I AM NOT A FINANCIAL ADVISOR BUT ...

If you go down the bankruptcy path, you declare everything or you will end up in trouble - possibly into fraud proceedings. You cannot have it both ways I'm afraid. If you want to write off your debts, you face six years plus of hardship and a long way back to fiscal purity.

Self-employed or not, declare or face the music if they find out, and be very aware that HMRC are not daft and neither are the creditors.

This is not as complicated as it is made out to be. If you have an income, you owe anything to your creditors before you get to save anything - that is the choice you make.

SHARK!

To cut a long story short... My house is being repossessed, currently back living with parents. Ive been paying an IVA for over 2 years. I lost my job 6 months ago and have incurred arrears on the IVA and child maintanance payments.

I am considering bankrupcy not just because of debt payments but the fact that once repossession is complete there will be a shortfall of £20,000 on the mortgage. I am under the impression that bankruptcy will clear this!!!

To make things more complicated, in the past 8 weeks have become self employed - the bankrupcy forms require accountancy books, etc. Having only just started I dont have anything like this. The money I have recieved from this self-employment is getting paid into a savings account.

I have considered not declaring this savings account. (I dont want them to take every penny off me as I have personal debts to parents!!)

Any thoughts???