Merry's Bankrupt Life - OR Interview tomorrow - 07.07.08!!

Merry_Gentry · 28 April 2008 at 10:28PM

Hello, am a complete newbie but have been reading for a while.

I wonder if you can help me. My husband and I are looking into our finances. At the moment, he is struggling to make the minimum payments on credit cards, etc. I am in a similar position, although not quite as bad.

We remortgaged last year to sort out some of the debts - some joint - but it seems that he's swimming hard simply to stay in one place.

Couple of questions:

1) If he declares bankruptcy, do I have to as well?
2) I run a small business from home - sole trader. If he/I go bankrupt, will that mean I have to stop trading?

I will probably have loads more questions. We have been through the CCS site and completed the DMP. The plan is to call them later this week to talk through their suggestions.

Thanks in advance for any help you can give. :beer:

JCS1 · 28 April 2008 at 10:31PM

Merry_Gentry wrote: »

Hello, am a complete newbie but have been reading for a while.

I wonder if you can help me. My husband and I are looking into our finances. At the moment, he is struggling to make the minimum payments on credit cards, etc. I am in a similar position, although not quite as bad.

We remortgaged last year to sort out some of the debts - some joint - but it seems that he's swimming hard simply to stay in one place.

Couple of questions:

1) If he declares bankruptcy, do I have to as well? No, but any joint debts will pass in full to you
2) I run a small business from home - sole trader. If he/I go bankrupt, will that mean I have to stop trading? If your husband goes BR, then it will not concern your sole trader. If you do, then down to OR, though only a few "high risk" traders that they shut down such as pubs, where the liability is high.

I will probably have loads more questions. We have been through the CCS site and completed the DMP. The plan is to call them later this week to talk through their suggestions.

Thanks in advance for any help you can give. :beer:

Hope this helps

Merry_Gentry · 28 April 2008 at 10:50PM

Thanks ever so much - that really helps me loads

So_Sad_Angel · 29 April 2008 at 12:24AM

Hi Merry

I`m similar that OH has decided BR but this then leaves me `high & dry` carrying all residue debt (mtge & Sec Ln). Advice is to speak to CCCS then Nat debtlne (both free charities)...know your rights & responsibilities & put yourself in the best position. Knowledge is power & the advice is invaluable.

Keep posting here as you need to know that others are in a similar `boat`

Cheers Angexx

Merry_Gentry · 29 April 2008 at 12:50AM

Thanks Ange. OH has gone to bed - he's not handling this very well, and tends to bury his head in the sand unless forced to face up to things - and I am up reading as much as I can. The thing is, we are in a bad situation anyway - not money related - and I'm not sure how much longer we'll be together

. With 3 kids to look after, I need to know where I stand with everything.

I realise that if he goes BR, then I either accept responsibility for the joint debts or go BR myself. And that's probably why I'm wide awake when I should be going to sleep. :think:

Merry_Gentry · 29 April 2008 at 2:44PM

Have spoken to CCCS and they have recommended bankruptcy. Am printing off the forms and guess we'll be reading through those and completing them as soon as possible. Have also spoken to the Human Resources section of my employer to see if this will impact on my job, and they have said I need to speak to my Line Manager in the first instance, that it won't necessarily cost me my job but each case is taken on it's personal merits. So there we have it.

I feel like crying but am also numb. Husband has said nothing - at all.

nuttyp · 29 April 2008 at 3:39PM

hi, welcome to the forum. SOrry to here abut your dillemas, at least you have started to take the first steps into sorting them out.

Firstly, if you were to go BR have you thought about what you would do about your home?? Is there any equity in it?? If your BR to rent somewhere private a lot of people on here have mentioned they usually need a certain amount of rent upfront. Do you think you would be able to get council/housing association housing??

Secondly all joint debts get passed over to the other party involved in the debt.

Things will probably be a lot easier between you and your OH whenyou get things sorted out, the stress of debt effects everyone and i expect hes feeling like hes let you and your children down.

Good Luck with everything and i hope you get sorted out soon

Merry_Gentry · 29 April 2008 at 4:59PM

Thanks Nuttyp, we have very very litte equity in the house - in fact, not enough to cover one of his debts :eek: I have looked into renting (as part of the whole relationship breaking down thing) so I know that in all likelihood we will lose the home.

The kids are back from school so we're not speaking about it at the moment, but the plan is to get cracking on the forms as soon as possible. Have also just read an excellent PM about getting in touch with the local court to get an appointment sorted asap.

Merry_Gentry · 29 April 2008 at 10:14PM

Plan of action

* DH calling local court tomorrow to find out whether walk-in or appointment needed
* Printing off all forms from CCCS to help complete Form 6.27 and 6.28 which apparently are the forms we need to fill in
* Thursday evening start filling in the forms - the kids will be out, so we should be able to spread out all stuff on the table and get cracking
* Complete forms by the weekend

Have spoken to a friend, who is contacting another friend who may have a house available to rent. It will mean moving schools, etc but would potentially avoid all the hassle of dealing with letting agents, and/or trying to rent privately with someone we don't know.

Question : do we stop making payments now so we can start saving for the court fees, or simply keep going until we know dates, etc?

Am I moving too fast, or is this a case of ripping the plaster off as quickly as possible to make things better sooner?

JCS1 · 29 April 2008 at 10:20PM

Merry_Gentry wrote: »

Plan of action

* DH calling local court tomorrow to find out whether walk-in or appointment needed
* Printing off all forms from CCCS to help complete Form 6.27 and 6.28 which apparently are the forms we need to fill in
* Thursday evening start filling in the forms - the kids will be out, so we should be able to spread out all stuff on the table and get cracking
* Complete forms by the weekend

Have spoken to a friend, who is contacting another friend who may have a house available to rent. It will mean moving schools, etc but would potentially avoid all the hassle of dealing with letting agents, and/or trying to rent privately with someone we don't know.

Question : do we stop making payments now so we can start saving for the court fees, or simply keep going until we know dates, etc?

Am I moving too fast, or is this a case of ripping the plaster off as quickly as possible to make things better sooner?

if you've made the decision to go bankrupt, and will be getting a court date soon, then I would suggest it's not worth making any more payments - use the money instead for your BR fees. That assumes your court date is soon, if a few months time, you might like to consider nominal payments to creditors to keep them at bay.

blind-as-a-bat_2 · 29 April 2008 at 10:26PM

Or just get your phone number changed, its easier than trying to keep creditors at bay as it can take more than a few months to get them to agree to min paments and then they still hound you

:rolleyes:

Merry's Bankrupt Life - OR Interview tomorrow - 07.07.08!!

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