if i go br do i....

storey2008

This may seem like an obvious question to ask, but what really happens after you are made br?
Do you still keep your job, get your wages and live off that or do you still have to pay money to the br order thingy?
I can't see how you pay £495 and all your debt is gone. there must be a catch. apart from not getting credit ever again and able to mortgage. What else really happens once you are br?
My husband and i have £11, 800 worth of debt between us, mainly in his name. Does only he apply for the br and they take into account my wages, things i own and car. or does it get done solely on his debt and income and possesions?
Speaking to cab in 2 weeks time, would like some questions answered now tho to stop me keep thinking things over and over.
thanks.

skylight

Have you read about bankruptcy on websites such as Payplans, CCCS, and the National Debtlines??

There is an enormous amount of info available (but you will know it all 12months after BR!!) so its best to read as much as you can beforehand and let it all sink in.

In answer to your questions, basically:
Job - Yes, you keep it! BR has nothing to do with your job in most cases. Unless you are an MP, accountant or work with cash, some armed forces roles etc then it does not matter. Check out your employment contracts for any such BR clauses and if neccessary make annoymous calls/emails to your HR departments.

Wages - You may have to pay a contribution to your bankruptcy creditors - an IPA, Individual Payment Agreement. After all your outgoings have been taken into consideration the OR (official Receiver) looks at what is left. Depending on the amount that is left, you may or may not be required to pay a percentage of that surplus.

Credit/Mortgages - This is not a no no. Credit and mortgages entirely depend on the company offering them and how they view your credit rating. It is just more awkward to find people who lend to recent bankrupts.

OH BR - If ONLY your OH goes BR, they will only take his assets into consideration. However, for the purposes of household income, you are obviously expected to make a contribution to the bills, the OR expects this to be more or less equal depending on differences in salary. Any JOINT debt will fall soley to you though.

Go and check out some of the debt charities websites, with a large coffee and HUGE bar of chocolate.....

AllNancy

storey2008 wrote: »

This may seem like an obvious question to ask, but what really happens after you are made br?
Do you still keep your job, get your wages and live off that or do you still have to pay money to the br order thingy?
I can't see how you pay £495 and all your debt is gone. there must be a catch. apart from not getting credit ever again and able to mortgage. What else really happens once you are br?
My husband and i have £11, 800 worth of debt between us, mainly in his name. Does only he apply for the br and they take into account my wages, things i own and car. or does it get done solely on his debt and income and possesions?
Speaking to cab in 2 weeks time, would like some questions answered now tho to stop me keep thinking things over and over.
thanks.

Hi,
I'm no expert and one of those will be along shortly but I can help a little.

How much you pay after BR depends on your outgoings. You need to make a list of what you pay out...sorry I can never remember the initials. People on here will look at it and tell you what you can claim and what you can't and whether the figures should go up or down.

After everything has been paid out , if you have over £100 spare then half of that will go to pay your debts. Under and you pay nothing. Payments are for three years.

Yes you keep your job unless it's on the list eg if you handle finances. Only your husband needs to go BR if he has most of the debt but this is where the experts will be able to help you more than I can.

I had debts of £32,000 and now I repay £50 permonth and all the debts are cancelled. They took my car because I am more or less retired but my daughter bought me a runabout.

Hope that helps a little. A lot of the postings will give you more information.

You've taken the first step by making an appointment with CAB and the second step....coming here! Everyone will see you through the next few months.

Cheers


Nancy

_ManWithNoName_

Im not sure if 11k would qualify

It's a huge weight off the mind but mine was 26k. I am now in the process of my cirsumstances changing and they are going to want me to pay something back. In my case I got a suprising salary and they may want 50-70% of my disposable income. Thats a huge pain but in many cases they may not want as much as you were paying before BC in mine, Im hoping not it could be the same as what I was paying...

Only problems you may get are credit. You won't be able to get any for a while and this also includes some phone packages, broadband e.t.c the things you may not think you'd have a problem with..

Apart from that. I still have a visa debit card, and my old bank account.

D

dalip

You can petition for your own bc owing anything over £750.D