Advice needed on possible bankruptcy

Ole20_2

ladies and gents...

your help on this would be much appreciated..having read previous threads i envisage you can help me with some advice....

due to manyunforseen changes i am in this position...im a homeowner with one dependant who lives wiht his mother..her name is stil on the mortgage as i didnt think taking it off would be a good idea as she only moved away recently and with the credit crunch i feared i may lose the house by resubmitting for my mortgage with my now lower earnings........i have an income far lower than my out goings 1600 per month vs 2300...and have been getting by short term as my mothers recent rent agreement was up so she agreed to live with me to assist with rent...

none of my debts are secured on my property (thye are credit cards / personal loans etc) and i have a company car..my home is recently bought so is still in negative equity...

my current queries are...

who is best to speak to?
does bankruptcy mean ill definitly lose my house?
how will it affect my ex partner if her names on the mortgage?
can i chose to pay certain creditors eg..maintenance for my son....or must all be wiped for the 12 month or so period??

any generic advice welcome...

thanks

Dez-Titute

who is best to speak to?CAB,CCCS or NDL
does bankruptcy mean ill definitly lose my house?NO
how will it affect my ex partner if her names on the mortgage?Depends on whether you can keep up the mortgage paymets
can i chose to pay certain creditors eg..maintenance for my son....or must all be wiped for the 12 month or so period?? Definateley NOT except maintainance which you would show on your SOA

Ole20_2

hi dez, thanks for the initial advice...i need to clear a massive backlog..it doesnt appear id lose my job and my earnings would mean, child support and mortgage and tax could be covered....just very very stressed and got to the point where cant get by each month......thanlks

Ole20_2

please post any other opinions or advice, pitfalls or useful suggestions.....planning to see the CAB over next few days...

Dez-Titute

Hi OLe,

Have you completed a SOA-Statement of Affairs yet ( Income and Expenditure ).It would be a good idea if you have to post it on the thread

Cheers DEz

PS Don't Fret all will be OK

Ole20_2

ive got a list so ill formalise it and get it on tonight...wud appreciate any advice on it...if i applied for bankruptcy wud i first have to stop making payments and pay my income into another account?? thanks

tigerfeet2006

This is a good tool for your SOA

http://www.makesenseofcards.com/soacalc.html

DEBT_23

ring this number ...
0845 6029848 i was given this number this morning from the court ( i booked in for BR on 6th aug) its the insolvency helpline. i just spoke to them regardng my house and he said if you keep paying your mortgage , and there is no equity in the house ,the house and secured debt will be left from the bankrupcy .. good news to me, tho i cant afford 10k secured debt 500pm mortgage payment and what ever i have to pay each month once im BR.

Ole20_2

will try that number thank you both....im sure ill be able to keep my job and with the removal of cards, personal loans/credit i should be fine to keep repaying my mortgage and childs maintenance whilst being able to live...well i think anyway...guessing giving the number a call is the best advice as they deal with it everyday just very unsure of a lot with regards to BR

Ole20_2

ive contacted cccs and also done their online dmp...it basically says "hey stupid...you should be bankrupt by now" :rotfl: not a lughing matter but hey...must remain optimistic...must remain optimistic..must remain....i digress....

i also called them for some advice and they were very helpful...i would still appreciate opinion before i go any further a s i understand a lot depends on the OR whom i wont meet till ive made the big leap....

it appears as my house is negative equity im ok to keep it..but they may return within 3 years for it??

for reference do you envisage my priority bills to be mortgage, maintenance, household bills and council ttax??

and on declaring bankrupt is it standard that ill pay an agreed amoutn with my OR to the court and then ill be discharged??

my last query is my father has a debt on my behalf that i pay monthly...will the OR stop me paying this ?

im getting my wooden slats ready to block the front door )

thanks

tigerfeet2006

Ole20 wrote: »

ive contacted cccs and also done their online dmp...it basically says "hey stupid...you should be bankrupt by now" :rotfl: not a lughing matter but hey...must remain optimistic...must remain optimistic..must remain....i digress....

i also called them for some advice and they were very helpful...i would still appreciate opinion before i go any further a s i understand a lot depends on the OR whom i wont meet till ive made the big leap....

it appears as my house is negative equity im ok to keep it..but they may return within 3 years for it?? If you have negative interest you will be able to buy your beneficial interest (BI) off the OR for £1 plus costs which are £250. Then they won't be able to come for any profit later

for reference do you envisage my priority bills to be mortgage, maintenance, household bills and council ttax??Your priority bills are exactly that. As long as you keep them going you will have no problems.

and on declaring bankrupt is it standard that ill pay an agreed amoutn with my OR to the court and then ill be discharged?? You are allowed reasonable living expenses and then if there is any surplus after that you will pay a % of between 50% to 70% on the surplus for 36 months. You are still discharged after 12 months.

my last query is my father has a debt on my behalf that i pay monthly...will the OR stop me paying this ? The OR will not let you include this on your I&E, but what you do with your surplus is up to you

im getting my wooden slats ready to block the front door )

thanks

Hope some of that is useful.