Getting forms and when to go bankrupt.

Jayen4

Hi everyone.....not been here for a while.

Now....Where do I go to get the required forms for declaring myself banrupt,please ?? Where I live ,we have both county courts and magistrates courts.....which one deals with bankruptcies ?? Once I've got the forms and put them in,how long does the process take ?? I've seen that some people referring to a given date for their hearing. Can you choose a date or does it take a while ??
I have an appointment with Citizens advice,but it's not unil the 14 th of this month. Can I get the forms and put them in,so that one date follows the other closely ??

I have decided that I have no option now,other than bankruptcy..... My work has dropped off to almost zero now,making my situation even worse !! :eek:
It's all going down the toilet now,I can see that !! I can't see what I can do about it either.... Should I stop payment on a personal loan (due on the 2nd of Nov) ?? That's with my own bank,so they won't be happy. Same goes for my mortgage (23rd)(already missed 1 payment) and my CC (21st).. I just can't keep up with them anymore....:( .

Sorry about all the questions.....just trying to get it all straight in my head. I really don't want to let people down,but I can't see any other route and I fear that all this is beginning to affect my health...which is the last thing I need !

fiveyearplan

Hi Jayen. First things first, make sure your appt with CAB is with a specialist debt counsellor or that will be a waste of time. In the meantime, phone CCCS and NAtional Debtline - you can never be too informed. As for the forms, I printed mine from the insolvency website but some people prefer to fill them in online. I think there is a sticky on the front page of this forum that has the link.

I also looked up courts on a website to find the one local for me. I'm sure someone will be here with a link or other details how to find your court.

Some courts have a drop in system and others an appointments system so you'll find that out when you know which court it is. Why don't you post a few more details on here in the meantime so we can answer some of your questions. How much debt, secured/unsecured, how much is mortgage, what is value of house, do you have a car etc etc. Just take small steps and you'll get there.

ps - well done for tackling this problem instead of sticking your head in the sand!
If you do decide bankruptcy and want to stay in the house, I'd advise keeping up to date with mortgage and forgetting all other non priority bills ie keep up utility bills and especially council tax!

fiveyearplan

Here is the link for the sticky I mentioned above.

http://forums.moneysavingexpert.com/showthread.html?t=1056083

It is the first sticky on the bankruptcy forum and was posted by Fermi.

peachyprice

Just to add, you take the forms with you on the day of your bankruptcy appointment. Here's the link to find your County Court http://www.hmcourts-service.gov.uk/HMCSCourtFinder/
Not all do BR, but if you phone your nearest they'll be able to tell you which one you need. It might be worth giving them a ring tomorrow as some courts have quite a long wait for appointments.

shadowdragon

do the forms online here
https://www.insolvencydirect.gov.uk/isolv

Much easier, I recommend doing what I did as i found it a lot easier, that is knock up a spreadsheet in Excel or the openoffice equivilent. I had a sheet with my Income and Expenditure and one with a list of my creditors, and with basic calculations its easy to transfer over the details and totals ect, its also easier to tweak in a spreadsheet than it is on the online forms.

Jayen4

fiveyearplan wrote: »

Hi Jayen. First things first, make sure your appt with CAB is with a specialist debt counsellor or that will be a waste of time. In the meantime, phone CCCS and NAtional Debtline - you can never be too informed. As for the forms, I printed mine from the insolvency website but some people prefer to fill them in online. I think there is a sticky on the front page of this forum that has the link.

I also looked up courts on a website to find the one local for me. I'm sure someone will be here with a link or other details how to find your court.

Some courts have a drop in system and others an appointments system so you'll find that out when you know which court it is. Why don't you post a few more details on here in the meantime so we can answer some of your questions. How much debt, secured/unsecured, how much is mortgage, what is value of house, do you have a car etc etc. Just take small steps and you'll get there.

ps - well done for tackling this problem instead of sticking your head in the sand!
If you do decide bankruptcy and want to stay in the house, I'd advise keeping up to date with mortgage and forgetting all other non priority bills ie keep up utility bills and especially council tax!

Thanks for that 5yrplan.....thanks everyone... I've already done an SOA in another thread (Seriosly considering going bankrupt). Just needed to know about the paperwork really.
I've been putting it all off,hoping things might get better,but they're going the other way !! I'm just wooried that I'll end up with no money at all !! Then what do I do ??

fiveyearplan

Is your I&E on the bankruptcy forum and not the debt free wannabe forum? They will give you much different advice on how to cut back etc. and that is not what we are looking to do for BR purposes.

tigerfeet2006

Just had a quick mooch on Jayen's other thread to remind myself about his situation and he says his appointment is with a speciallist debt advisor. This is his SOA from that thread.

O.K. Revised SOA.

Statement of Affairs and Personal Balance Sheet[/b]

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400

Monthly Expense Details
Mortgage................................ 478.74
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 66.1
Electricity............................. 62
Gas..................................... 52
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 12
Mobile phone............................ 19.35
TV Licence.............................. 11.29
Satellite/Cable TV...................... 0
Internet Services....................... 21.26
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 140
Road tax................................ 17
Car Insurance........................... 54.28
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 11.45
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 9.88
Presents (birthday, christmas etc)...... 15
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 1320.35

Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 90500

Secured Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 86600....(478.74)...0
Total secured debts........... 86600.....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
Personal Loan..................12000.....353.9.....0
Credit Card (Visa).............8600......255.......0
Total unsecured debts..........20600.....608.9.....-

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including secured debts)....... 1,320.35
Available for debt repayments........... 79.65
Monthly UNsecured debt repayments....... 608.9
Surplus(deficit if negative)............ -529.25

Personal Balance Sheet Summary
Total assets (things you own)........... 90,500
Total Secured debt...................... -86,600
Total Unsecured debt.................... -20,600
Net Assets.............................. -16,700

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font]

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful


How does that look ??

The £9.88 for other insurance is for my breakdown cover on the car.


I suppose the big question now is: Based on the above,do you think that I should go for bankruptcy ,or not??

Actually,it's quite shocking to see ones life set out in that way.... (Is a big strong guy allowed to cry ??)

fiveyearplan

I'll have another good look at this tomorrow - I'm sure others will too. The only things that stick out to me is why you don't pay for water and I would stick all the phones (mobile and internet) under the heading phone. You still come in below the £60 maximum I was quoted by CCCS. The OR may not allow your internet otherwise unless you need it for work/study and even then I've seen instances where it wasn't allowed - I wouldn't risk it.

Jayen4

You're correct 5yr plan....I have never payed water rates since I moved to this house... Anything that arrives which is addressed to the previous people or just says 'to the occupier' just gets binned.
I know I shouldn't,but that's what I've done. I still have water,so being frank about it,that is the least of my problems right now.
As for the phone....yes I can put all that into one class..

Oh and my wage for last week ?? a big fat 0 !! Nothing booked for this week either,so far ! :eek: I think I'm gonna have to sign on again for now....

peachyprice

Jayen, if you've never payed water rates you're going to be in for a nasty shock one day. May I suggest, as you're going BR anyway that your ask your water company for a bill now, this can then go into your bankruptcy and you'll start afresh from the day of your BR. Water rates don't just go away they'll catch up with you sooner or later, and if it's after BR you'll be liable for the debt.