going bankrupt - a few questions

wannabeDEBTFREE28

I am new to this site but know that everyone is here to offer advice wherever possible.

I seemed to have lost the post I spent AGES typing! So will make this brief
I have a couple of questions re bankruptcy:-

1) Do they come to your home to remove goods?
2) I live in rented accommodation and understand the landlord is notified of bankrupty - will me and my family be chucked out?
3) I have a HP agreement in both me husbands name - will going bankrupt affect him also?
4) How long before discharge? The booklets I've read says 12mts but I've noticed people on here have been discharged after 6mts.

Any advice appreciated - thanks

tigerfeet2006

wannabeDEBTFREE28 wrote: »

I am new to this site but know that everyone is here to offer advice wherever possible.

I seemed to have lost the post I spent AGES typing! So will make this brief
I have a couple of questions re bankruptcy:-

1) Do they come to your home to remove goods? No one will come to your house to remove any goods, unless you have a Picasso on the wall.
2) I live in rented accommodation and understand the landlord is notified of bankrupty - will me and my family be chucked out? It will depend if there is a BR clause in your contract. But even with that the LL has to give you 2 months to find somewhere else. But if you are up to date with your rent then why would your LL want all the hassle of finding another tennant when he has a perfectly good one in his house.
3) I have a HP agreement in both me husbands name - will going bankrupt affect him also? Any joint debts will fall to your OH to pay.
4) How long before discharge? The booklets I've read says 12mts but I've noticed people on here have been discharged after 6mts. If yours is a simple case and all the paperwork gets done quickly then there is a small chance you may get early discharge but always bank on 12 months.

Any advice appreciated - thanks

Hi and welcomre to the board. Hope that has helped you a little. Please make sure you seek professional advice from one of the debt agencies in my signature. You will need to do this as the judge could postpone your petition until you do.

So_Sad_Angel

wannabeDEBTFREE28 wrote: »

I am new to this site but know that everyone is here to offer advice wherever possible.

I seemed to have lost the post I spent AGES typing! So will make this brief
I have a couple of questions re bankruptcy:-

1) Do they come to your home to remove goods?
2) I live in rented accommodation and understand the landlord is notified of bankrupty - will me and my family be chucked out?
3) I have a HP agreement in both me husbands name - will going bankrupt affect him also?
4) How long before discharge? The booklets I've read says 12mts but I've noticed people on here have been discharged after 6mts.

Any advice appreciated - thanks

Hiya Honey,

Welcome & well done for posting.....it does`nt matter have much you post ..the main thing is that you have the courage to put down how you are feeling!!...we are here for support!!

1. No one will remove any goods ...the OR (official receiver in bankrupcy will request any valuable picasso`s / 200 inch plasma TVs etc).
2. Landlord may be notified...just make sure that your tenancy agreement does not state that BR not allowed....if your rent is up to date then you should be OK.
3.HP in joint names will revert to the non BR party.
4. Discharge minimum 6 months but 12mths usually.

Hope this helps,

Angiexx

fiveyearplan

Welcome. Once you speak to one of the debt charities you will feel much better knowing what options are available to you. If you have any questions come back and post on here, I'm sure there's not much we haven't been through already!

wannabeDEBTFREE28

Thank you so much for the replies! I am a lot clearer on a few things now.

I've been seeking advice from the CAB who then referred me to the Mary Ward Legal Centre (my debts approx £30k) and it was there that they told me (in a roundabout way) that its best to opt for bankruptcy. Besides I just don't have enough money coming in - not even for a DMP. Am on MA (which finishes in Sept) and getting tax credit and child benefit which am sure y'all know is not much when you have your everyday bills to pay (gas, elec etc) so bankruptcy it is.

Its amazing how things can so quickly things can make an unexpected turn! Up to October last year I was doing ok - just moved and found out I was pregnant - took temp work in the meantime as the pregnant bump was becoming apparent so permanent interviews were becoming less and less. I know employers are supposed to discriminate but I can assure you thats exactly what they did to me. Anyway once I told the agency about my pregnancy the work stopped coming in! I notified all my creditors of my situation to no avail. I had been paying for insurances for years only to find out that due to the I was in situation, I wasn't covered! Cant begin to tell you how much that mad me!

I could get upset but there is no point - I want to be free, I want to be able to go downstairs not fearing what the postman will deliver or who will knock at my door - the idea of bankruptcy is daunting but like I said you guys have made come cloudy issues clear so thank you!

Question:-

1) Bank accounts - I understand they freeze any accounts you have whether joingt or not... true? I am a trustee for my daughters savings a/c will that be frozen too?
2) Do you think i'll be able to go back to the a/c I have now after being discharged?
3) On the bankruptcy form it asks to list assests - do i assume this doesnt mean everyday items like tv/pc?

Thanks again guys

jo70

My OH and I are going BK and have the date booked. It is all very daunting,but there are an awful lot of nice people on this site. We have been given a lot of advice over the last few months-and i'm still asking!!

Best of British luck to you

Jo

Waspeze

wannabeDEBTFREE28 wrote: »

Question:-

1) Bank accounts - I understand they freeze any accounts you have whether joingt or not... true? I am a trustee for my daughters savings a/c will that be frozen too?
2) Do you think i'll be able to go back to the a/c I have now after being discharged?
3) On the bankruptcy form it asks to list assests - do i assume this doesnt mean everyday items like tv/pc?

Thanks again guys

1. It's usually the bank that will freeze your account not the OR .. if the account is basic and not overdrawn and you've never had any problems then there is a chance the account will be allowed to run (you would need to ask the OR to fax the bank to say they have no interest) but too be honest most banks don;t like BR's so expect it to be closed. Best open a coop cashminder or barclays basic one on the day of bankruptcy if you can.

Not sure about being a trustee.

2. Unlikely ... lloyds have actually allowed me to keep my cash account running but this is very rare.. it can take months for the account to be closed but usually it is closed at some point.

3. Don't bother listing everyday items they are only interested in items with a large resaleable value or that cost a lot to maintain (which by disposing of them would free up income for an IPA)

lxpeanut

wannabeDEBTFREE28 wrote: »

3) On the bankruptcy form it asks to list assests - do i assume this doesnt mean everyday items like tv/pc?

I was concerned about this too but when you look at the forms you'll see it refers to things like antiques ect it doesn't expect you to list everything you own.

blueopal5577

There was a recent post, I shall try to find it but some banks do close accounts that the BR is trustee off / kids accounts.

Best idea is to remove the money, and give it to a non BR to save just in case. You should be able to restore it after. Because its not the OR but the bank that freezes it, there are no hard and fast rules. Its better to be on the safe side though.

fiveyearplan

wannabeDEBTFREE28 wrote: »

Question:-

1) Bank accounts - I understand they freeze any accounts you have whether joingt or not... true? I am a trustee for my daughters savings a/c will that be frozen too? You could have your name taken off accounts but that does take some time
2) Do you think i'll be able to go back to the a/c I have now after being discharged? No, you can however open Coop or Barclays basic account
3) On the bankruptcy form it asks to list assests - do i assume this doesnt mean everyday items like tv/pc? I didn't list anything

Thanks again guys

I opened the Coop because it comes with an electron debit card whereas the Barclays just has an ATM card.

pepsicharlie

I closed my daughters account as i was the trustee before i went BR
Assests do not mean household items only thing of real value gef not tv,pc,videos etc.
You will not be able to go back to your origanal bank account.
Hope this is useful