How long to become bankrupt?

Broken_hearted · 3 December 2006 at 4:54PM

So thats basicaly a yes. It does seem fair. I've never understood the his and mine attitude when you are married. I could be debt free within a couple of months if I didn't count the debt in his name.

smokey112 · 3 December 2006 at 5:07PM

I agree with you - my OH are not married yet but we share everything - there is no mine or yours but the Trustee would only be interested in the OP share of any equity and this can be minimalised in many ways so that the home is protected and a minimum amount is paid to the Trustee for them to relinquish their Beneficial Interest

emmiemac · 3 December 2006 at 7:23PM

Broken_hearted wrote:

So thats basicaly a yes. It does seem fair. I've never understood the his and mine attitude when you are married. I could be debt free within a couple of months if I didn't count the debt in his name.

The reason why I am dealing with my debts myself is that my husband and I have only been married for two years, all the debt was from before we were married, and I haven't paid a penny towards the mortgage. If we could afford to pay back the creditors with his wages, we would. We tried this for a year but were just sinking further into debt.

emmiemac · 3 December 2006 at 7:24PM

smokey112 wrote:

Emmiemac

This is the website of the company that we used to help us with our papers etc - you wouldnt need to use them as such as you don't have any assests - there is information on these pages of what you can do

http://www.debt-help.biz/trustdeeds.asp

http://www.clear-your-debt.co.uk/Sequestration.htm

This site shows under what reasons you can declare yourselve BR

Ang
xx

This information is very helpful, thankyou very much. Anything else you think might help would be appreciated.

emmiemac · 3 December 2006 at 7:30PM

CLAPTON wrote:

in england...i'm not sure about scotland, you can apply to be make yourself bankrupt..it cost 450
or your creditors can apply to make you bankrupt.
however, if you have no assetts, in general your creditors wont make you bankrupt as they have nothing to gain and it costs them money.

perhaps you could tell us a little more about your circumstances and why you expect to be made bankrupt or what court proceedings you expect your creditors to take before you can apply yourself..

Basically I am not well enough to work at the moment and cannot see me being able to any time in the near future. We can't afford to make repayments from my husbands salary as there would be nothing left. It seems to be from the information I have that I cannot apply to be made bankrupt until certain things happen like a charge for payement or statutory demand is served to me. It doesn't seem to be the case that they're going to do this without being able to get money from me as a result. I think it isn't as easy to declare yourself bankrupt in Scotland as it is in England.

tight_jock · 3 December 2006 at 10:00PM

emmiemac wrote:

Basically I am not well enough to work at the moment and cannot see me being able to any time in the near future. We can't afford to make repayments from my husbands salary as there would be nothing left. It seems to be from the information I have that I cannot apply to be made bankrupt until certain things happen like a charge for payement or statutory demand is served to me. It doesn't seem to be the case that they're going to do this without being able to get money from me as a result. I think it isn't as easy to declare yourself bankrupt in Scotland as it is in England.

What you must remember is that the only requirement to bankruptcy is that you are insolvent. If you spend 1p more than you earn every week/month - you are insolvent. That may sound simplistic but that is the bottom line!:eek:

rog2 · 3 December 2006 at 10:59PM

For a good over-view on sequestration, go to:

https://www.payplan.com/sequestration.php

Another good link, for support and advice:

http://forums.moneysavingexpert.com/showthread.html?t=273844

I don't think the Insolvency Service has a dedicated site for Scotland, but you can look at their general site:

https://www.insolvency.gov.uk

Hope this is of some use.
Good luck.

smokey112 · 4 December 2006 at 2:08PM

emmiemac wrote:

Basically I am not well enough to work at the moment and cannot see me being able to any time in the near future. We can't afford to make repayments from my husbands salary as there would be nothing left. It seems to be from the information I have that I cannot apply to be made bankrupt until certain things happen like a charge for payement or statutory demand is served to me. It doesn't seem to be the case that they're going to do this without being able to get money from me as a result. I think it isn't as easy to declare yourself bankrupt in Scotland as it is in England.

Hi Emmiemac

I believe that there is a motion going through the Scottish Parliment to bring our BR more in line with England - I think I read somewhere that it was supposed to be through in 2007 - will see if I can find anything out.

If you have only been paying your creditor's token payments I would have thought you would have received some Statutory demands from them
Ang
x

How long to become bankrupt?

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