www.iva.co.uk

I have been setting up a business in France over the last year and also waiting for a book to be published, neither of which has happened and so the debts i was going to clear with my advance are now in the region of £17,000. I have no obvious regular income in the immediate future and am now based in France, I want to clear up my debt problems in the UK but with no advance to clear them i wonder if bankrupcy is the way to go?

Hi claire and welcome to the forum

Bankruptcy is certainly an option for you, if you have no disposable income to offer to creditors on an ongoing basis. If you do have surplus money, you could also consider an IVA or a DMP.

If the book advance is due to you rightly, this will form an asset in the bankruptcy estate, and the Trustee will have powers to pursue it from your publisher.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Do you not have any form of income at all ?
And how many creditors is the £17,000 made up of ?
If you are self employed (Not an employee of a Company) and you wish to resolve your debt issues in the UK, any insolvency practitioner you might contact should, strictly speaking, meet with you face to face. That may prove difficult if you are no longer in the UK.
You might try giving one a call and running through your circumstances in much more detail than you possibly can on here. You may find contact details on either of these sites amongst others
http://www.r3.org.uk/
or
http://www.insolvency-practitioners.org.uk/page.aspx

Hello

You could go bankrupt but must remember that some or all of the potential advance may have to go to your creditors if it is paid during your bankruptcy.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp