If I went bankrupt could they...

cardinalfire

I am considering bankruptcy and have an appointment with the CAB soon. I am worried that they would take my daughter's laptop as she uses it for school work, does anyone know whether they would consider this an 'asset'? (It only has a value of £350 new and its a year old)

If anyone could help Id appreicate it.

fudge59

Hi,

Dont worry!!!

They wont consider a laptop as an asset ... they refer to assets as things like antiques, or expensive furniture, cars which are of a high value.

dalip

No they are only interested in items worth over £1,000 so you daughters laptop is safe. Also for the record they don't come round to your house either. Ask away if you need ay other questons answered before you go to cab.


Oh and welcome to the club:D

deedee_3

Hi and welcome to the board.

Hve you taken professional advice from one of the debt charities yet?

cardinalfire

I cant tell you what a relief that is to hear! And thank you for the welcome!

I was really worried about that. Its good to hear they dont come round to your house either..Ive still got some reading to do but there does seem to be so many things to think about. One aspect I am worried about is handling it all alone as I dont have any emotional support. Has anyone else done it alone. How did you manage to get through it?

Yes Ive been in contact initially with the CCCS and they are sending me some info and I will be speaking in more detail with the CAB but couldnt get an appt until 10th Sept.

deedee_3

Yup! I have. Don't panic it is very straight forward. The first thing you do need to do is get advice from the debt charities. Will get the links for you.

I filled my forms in online and with the notes on there and reading this board I filled in the form easily.

The best advice I can give is talk to a charity, read this board as much as possible and ask as many questions as you can.

The court/judge will normally ask whether you have taken professional advice that bankruptcy is in your best interest. If they believe you have not taken proper or sufficient advice then your bankruptcy may be refused. There are many places and organisations that you can get advice from, but the ones that people on this board have found most useful are listed below:

Main recommended sources of help:

• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

Others:

• Business Debtline - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

For general queries about bankruptcy you can contact:

The Insolvency Service Enquiry Line
Tel: 0845 602 9848
Email: [EMAIL="insolvency.enquiryline@insolvency.gsi.gov.uk"]insolvency.enquiryline@insolvency.gsi.gov.uk[/EMAIL]

(Please be aware that the enquiry line cannot give debt advice or counselling or advise you whether you should go bankrupt. They can only answer general/technical questions on bankruptcy)

From Fermi's sticky at the top of the board

cardinalfire

What happens if you have to pay very little initially because your income is very low but then you get a new job and income goes up. Do you have to pay more towards debts then? Even after youve been discharged?

deedee_3

If you are issued with an IPA then you have to notify the OR within 21 days of any change. This might be up or down and the OR can up the IPA, lower it, suspend it or dissolve it. An IPA lasts for 36 months and you notify the OR through out this time.

fudge59

I know I've only just got to the point of my IPA being agreed - but at the end of October I get a pay rise ... kinda hoping they might turn a blind eye after only 1 months payment would had gone out ;o)

cardinalfire

Im already finding this site helpful, its so good to know other ppl are/have gone through the same thing (although I wouldnt wish it on anyone!) its such a relief I cant tell you.

dalip

Ok cardi(any relation to max my cardigan:D )sorry joke.


Although i did have my hubby,emotionally and otherwise he was about as much use as a chocolate tea pot. So know where you are coming from. It can be very very scary doing it alone. Thats why we people hang about to offer to support in any shape or form to those who need it. We have been in your shoes so know exactly what sort of thing you are going through. Don't ever feel alone when you have this forum.

I had an IPA(Income Payments Agreement) when i first went bc but because my income changed my IPA was dissolved. So it can go either way. One thing to remember is if you do get a job 6 mths down the line your expenditure will have changed also,like travel,clothes,maybe packed lunches ect.

Just keep asking the questions no matter how silly you might feel for asking them,if they help put your mind at rest then we will have done the job that we are here for.Dxx