Advice needed on possible bankruptcy

Ole20_2

:T tiger feet thanks for the responses..you have been very helpful...:D especially the negative equity bit :rotfl: thank you...im considering proceeding just going toi mulll over the weeknd..thanks agian...really has helped with a very stressful situation...

tigerfeet2006

Glad to be of help. If there are any other questions ask away as there is usually someone who can help.

Ole20_2

just a couple more...

as i go through the 1st 12 months of my bankruptcy they will take 50-70% of my surplus is that correct??

following this they will do that for the next 24 months?? so if i ever earn any extra income this will be subject to getting taken also?

also my mother is living with me on a temporary basis...will it be up to my OR to decide whether the money she gives me is relevant or not?? my concern being she is not in an official agreemnt with me and will leave if she finds her new home in the next few months ? i would then be left without the income that had been forecasted at my initial bankruptcy by the OR? can i cross that bridge when i come to it ? i plan to declare this money but envisage it stopping shortly...so far she has been with me 5 months....

thanks..again

tigerfeet2006

Ole20 wrote: »

just a couple more...

as i go through the 1st 12 months of my bankruptcy they will take 50-70% of my surplus is that correct??Yes that is correct.

following this they will do that for the next 24 months?? so if i ever earn any extra income this will be subject to getting taken also! Yep!

also my mother is living with me on a temporary basis...will it be up to my OR to decide whether the money she gives me is relevant or not?? my concern being she is not in an official agreemnt with me and will leave if she finds her new home in the next few months ? i would then be left without the income that had been forecasted at my initial bankruptcy by the OR? can i cross that bridge when i come to it ? i plan to declare this money but envisage it stopping shortly...so far she has been with me 5 months.... You need to tell the OR about all income, if it goes up or down within 21 days of it happening. If it does go down and you are in an IPA then you tell the OR and he will adjust or suspend the IPA accordingly. They are usually very resonable.

thanks..again

Hope that helps..

Ole20_2

hi...more inof if you can help??

theoretically if i went bankrupt how would it be best to do?? the cccs said i should get paid this month...take the money out of my account, open a new one with a bankruptyc friendly bank for future earnings and keep it as cash as my exisitng account would be frozen...i should then apply for bankruptcy...is this the best action in your opinions??? im asking as im sure youll all have different takes on it having actually experienced it...my thinking was i should do this over 2 months to ensure i have sufficient funds to get by and pay for my bankruptcy but would this then be fraudulent and look pre planned? i dont wean tto get off on the wrong foot with my OR.... should i stop paying bills first for a month or so ?? do i need to do this to legitimise by bankruptcy or will my soa do that for me?? just looking ofr opinion if anyone can help...thanks

tigerfeet2006

If you are definatly going BR then stop paying all creditors and put the money towards your BR fees. £150 court fees and £345 Or's fees.

You could open a Co-op cashminder account now and just have your wages and normal household bills coming out. You will need to highlight this one and tell the OR that this is the one you opened for BR. He should tell them he has no interest in this account and they will be fine. When you open it tell the Co-op of your plans and also when you go BR.

Or you can time your BR so all bills have gone out of your old account. Then you remove the rest before you go BR. You put this down on the forms as cash in hand and it is your living expenses until you get a Co-op cashminder open after you go BR.

Ole20_2

tiger feet you are the angel on the shoulder :A

my plan was to take all my money out on payday (as per cccs advice) and have as cash to get me by and pay court and OR fees?...to then not pay my debtors as nothing would be left and explain to them that i was in the process of declaring myself bankrupt?? i then planned to open a co-op account but do this when ive met the OR and told him/her of my plans?? can i do that??

then i would get my salary and priority bills changed to me new bank details?? hopefully my wages would go in the next month ..id pay my bills and the OR would take his bit and for the first time in a long time id actually have a small amount left!!!!!:T

thats the theory? would that be possible??

tigerfeet2006

Yep! if that's the way you want to do it.

I would advise against telling your creditors of your plans as they will more than likely not believe you and worse up the hassle factor to try and get some money out of you before you go BR.

Have you made a court appointment? I would do so sooner rather than later as some are booking for September.
http://www.hmcourts-service.gov.uk/HMCSCourtFinder/

Will find link to online forms for you.
If you want to register to fill them in online then you do that here:

https://www.insolvencydirect.gov.uk/isolv/

If you want to download them to fill in by hand then you need these two plus the notes:

Debtors Bankruptcy Petition:

http://www.insolvency.gov.uk/pdfs/forms/form6-27.pdf or http://www.insolvency.gov.uk/pdfs/forms/form6-27.doc

Statement of Affairs (Debtor's Petition):

http://www.insolvency.gov.uk/pdfs/forms/6-28.pdf or http://www.insolvency.gov.uk/pdfs/forms/6-28.doc

Statement of Affairs (Debtors Petition) (Guidance Notes):

http://www.insolvency.gov.uk/pdfs/fo...rsguidance.pdf or http://www.insolvency.gov.uk/pdfs/fo...rsguidance.doc

Ole20_2

...tiger feet thanks for the links..im 56% way through the forms...

more queries....

my mother and her husband live with me and pay rent each month.....they will be leaving very soon as they plan to get a house but its a stop gap for them and helps me with my debt...can this be taken into account?? i would hate my bankruptcy to fail on the basis that they are long term tenants if they were to leave following my bankruptcy?? is this one for the OR??

also on the process front...shouldi book court before submitting the form?? will peole know once ive booked court?? is there a delay...if i send forms when ive got money out of account i was hoping id be processed wohtin the month..is this likely or has it happened in any of your circumstances?? thanks again...

tigerfeet2006

There is a space on the form for putting down what anybody else contributes to the household, you put their contribution here. If you want you can explain in section 13 that this is short term and they will be leaving soon. Then when they go you submit a new IPOQ.

Some courts are booking for the end of September so I would ring yours on Monday and get an appointment. If you haven't got things sorted by then you can always cancel and rebook.