Going BK in a nut shell

Benson_the_dog

Hi All

I am after a Pros and Cons of going bankrupt. I have posted on the Debt free wanna be, under the title 'Not good on paper'

A few questions:

Will my job get to know and will they fire me? I work in sales
How long before I am free and back with any credit to my name
Do they take your bank account away, are there ones for BK
I own a house, 2 kids 3 and 7 and a wife
Do they take everything
Who is the best to approach about BK

What are the myths and realities of BK

More to follow

Many thanks

sandywindsor

hi Benson welcome to this site!:D
There will be some very knowlegeable people along with links etc to help.
I have found lots of help and guidance here.

sandy
X

frosty1970

Benson_the_dog wrote: »

Hi All

I am after a Pros and Cons of going bankrupt. I have posted on the Debt free wanna be, under the title 'Not good on paper'

A few questions:

Will my job get to know and will they fire me? I work in sales not unless there is a bankruptcy bit in your job description...speak to your HR dept they'll advise anonymous
How long before I am free and back with any credit to my name 6 Years till your credit files stop showing the BR...but why you'd be even interested in trying to get credit after BR amazes me
Do they take your bank account away, are there ones for BK if the Official receiver has no interest in the account then "sometimes" you can be allowed to keep and be downgraded to an account that has no o/d or chequebook visa card etc....the co-op do a Br freindly account (sticky at the front of this forum)
I own a house, 2 kids 3 and 7 and a wife
Do they take everything no...unless you've a few old masters hidden under the stairs or a few sports cars in the garage the OR is only interested in high value stuff that could be sold on for example 52" plasma tv's etc.....usual stuff household appliances etc etc they're NOT interested in

Who is the best to approach about BK any of the free debt helplines for some advice on your circumstances first of all http://www.cccs.co.uk/ or national debtline http://www.nationaldebtline.co.uk/ or your local citizens advice offices.....

you can of course contact your local court and ask them to send you the paperwork to declare yourself BR once thats filled in make an appt to be seen at court....or you can fill the forms in online print them off & take to court once you have an appt https://www.insolvencydirect.gov.uk/isolv/

What are the myths and realities of BK

More to follow

Many thanks

have a read here

http://www.insolvency.gov.uk/bankruptcy/whatisbankruptcy.htm

simon

debt_doctor

Hi,

Your home could be at risk, it depends on what it is worth ( minus outstanding mortgage ). If little or no equity then prob ok, or with reasonable equity if someone can buy your BI.

DD

blind-as-a-bat_2

Benson_the_dog wrote: »

Hi All

I am after a Pros and Cons of going bankrupt. I have posted on the Debt free wanna be, under the title 'Not good on paper'

A few questions:

Will my job get to know and will they fire me? I work in sales
How long before I am free and back with any credit to my name I hate it when poeples first post contains that question, stop and think, if this matters is BR going to help you, probebly not
Do they take your bank account away, are there ones for BK
I own a house, 2 kids 3 and 7 and a wife you 'own' 2 kids and a wife, hope your OH doesnt read this:p
Do they take everything
Who is the best to approach about BK

What are the myths and realities of BK

More to follow

Many thanks

frosty1970 has answered your other questions but there still remains the house, we would need more info as to the impact on that one

Sorry if my first comment seems harsh but getting credit in the future should be the last thing on your mind right now

Broken_hearted

I wouldn't like to be owned unless it was for a couple of hours play way too much info.
The only credit anyone ever needs is a mortgage the stress from debt should teach us all that. As for keeping the house and other assets as others have said it depends on what they are worth.

Benson_the_dog

Sorry when i said credit, I have heard that you cant get some of the simple things, that you wouldn't even realise, sorry they don't spring to mind!

Benson_the_dog

Is there a person who I can go and see and lay it out in front of them and they can tell me what is the best route to take

frosty1970

if by simple things you mean gas/electric/telephone etc its not impossible.....I obtained gas/electric while BR without any hassles from supplier along with having a new BT line installed...ok I had to leave a deposit for BT which at some point "might" be refunded but they allowed me a new line & broadband connection...since switched to virgin media

tigerfeet2006

You can get all insurances that you might need.

The first thing you really need to do is ring one of the debt charities and go through all your options with them as the judge can refuse your petition if you haven't taken professional advice and it is always recommended especially where houses are involved.

Do you have any equity in your house?

frosty1970

Benson_the_dog wrote: »

Is there a person who I can go and see and lay it out in front of them and they can tell me what is the best route to take

yes.....any of the debt helplines I posted in previous post....they'll best advise you if bankruptcy is the best course of action for you