BR forms complete, couple of questions

joa1210 wrote: »

HI All, yesterday i completed my BR forms, just waiting for pay (bonus) day to pay the fee but i have a couple of questions
i currently own my home but have no equity in in and a secured loan, i have an application in on a property to rent so i can give everything up, what will the OR think to this? is it acceptable to move before you are pushed? Absolutely fine - that is exactly what I did. It's important to sort out your living arrangements first.

It might be worth contacting the mortgage provider to let them know that you are not able to make any further payments once you have moved and have been declared bankrupt so that they can start the reposession process (there is no need to make any payments in the meantime if you are going bankrupt shortly).

WARNING: Do NOT sign any deed of acknowledgement after bankruptcy - just let the bank/building society issue the legal paperwork.

You might also want to wait until April to declare bankruptcy so that the 2017/18 council tax is included as you are responsible for that until the house is repossessed by the mortgage company.

also what happens with HP on cars? our car is in my husbands name, but i transfer from my wage into our joint account to pay for it. Are you both going bankrupt or just you? If the finance is in your husband's name and he isn't going bankrupt then he will remain liable for the payments.

also phone contracts and gym memberships? where do they sit as my outgoings is more than my income with these on. The gym is not normally an allowable expense in bankruptcy (unless there is a medical reason for it) but any liability will fall into the bankruptcy. Some mobile companies will allow you to keep the phone/contract throughout bankruptcy - if you don't want to keep the contract then any debts will also fall into the bankruptcy. This assumes that all the contracts are in your name.

lastly i am pregnant and will be on mat leave from october, how will this affect BR? It won't affect the bankruptcy, but will mean that if you have an IPA it will likely be suspended as you won't be earning enough to contribute (if you don't have one then if you are on mat leave on discharge you won't get an IPA).
i am currently the only regular wage earner as my husband is SE

TIA