My Bankruptcy diary and posts

stevelinz

Hi,

After going BR on the 10th Spetember I have thought I have added all my posts so others can see why I went BR, What were my worries and have I wish it never happen but I am glad I did.

Please ask me any questions and I hope that you find the advice as helpfull as I did.

A big thank you to everyone who offered help and advice.

It's a shame that this site has changed a little but great that people have started to enjoy thier lives again.

stevelinz

Please help £100k in debt with a family Hi I really need some advice.
My business is about to go under I have tried to sell to release the debt but I am losing over a £1500 per week and no one is buying. I have reduced the price but market forces and the time of year are not helping me.

I currently have debts of £45,000 which I owe to outstanding suppliers and £44,000 which I owe to banks and credit cards this amount could raise to another £15,000 with six weeks. This said I owe £100,000

Within this debt I have a deposit of £10,000 so that is 10% cleared to one person I owe the VAT approx £7,000 and PAYE £8,000 leaving £23,000 to energy companies telephone, council tax and other people who have supplied goods for my business.

The £44,000 is made up of two personal loans, and four credit cards nothing is secured on the house

I have a house which I have a joint mortgage of £160,000 and the house is worth approx £210,000. I live her with my wife and three children. I own a car which has a book value of approx £3,000.

With all this said if I do not get a buyer quickly I will hand back the keys and I will lose the deposit. I then will have no income but I am currently looking for work. This is proven harder as I have a 7 month old son and my wife has had to work to bring some money in so if I work full time we will incur approx £600 child minding fees.

My questions are.

What is the likelihood if I go bankrupt of me losing the house?

Will I have to sell my car?

What happens to items that belong to the family ie tv, video childrens games?

If I do go bankrupt what happens to any debts that I may not of accounted for in my past or within the last year?

I would really like some clear advice as looking at all the you gov leaflets seem to say one thing and then say another

Thanks
Steve

stevelinz

Hi Steve, Im assuming you are a sole trader not in a partnership or Ltd Company. There is £ 50000 equity presumably half of that is yours so you will probably have to find someone to come up with £ 25000 to buy out the OR and keep your house. (sorry )

If you can prove your car is essential for work you can keep it but at £ 3000 you might be made to obtain a cheaper one, poss £ 2000.

If you have any very expensive items at home 42" plasma tv etc then that might be at risk,but all normal household goods are safe so you cankeep your tv ( s) hi fi , dvd player, furniture etc

If you forget any debts they are still included in your BR.

DD



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squirrel_pigeon (15-01-2008)

15-01-2008, 9:39 PM #6 selectcase vbmenu_register("postmenu_7941731", true);
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I found the CCCS really useful - at the end of the day its not in anyones interest to make you homeless - go through the posts on this board and it will relieve a lot of the worries you have. this might sound soppy but at the end of the day you have your wife, kids, family - thats what really counts in life espically at times like this.

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16-01-2008, 5:49 AM #7 stevelinz vbmenu_register("postmenu_7944109", true);
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How does the OR value the home is it like a mortgage valuation or do they use various local agents?

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16-01-2008, 6:08 AM #8 backontheup vbmenu_register("postmenu_7944339", true);
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When I was facing this, I had an independent valuation done as 'back up', told the valuer why I was doing it and he gave me a sympathetic valuation (about £10,000 under market value). But then again, I was paying him.

My trustee in BR sent an agent from a local estate agent - guess they didnt want to spend £200 on a independent valuer. A very young girl, who valued it the same as the independent valuer anyway.

I would still recommend you get an indepedent value from someone who isn't an estate agent. They always inflate the initial price if you are selling, just to get your business. Your IV will always be a bargaining tool to get the value down.

I hope you find someone who can buy out your share of the house :-) You can always buy it back once you are discharged.

Good luck



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16-01-2008, 6:46 AM #9 tigerfeet2006 vbmenu_register("postmenu_7944793", true);
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Just to reiterate about ringing a debt charity for advice but with the business being involved you may be better off phoning Business Debt line as well, number in my signature.

Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only.

CCCS 0800 138 1111 National Debtline 0808 808 4000 Business Debt Line 0800 197 6026 CAB – Contact your local office and ask to speak to a Specialist Financial Advisor. Insolvency Service- 0845 602 9848

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16-01-2008, 9:29 AM #10 stevelinz vbmenu_register("postmenu_7948197", true);
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Cheers I have spoken to cccs this morning and have an appointment in a couple of weeks.

stevelinz

Help from a friend
A friend has offered to buy my household goods in exchange he will pay my mortgage in the next two months. He has said I can keep these and pay him back over time without interest.

He can prove the payment from his account to mine and where it went

My question is I maybe bankrupt in two months and bailiffs are knocking on the door. Who is owns these goods as I do not want to take his money and someone else takes them?

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16-01-2008, 6:35 PM #2 betterlatethannever vbmenu_register("postmenu_7962295", true);
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Steve, are baliffs already knocking at the door?

Experience is something you don't get until just after you need it.:rolleyes:
BSC member 666:D
ED 25/01/08..5 months 11 days after BR:D

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Richard_S (16-01-2008)

16-01-2008, 7:22 PM #3 stevelinz vbmenu_register("postmenu_7963673", true);
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They are not at my house but at my business and I am a sole trader not ltd company

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16-01-2008, 7:24 PM #4 lindsaygalaxy vbmenu_register("postmenu_7963727", true);
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I think you should register for BR now, as it seems you are just putting off the inevitable. This should stop the bailifs, and you will get to keep your household goods *unless you have a picasso hanging up somewhere!)

stevelinz

Was Two questions now four
Hi Sorry to keep asking questions but I have looked around and could not find the answers anywhere.

How many years after the first year discharge do I have to repay my debts if I am made BR and keep up the plan agreed with the OR

What happens if not all creditors were noted in the BR hearing say from debt years ago that had been forgotten. Can they still try to reclaim once you have been declared BR
Thanks
Steve

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If you are given an IPA then it will last 36 months from the first payment.

Any debt incurred before your BR weather noted or not are included in your BR. This why it is advertised in the paper!!

Oh! and don't worry about asking questions the only stupid question is an unasked one.

And if I had a debt that was in a joint name would that be written off or just my half?

I had a loan years ago with an Ex which may not of been fully paid off

Thanks
Steve

Just your half Steve, your ex would then be responsible for the whole amount left.
Might be worth checking and contacting her.

Any debts in joint names will become the responsibilty of the other person named.

Y

st

17-01-2008, 6:26 PM #6 fermi vbmenu_register("postmenu_7987615", true);
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Yep. Any debts in joint names would become the full responsibility of the non-bankrupt. And the creditor could chase them for the full amount.

But only if the other person has physically signed the agreement (with a few exceptions explained in the links).

See: http://www.debtquestions.co.uk/legal_jointseveral.php and http://www.payplan.com/debt-library/...-liability.php



I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy & Living With It and Benefits, Tax Credits & Jobseeking boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL] (it's not part of my role to deal with abuse). Any views are mine and not the official line of moneysavingexpert.com.

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Last edited by fermi : 17-01-2008 at 6:29 PM.
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17-01-2008, 6:27 PM #7 tigerfeet2006 vbmenu_register("postmenu_7987685", true);
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Thanks for that Fermi.

Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only.

CCCS 0800 138 1111 National Debtline 0808 808 4000 Business Debt Line 0800 197 6026 CAB – Contact your local office and ask to speak to a Specialist Financial Advisor. Insolvency Service- 0845 602 9848

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17-01-2008, 6:34 PM #8 stevelinz vbmenu_register("postmenu_7987899", true);
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Thanks guys for the answers so far. Last one tonight. Will the OR visit my house to value the assests or will he/she leave it to my valuation

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17-01-2008, 6:35 PM #9 tigerfeet2006 vbmenu_register("postmenu_7987937", true);
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No one will come to your house they leave it on trust.

stevelinz

ccj
if made br do ccj's still need to be paid

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21-01-2008, 6:57 AM #2 fermi vbmenu_register("postmenu_8066489", true);
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No.

The Bankruptcy supersedes the CCJ and the debt goes into the bankruptcy.

There are the very few odd exception for debts that can't be included in the bankruptcy (like a CCJ on student loan arrears), but virtually all others go into the BR.



I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy & Living With It and Benefits, Tax Credits & Jobseeking boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL] (it's not part of my role to deal with abuse). Any views are mine and not the official line of moneysavingexpert.com.

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21-01-2008, 8:52 AM #3 CCCS_Alan vbmenu_register("postmenu_8068617", true);
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Hi stevelinz

BR will take your CCJ into account as a debt and be included in your list of creditors.
Which means that if you are deemed to be able to pay something towards your debts through a income payment arrangement, they will receive some money towards the debt.
If you have no surplus available you will not be asked to pay anything.

CCCS_Alan

stevelinz

official receivers
What are official receivers generally like to work with and how do they usually react to people debts.
I have gone through all the paper work today and I am worried about the parts of obtaining credit if you think or realise the business may fail or close to the end of the business

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23-01-2008, 7:26 PM #2 Richard_S vbmenu_register("postmenu_8139437", true);
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Quote:
Originally Posted by stevelinz
What are official receivers generally like to work with and how do they usually react to people debts.
I have gone through all the paper work today and I am worried about the parts of obtaining credit if you think or realise the business may fail or close to the end of the business

Hi Steve,

They're generally understanding and sympathetic, but as with anything to do with humanity there are bad apples and bad days.

Providing you didn't take out huge loans when your business was clearly not viable then you shouldn't have any problems.

Trying you hardest to keep a business going isn't going to be held against you.

Richard



Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only.

CCCS 0800 138 1111 National Debtline 0808 808 4000 Business Debt Line 0800 197 6026 CAB – Contact your local office and ask to speak to a Specialist Financial Advisor.

(Links approved by MSE Forum Team:D )

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23-01-2008, 7:35 PM #3 getting there vbmenu_register("postmenu_8139693", true);
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Hi, I'm A Newbie Too. I Went Bankrupt In Aug 07 And Have Had Little To Do With My Receiver (luckily). He Seems To Be The Sort Of Bloke Who Gets The Job Done And Seems Little Interested In Any Thing Else. Can't Moan, He's About To Sort Out My Early Discharge. As Before, I Think You Get Good Ones And Bad Ones. As Long As You Do As They Request, They Are Generally Ok.:d

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Richard_S (24-01-2008)

23-01-2008, 8:06 PM #4 stevelinz vbmenu_register("postmenu_8140529", true);
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Not massive debts I did put £4000 on my credit card to pay bills and I always ensured the staff were paid. The last couple of months my cards are nearly maxed as I have not been able to have an income from the business and have shut it down.

stevelinz

Date set for the 13th August
After a lot of hard work and worrying the date is finally set. Felt really strange and my heart was really pumping after the lady confirmed the date.

I know this is not going to be easy as some of the paper work and sales numbers from my buisness have gone missing after a member of staff cleared out boxes of paperwork by mistake.

I have managed to clear £49,000 worth of debts since January but still not enough to manage to live in the future.

CCCS have advised me so I am happy to go down this route, Now the worries of the house, car and trying find a job.

But hey ho less than a month to go.

I am sure I will be here on a daily basis asking questions and seeking advice.

Well done on doing what you need to take your life back under control.

Any questions just ask away, there is usually someone who can help.

1st question is with my house. We do not have any equity in the property but I have changed my mortgage to interest only in the interim. Is this best? as we are paying £775 but with the repayment it is £1125. Rental property is around £850 to £1100. If I put the repayment in my SOA would the OR look more favourble on the interest only option so we may be able to keep the house.

I have a car which was changed in my wives name due to debt collectors, It is a family car so half is my wives and I am happy to let the OR know why we changed it. It is worth about £3000 tops and it is used for her to go to work

Thanks

Im no expert on houses but just explain to the OR about your car and ensure they know you need say for work or something and as its about £3000 you should be ok although it seems that different OR's act differently towards cars.

Anyway ask away with any questions you have up until your court date as there will be loads of advice to be had on here and i expect there will be an expert on housing answering your thread soon

Thanks Both, Yes loads to ask and thanks for everyone for being so understanding

18-07-2008, 6:24 PM #6 stevelinz vbmenu_register("postmenu_12613921", true);
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Did anyone struggle with home insurance once made BR

18-07-2008, 6:36 PM #7 Merry_Gentry vbmenu_register("postmenu_12614215", true);
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Heya, glad you have a date to work towards. Got no answers for your questions so far, but wanted to say ello

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If you use the comparison sites as per Martins article you will find insurance that will accept you.

http://www.moneysavingexpert.com/ins...home-insurance

I have been with the some home insurance company for the last 10 yrs, Did anyone have to change thier insurance once BR

Hi Stevelinz,

Will you be able to afford to go back to repayment once you're BR? If so, you should, and put the 1125 down on your SoA, it's still well within the range of rental property in your area so the OR will be fine with that. It will be better for you in the long run to get back to repayment.

Had no problem with house insurance, we're with Legal & General.

HTH



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21-07-2008, 6:34 PM #12 stevelinz vbmenu_register("postmenu_12683273", true);
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Just had some news regarding our house and it has more equity than expected. It has been valued at £60,000 more than we thought. I think I will cancel the bankruptcy hearing and see what I can do short term. As with the housing market falling all the time I will try and deal with the crediters and make small offers.
Thanks everyone who has helped with advice

Steve

stevelinz

Hi,

What happens if I do not put all creditors on the forms? I have been chasing around trying to ensure all debts are listed but I am worried that I may have forgotten someone.

Because it was my business failing some debtors are suppliers and are not listed on a credit report

Has this happened to anyone else? If yes what did the OR say and do if not found out until the discharge.

Thanks
Steve

me too i forgot to put all my creditor on mBR form anyway when the forgotten creditor appraoch me i gve thema copy of my Br order and my OR phone number and that was it !

don;'t worry too much , your name will be prublished anyway in the ghazette so that all of your creditor can see that you have been made BR and as such they should coantact you OR .

good luck



B

As fatou says, thats the reason your name gets printed in the papers so that any creditor can come forward with a claim.If some contact you or you remember someone at a later time they can still be included. Thats where date plays an importent part. Any debt incurred before can be included,any debt incurred after that all improtent date you have to deal with.D

this happened to me with a couple of debts, i phoned the or and they said to forward them as long as they are before br they are included i was told i was not allowed to pay anyone once br

what happens if I am discharged, and the creditor was not included and it turns up two yrs later

stevelinz

Thank you to everyone for all your good luck messages yesterday and the days building up to the bankruptcy.

Well its was very painless as many people had advised and the people in the court were great.

I turned up at the court at 9 on the dot and saw the clerk who quickly went through my forms. I had already asked about how many copies to bring and they had advise me just to bring the one as they would copy them for me.

Forms took 5 mins max and I then swore my affidavit. Then I was taken upstairs to the court. The clerk and I had a chat. All the worries I had about what to wear and people looking at me as I was a criminal could not off been any different.
The clerk explained to me that they try to be as casual as possible as they know how hard it is to make the step to be bankrupt. One thing I was surprised at was that the Court processed three BR's a day but if someone walks in off the street they have to allow them to be seen.
He also told me how busy the OR are as they look after 5 courts and one courts gives them 7 a day but an average day they got around 21 BR to go through.

He left me there for 5 mins waiting for the usher they asked did I want a drink which I needed. The usher came in and took my papers into the court room for the judge to look at before seeing me. Ten minutes later she came out with my papers and told me it was all done. No appearance in front of the judge. Again they said the judges sympathise with the emotions of going BR and in clean cut cases are happy not to see you. so at 9.27 I was BR

Back down stairs a few questions and the clerk typed my papers. I had taken my IPod with me and started to listen to a terry wogan podcast with only one headphone in to lighten my mood.

1At 0 o'clock I was asked into an interview room and was told the OR wanted to have a quick phone chat which I was expected as a norm. A few magazine were in the room so I completed on of the word searches whilst I was waiting for the phone to ring.
OR office called went through a few simple questions let me know who my OR would be and that they would write to me with an interview date. By 10.20 I walked out the court.

Really weird feelings I was waiting for this wave of emotion but it felt like a normal day. Met a friend for lunch and went home to my family for an evening of relief.

Today I received a call from my OR and I have my interview next Wednesday afternoon which is a face to face one. Again I had expected this as it was a BR with a business attached to it. He seemed nice and told me not to worry and he knows it is not a nice feeling but I am on the right road no matter what I have done in the past.

I did have a look on the insolvency website and I am listed already!


Well that's my first 24 hours as a debt free man.

Thanks again to everyone and I will update you all in the future I am thinking of writing a BR diary to help other people with businesses and bankruptcy

stevelinz

Yesterday went really well, To be honest I am glad I had a face to face interview. I felt that I was with a normal human being who did not judge but just wanted to know the facts.

Also as he wrote everything I said down, The silences were not bad. I have to give a little more info but all seems to be ok.

I liked to say a big thank you for all the support from everybody.

I will collate my posts for new people to have a read through including the business issues.

Cheers and raise a glass a reduced supermarket wine to you all.