Im a self employed taxi driver and own a taxi worth approx 20k . I have numerous debts totalling approx 30k and am thinking of going bankrupt .I would re-finance or consolidate if i could but my credit rating is bad ,so is not possible.Would i lose my taxi and therefore my living if i did go bankrupt ? What would happen with an IVA also please ?
You may lose your taxi if you go bankrupt, and even if you were allowed to keep it you would need to account to the Trustee for all of your earnings if they allowed you to continue trading.
In an IVA, your taxi would be treated as an excluded asset, and out of your trading profits - assuming you are currently trading profitably - you could make contributions to your creditors over an extended period.
Best to seek professional advice from an insolvency practitioner who can advise you about all of the options currently available - and try to find one who specialises in dealing with the self-employed.
Visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
