Questions!

stroppy

Hi Im new here and have a few questions and was wondering if anybody would be able to help?
My OH is about to go bankrupt I am trying to do my best to understand everything so as to be prepared for this happening!
We have massive amounts of debt mainly due to us having run 3 pubs for the last 8 years,we now only have the 1 pub but our debts are just so huge, we have maxed out all the credit cards paying money into the pub just to keep it afloat.We now have nothing left to put in and cannot pay the bills let alone any of the debts!
All the bills,credit cards,bank loans,mortgage etc are in my husbands name,my name is on nothing but i am registered with our accountant as owning a small share of the pub,even though the lease and all the bills are in his name,will I be chased by anyone in the future?
I have read as much as i can into all this but still a few things im unclear on about what actually happens on the actual day you go to court and declare BR...We have yet to make an appointment and want to be as prepared as possible!
Do we have to notify bank etc that day that OH has gone BR or does someone else do that?Will the account be immediately frozen?

On the day of the court meeting do you have to take all your letters from creditors etc or is this just when you have your OR meeting?and when do you get to see the OR do they give you an appointment at the court?

Sorry if these questions seem a bit silly im just so confused by it all!

Also we have not paid our credit card bills for the last month and MBNA are ringing on the hour every hour,and writing letters already,are we likely to have bailiffs on the doorstep soon?

Any help would be much appreciated!

Thank you

skylight

First port of call is the Business Debtline - business debts are a little different to personal insolvency. But in answer to your other questions:

Phone your local county court that will deal with your BR. Some courts operate an appointment system and others a drop-in and wait when you like system. All banks accounts will be frozen on the day by the OR - this process has nothing to do with you so do not worry. I would reccommend opening a basic account with perhaps the Co-Op (Cashminder) and have that up and running before BR. It takes time and these days its difficult without an account for any length of time! As its basic the OR is unlikely to have any interest in it and it will stay open.

You do not need to take any creditors letters to court on the day - keep these for the OR and as for appointments with the OR, this depends on the court/OR set-up. Some courts you just go home and they phone, or in my court you have a quick 10min conversation whilst in court. Either way, you will hear from them in due course about the actual interview.

You will not have bailiffs. They are only appointed AFTER the creditor has been to court for a CCJ against you AND you have defaulted on those payments and they still have no powers anyway. Before all that, these people are called door-stop collectors and have as much power as my 2year old fighting in a sand-pit. If one turns up, do not answer the door, and tell them to bog off - it is unlikely they will turn up though!

dalip

Hi and welcome.

Can not add any more than skylight has already said except say to ask away. Bc is a big life changing thing and the more you know about the whole process the better it will be for you. We are here for any questions you may have no matter how silly you might think they are, if they are worrying you then they need to be answered.D

stroppy

Thank you, thats made things a bit clearer on how to approach things.
Its the not knowing all the answers to all the questions that is hard.....keep worrying we will do something wrong and mess everything up

fiveyearplan

Hi Stroppy and welcome! I would ditto everything Skylight said above and add that MBNA and other creditors will hassle you endlessly and threaten doorstep collectors/bailiffs/bankruptcy but they are all scare tactics. Once you ring CCCS, National Debtline and Business Debtline you will feel better knowing what options you have. Go through as many threads on here that you feel are relevant to you and have a good read.

Good luck - BR its not as bad as it sounds.

stroppy

At the moment it all seems very scary and overwhelming and is all we both think of day and night.
We have three small children and life seems very tough at the moment!
Have just organised renting somewhere for us to live (done in my name only and not OH as to be honest I just assumed we would be unable to get anywhere with his name being credit checked)Also have moved all direct debits etc into my personal account as again presumed he wouldnt be able to get a bank account.Only just found this forum and read up a bit more about things like that.Maybe we have complicated things more now?
Thanks once again for any advice

dalip

There i no law that says you have to have a bank account. The rules of bc are that you can only hold a basic acount whilst undischarged,seeing as most people had current accounts,they have to open new one to abide by the bc rules.Also most banks do not like having bc, hense why we on this forum have found only barclays and co-op are what we term bc friendly.I had a joint basic with my OH and had my name taken off just before bc.All my wages were paid in and we have had no problem with it. I have only just opened my co-op cash minder account and have now been bc 7 mths.

Renting in just your name is no problem either as far as i can see. So you haven't complicated anything.

Bc is very scary,you are entering the unknown. Take one step at a time. The fact that you are both going through it together,should help. Keep those questions coming.D