The effect of going bankrupt if you are a taxi driver
In an economic downturn it seems that every job is affected in some way. I have noticed that one particular sector has seemed to suffer disproportionately especially if the number and nature of the calls I am getting is anything to go by. Taxi drivers seem to be having a hard time.
Just this week I have been advising a small taxi operator, who has explained that in the last few years his turnover has gone from one where he was vat registered, to now where he is struggling to get a job in.
The down fall here seems to be the fall in contract work form a number of key customers. These have fallen off for a variety of reasons, but mainly due to cost cutting.
This individual has kept his business alive and paid the fixed costs such as rent and rates, heating and lighting and telephones, on credit cards and loans in the hope that the situation would turn itself around. Needless to say it hasn't.
This operator like others is now in a situation where he isn't earning enough to cover the minimum payments on his cards and loans.
The main concern of taxi drivers calling in is that they can keep their number and their trading style. This is not a problem. You should trade in your own name or you are expected to tell people you have gone bankrupt. The Official receiver is not going to stop you from trading.
Here at Help with debt we take everybody who wishes through their bankruptcy from start to finish.
If you require assistance, we will prepare all your papers for you, book your court appearance, appear at court with you and provide you with advice for a year after.
You will be bankrupt for a maximum of a year, when you will then be automatically discharged and be free to get on with your life.
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