your application online. Court appearances for bankruptcy are no longer required. Feel free to call us on 01425 600129 for a chat about your circumstances.