thinking of bankrupcty

mark1974_2

Hi guys, just after some questions answered if possible

I have been thinking of going bankrupt for the past couple of months, have yet to get any advice but will be doing so in the morning after reading some of the posts.

Basically have about £25k unsecured debt made up off c/c and loans.

I have been self employed but am finishing up due to lack of business, so will prob be unemployed by time i apply unless i get new job.

was wondering what personal items they will take off you if any, tv is only portable but is lcd and only about 14 months old, also have a couple of computers, which my son uses mostly, am i right in thinking they wont want these?? but what about jewelry, have couple of gold chains and rings, are these safe??

after being made bankrupt would be able to keep things like sky and mobile phone, things that are paid monthly??

will prob have more questions as i dig into it further, but didnt want to swamp with loads of questions first off.

GettingHopeful

Hi Mark,

All the best for the process, and sounds as if you are going to take advice from the debt charities or CAB.

Can't answer all your questions, but unless the TV set is particularly valuable (the infamous 42 inch plasma!) they aren't likely to be interested. Also if the computers aren't new, again no interest. My jewellery was OK, but had nothing worth over £100 so probably not unless saleable at several hundred.

You will be able to keep Sky but won't be able to include it in the allowable expenditure for the purposes of your statement of affairs - needs to come out of what is left over. The mobile phone, if monthly is reasonable, may well be OK. I have £18 a month down for mine and hasn't been queried (yet) anyway. Will come back if it is.

dalip

mark1974 wrote: »

Hi guys, just after some questions answered if possible

I have been thinking of going bankrupt for the past couple of months, have yet to get any advice but will be doing so in the morning after reading some of the posts.

Basically have about £25k unsecured debt made up off c/c and loans.

I have been self employed but am finishing up due to lack of business, so will prob be unemployed by time i apply unless i get new job.

was wondering what personal items they will take off you if any, tv is only portable but is lcd and only about 14 months old, also have a couple of computers, which my son uses mostly, am i right in thinking they wont want these?? but what about jewelry, have couple of gold chains and rings, are these safe??OR IS ONLY USUALLY INTERESTED IN ITEMS WORTH £1,000 OR MORE

after being made bankrupt would be able to keep things like sky and mobile phone, things that are paid monthly??MOBILE CAN BE INCLUDED IN YOUR ALLOWANCES PROVIDED IT'S A BASIC PACKAGE. YOU CAN HAVE WHATEVER YOU WANT BUT FOR THINGS LIKE SKY YOU PAY THEM FROM YOUR SURPLUS INCOME

will prob have more questions as i dig into it further, but didnt want to swamp with loads of questions first off.

Ask away no matter how silly/stupid you think it is. Better to ask than sit there wondering. It's what we are here for and it keeps some of us looking busy whilst at work:D .D

mark1974_2

thanks guys,

wot about life insurance premiums do they take that into account for expenditure, wot about accountant bills???

am off to see the accountant today hopefully to fond out a bit more, will kepp u posted.

Thanks

Mark

peachyprice

mark1974 wrote: »

thanks guys,

wot about life insurance premiums do they take that into account for expenditure,

Hi Mark,

They usuallly do allow life insurance premiums, but if you die while BR the payout will go to the OR, so most don't bother for the year they are BR. Also if it's a policy with a redemption value the OR will take that.

mark1974_2

if I died they would just get paid whatever i owe then yes, the rest would still go to my family??
or is that a stupid question???

peachyprice

As long as your insurance covered all your debts, plus OR fees, your family would get whatever is left.

G-G_4

Hey Mark, just want to wish you well if you decide that bankruptcy is right for you.. Like everyone else has said, ask as many questions as you like

x

MollyBear

peachyprice wrote: »

...but if you die while BR ...

Isn't that morbid, lol...

mark1974 wrote: »

if I died ....

hope you aren't thinking of doing anything silly Mark! :eek:

Sorry, in a strange mood today ....

Mark, keep asking away, this forum has been and continues to be an absolute lifesaver for people, me included!! I would have gone insane without this place and still had my eyes shut about our whole situation and the process of BR.

Good luck with whatever you decide.

Molly
x

mark1974_2

:rotfl: no molly, not that desperate....yet...lol

just wanted to ensure i could keep up my policy if i do go BR.

am just looking at the websites now, do i need to try to arrange a DMP before i can go BR??

does that fact that im leaving a position, even tho i am self employed effect what i want to do, as i mentioned might be unemployed when i start this, what happens if and when i find a new job, do i just inform them of my new income??

when doing a budget planner do i do it on what i earn at the min(finish work next week) or am i thinking to much, think i just better ring someone, my head feels like it going to explode..:eek:

tigerfeet2006

Pick up the phone and talk to National Debtline or CCCS now