Update on going bankrupt!

Jumanji_2 · 8 March 2005 at 9:12PM

You all know my story so far. There's no way we can afford to go bankrupt!! Having to pay a fee of £460.00 each is ridiculous!!

So, a friend has given us the money!!! Obviously we plan on paying it back, but she's said she's not worried about it - just wants us to get things sorted because she's worried about us!!

I am so relieved. So now we've got a court date of Thursday 17th March 2005 to go in, and hopefully the judge will be kind enough to set us free from all this stress, worry and being scared of answering phone and reading letters!

scroogey · 8 March 2005 at 11:08PM

Good Luck, I hope it all works out for you, I've been reading your story from the start and will be pleased for you when it's all sorted, roll on St Partricks Day!!

Debt_Free_Chick · 9 March 2005 at 2:13AM

Jumanji

I'm sure the fee is less if you're out of work or on benefits - have you checked?

Xbigman · 9 March 2005 at 2:33AM

Please remember you can't pay your friend back whilst bankrupt, it would be preferential treatment of a creditor. Talk to the OR and register the debt to your friend and ask about this.
After you are discharged from bankruptcy you can pay your friend back. I did this.
Regards

X

Jumanji_2 · 13 March 2005 at 5:50PM

Well all this has fallen through - looks like friend can't lend us the money any more so we're back to square one.

We're advertising both cars now. We're hoping to sell them both, and then we can:

Buy a cheaper car, that is also cheaper to run, therefore saving money in the long run too. Also going from two to one cars will help us save money.
Pay our court fees.
And the little amount there is left, is what we are going to live on until my other half can find a job.

Trouble is, neither of the cars look to have any interest.

It's just really getting me down lately, my anti-depressents have been increased, and I have a psychological review on Friday where they're going to decide what sort of councelling/theraphy I need and how often. But I still feel so down, I've contemplated taking pills etc to finish it all, but then I hear my other half moving around in another room and that brings me out of it. I'm just so scared I'm going to feel like that when he's not around.

I don't want to go bankrupt, but I need to - does that make sense? It's our only choice, and we're doing it because it's the only answer to all our financial problems - there is no other way. And no I'm not happy about it, but I need it now, because all this stress is getting to me.

Sorry for babbling on, it just helps to "get it all out".

bokkie7975 · 14 March 2005 at 3:08AM

don't give up, go and tell your partner how you are feeling, you both need each other right now.
best of luck.

Malestrom · 14 March 2005 at 12:17PM

As Debt_Free_Chick mentioned, you should be able to waive part of the fee, which will help you a bit. Here's some relevant info from the Insolvency Helpline:

How much will it cost to make myself bankrupt?

There are three fees you may have to pay:

The Court fee of £140
In some circumstances the Court may waive this fee; for example, if you are on Income Support. If you are not sure whether you qualify for a reduction in the fee, or if you are exempt from paying the fee, Court staff will be able to advise you.

The deposit of £310 towards the costs of administering your bankruptcy. This deposit is payable in all cases.

The fee to swear the statement of affairs.
In a County Court, no charge is made to swear the affidavit, which is part of your statement of affairs. But in the High Court or before a solicitor there is a £7 charge.

If you are a married couple and you are both applying for bankruptcy, you will each have to pay separate fees. If you were in business as a partnership, each partner will have to pay separate fees, unless all the parties apply for a joint bankruptcy petition under the Insolvent Partnerships Order 1994 (Form 16).

The above fees should be paid in cash, postal orders, or by a building society, bank or solicitor's cheque. Cheques should be made payable to H M Paymaster General. Personal cheques will not be accepted.

From doing some research with Google, there are apparently some charities that will help with bankruptcy fee's for people who cannot afford to pay them. I would contact your local CAB and ask if they know of any. This article mentions this, second paragraph down.

I'll do some more research and see if I can find anything relevant. Try not to get too depressed about this Jumanji and please don't think that you are alone, we are all rooting for you.

Malestrom · 14 March 2005 at 12:39PM

Here's a book that focuses on charities and organisations that you can apply to for funding, originally mentioned at the UK Fundraising Forum.

Its called 'A Guide to Grants for Individuals in Need' but its £30 from Amazon. However, there is an older copy on Ebay for 99p + P&P which is probably just as useful. It might be worth thinking about but contact the CAB first!

Jumanji_2 · 14 March 2005 at 6:50PM

I had no idea that there are charities willing to help!! My partner and I are going to CAB first thing tomorrow!!! Thank you so much Malestrom!!! And thank you everyone else for you support.

With regards to reduced fees, we are looking at this but our claims are currently going through and we have no proof that we are on them so I don't know how to go about it!

Debt_Free_Chick · 15 March 2005 at 6:31AM

Jumanji

If you paid your creditors nothing for 2 months, would that enable you to "save" the B fees? Paying them nothing doesn't matter if you're going bankrupt. Sure, you'll get letters & phonecalls but you just say "Sorry, I'm going bankrupt". By the time they get around to doing anything about it, you'll have been to Court and the OR will have taken over your debts.

So ... pay them nothing, but keep the money you would have spent on repayments to pay for the (reduced) B fees.

Jumanji_2 · 15 March 2005 at 11:59AM

Debt_Free_Chick wrote:

Jumanji

If you paid your creditors nothing for 2 months, would that enable you to "save" the B fees?

This is what we were hoping, until my partner and I both lost our jobs! Now unfortunately we have no money for day to day bills let alone anything like that.

Update on going bankrupt!

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