What actually happens

Shaunp_2

My Story

I've got about 13k worth of debt and stopped making payments on them a few months ago after moving house, my plan was to get on my feet financially then continue making payments to a debt management company.

The reality, I moved and got a slightly higher paying job, the company is now in the process of going under, something I didn't expect and now one of the creditors has found my new address (god knows how).

I think it's time to declare myself bankrupt but what happens when I do?

I know my bank account will be frozen, so how do I go about getting paid from work, I still need money to live on! How long does the whole thing take? Is it likely that I'll be refused bankruptcy?

Thanks for any advice in advance.

frosty1970

http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/guidetobankruptcy.pdf

and you need to speak to consumer credic councelling service or national debtline or CAB for advice before you decide anything

dalip

Afternoon and welcome to the forum. The very first thing you need to do i ring a charity debt helpline for impartial advice. If they say bc is your best option then we can and will answer all your questions at that point. A bc petition can be refused if the petitioner has not taken proper legal advice.There are some useful numbers in my signature.D

k2nga

If you do go BR dont panic on the bank account. You should not find it it a problem to open a Co-op Cashminder account and they only take a week to set up but wait until you have you BR papers stamped before calling to open an account then you should be able to just give your employer your new accounts details but i guess you will have to find out if going BR is the right thing for you.