bankrupt an update

Entrepreneur_en_faillite

Ok Kevker

Thanks for the advice. I have had a variety of different comments from various sources as o how long a bankruptcy can last, all I can say is that I have havedone some very silly things that lead me to think they may extend the order.

I suppose I'll just have to wait for the date, but I am going to call the court today to try to find out which OR they have passed my case t so I can then call them.

snake666

did you not get to talk to the OR after you came out of the court which is what we had to do?
then they said when they were going to ring again in about 3 weeks and this lasted about 50 minutes which was worst than going into the court room lol and she was really nice and said it will be less than a year
then is just a matter of waiting for the paperwork which has just been sorted out now 5 months after going to court so should have only 3-4 months and then life gets back to normal
snake

Entrepreneur_en_faillite

Yes, spoke to them after seeing the Judge, but all they did was confirm my name and addresss and said they would be in touch soon!

Anyway I called the court today and got the OR's telephone number, called them and they said a letter would come out to me Monday next week.

Addicted2Chocolate

If there is any equity over say 5K an Trustee will be appointed to reliase the equity, the property will be dealt with. See leaflet What will happen to my home on https://www.insolvency.gov.uk

1) re: Rent : as long as you a renting a property which you need ie 3 beds if 2 adults two kids, not 3 bes for 2 adults only, and the rent is average for the area, the amiunt you pay to rent shoudl not be a problem to the OR
2) there is no fixed amount taken from wages. The OR will look at your income and esential outgoings ( disallowing things like Sky, spocialising, cigarettes) and calulate your monthly surplus income. They then take a share of the surplus under an Income Payments Agreement for 36 months.
3) once you are declared bankrupt the OR will contact you by telephone and arrange an interview. The interview will be confirmed in a letter. The OR does not normally send agents into your home. I have never heard of this happening.
4) Items such as furniture washing machine oven tv cd's vidoes are all essential for domestic needs so not part of bankruptcy estate and no action wil be taken against them. Only things like antiques, new widescreen tvs would be taken.

Bestthingsinlifearefree wrote:

HI Snake,

Good to see you came out of the other side in one peace and in a positive position ie you can now start going forward and you have shown bankruptcy is not the end of the world,life does go on and can even be better than pre-bankruptcy times in many respects ie now you have a clean slate.

Thanks for the update in your origianl post (which I have pasted below) you mentioned some part of your 250K debt was a 89K mortgage on your flat worth 140K.

What happened in the end did you lose the flat when you went bankrupt ?

Did they take the 50k equity from the flat ?

ie your non -mortgage debt was about 140K or something. But you had 50K of equity in your flat.

So you actual debt was about 90K if you had managed to sell the flat and put the equity to your debt.

Did the OR / allow you to continue living there etc etc ???

Interesting to know how the OR handles these situations.



2005, 8:20 PM #1
snake666
NotSoNewbie MoneySaver



Join Date: Apr 2005
Post Count: 47
Thanked 21 Times in 12 Posts Going To Court This Week

---

my wife and i live in a 1 bed flat worth about 145k on the market but not going to sell fast enough
my debts are
c/c 15.5k
c/c 5.5k
c/c 3k
c/c 2k
loan 18k

joint o/drafts 11k
joint loans 49k

wifes debts are
c/c 3k
c/c 1k
c/c 3k
store cards 2.5k
loan 13k

mortage 89k

so total is around 225k

we bring in about 2.7k-3k a month
but with just these debts its 3k plus a month without fuel,bills,phones,food,clothes,etc
lucky for us we have no kids only a cat

some have refurred payment for 3-6 months but as im in the building game and at the moment not working this is the only option
we have talked to the bank and even they said this was the best route to go down as iva,s are not all that as we might still lose the house in 4-5 years

we have opened a basic bank account with a different branch which gives us a cash point card only so that will help for a start

ok that a bit of background
heres what i need to know now

1/we are going to rent will this be a problem for about 700-750 a month

2/when im working again how much will be paid out of my wages and for how long

3/when do i need to ring or talk to the OR and when will they start taking stuff from our home

4/will they still leave us stuff like a tv,bed,cds,etc

any help please
thanks
snake