can i still go bankrupt

dodo50

i have posted my soa before more or less same circumstances, i want to go bankrupt through lila low income low assets in scotland but i had money from a sale of property 3.5 years ago and i could have paid some of the debt off but wasn't working so i spent it or gave it away.

i only claimed benefits after money was gone and now on incapacity/income support, ignored all debts meanwhile and basically ran away from everything.

i cant move on but want to, will i be allowed to go bankrupt as i had money but didn't pay debts?

coolcait

Hiya dodo

I did a search to find your SOA, but nothing came up. Could you post it again, please?

Also, one of your earlier posts said that you were living in Spain. Are you back in Scotland now? (Don't know if it will make any difference, but just in case!).

You haven't really given us much info to go on. From the little bit you've said, I guess you might be able to make yourself bankrupt, but you might get a BRO. Or not.

Have you spoken to your local CAB or local authority advice team? If not, I'd certainly recommned that as a first step.

Good luck!

So_Sad_Angel

Hi Dodo,

I`m not sure about the LILA guidelines but in the current climate the ORs are so busy that I am not certain that they would go back that far. They can request 5 years but 12-24mths is more the norm.

Whats happened has happened & you can`t change it. If you are advised to take the BR route by the debt charities then that is the last resort ie there is no other realistic way of settling your debts.

If you gave money away this may potentially be recouped but it may be too far in the past now.

Sorry I don`t know much about the Scottish system but there are many on here who do.

Take care,

Angexx

fiveyearplan

Hi Dodo. How much debt do you have and how old is it? Is it made up of credit cards, did you own a house etc. Please give a bit more information.

neverdespairgirl

dodo50 wrote: »

i want to go bankrupt through lila low income low assets in scotland but i had money from a sale of property 3.5 years ago and i could have paid some of the debt off but wasn't working so i spent it or gave it away.

How much money did you get? How much did you give away, and to whom?

What did you spend it on?

maxmycardagain

1. did you have a good time with the money?






nice one.....carry on!

dodo50

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 374
Other income............................ 0
Total monthly income.................... 374

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 29
Management charge (leasehold property).. 0
Council tax............................. 14
Electricity............................. 30
Gas..................................... 10
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 15
Mobile phone............................ 0
TV Licence.............................. 6
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 190
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 7
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 5
Total monthly expenses.................. 376

Assets
Cash.................................... 150
House value (Gross)..................... 0
Shares and bonds........................ 300
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 450

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
egg............................6567......6567......0
mbna...........................15150.....15150.....0
cly bank.......................6760......6760......0
hutchison 3g...................736.......736.......0
cahoot.........................2372......2372......0
ge capital.....................5949......5949......0
cly bank.......................596.......596.......0
Total unsecured debts..........38130.....38130.....-

Monthly Budget Summary
Total monthly income.................... 374
Expenses (including secured debts)....... 376
Available for debt repayments........... -2
Monthly UNsecured debt repayments....... 38,130
Surplus(deficit if negative)............ -38,132

Personal Balance Sheet Summary
Total assets (things you own)........... 450
Total Secured debt...................... -0
Total Unsecured debt.................... -38,130
Net Assets.............................. -37,680

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== 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


there are two tenants in the flat, me and another so we share some bills. i have a car sitting in car park waiting for debt co to collect but they haven't so far so don't know what to do with that. prob worth about 1400. i tried until recently to pay some creditors 1 token but felt it's useless.

as i moved home some of the creditors haven't found me yet in 3.5 yrs but only a matter of time.

i think i need to go bankrupt, can i do it myself in scotland or should i go to cab? some names and addresses of creditors i don't have anymore and i may even have missed some that i have forgotten about, what happens about these?

i cant bury head anymore stress is terrible now. i have arthritis, back problems and am trying to lose a lot of weight which just adds to it all.

i worked for almost 30 yrs paid everything on the dot but was running just to stand still, lived with my partner and supported their 4 kids. i just stopped one day and said enough so sold house and basically ran away, used money to live on instead of paying debts then about 2yrs ago money gone and now on benefits. i want to start afresh, lose weight and get a job if health improves.

dodo50

i had about 50k after house sale so should have paid debts and could have but i had been ill and knew i wouldn't be able to work so used the money to live. never gave much away just helped family out. my partner is an alcoholic although sober at moment after almost dying, we split up but more on good terms now.

dodo50

national debtline advise my car which i thought was on hp is a car loan so i cant go bankrupt. does anyone know if creditors will do it instead? some i've paid token payment to, others i've never heard from.

LilyBart

dodo, that's not correct. You can still go bankrupt with a car loan, though some kinds of car finance packages are more complicated to unravel than others and I must say I thought it was HP that was the problematic kind. Someone should be along with more specific advice shortly, but it is simply not true that having a car loan prevents you from petitioning for bankruptcy. If your creditors haven't contacted you, it is highly unlikely they'll petition for your bankruptcy. A lot of creditors threaten to do it, but very few do because it ends up costing them more money than waiting for you to do it yourself.

LilyBart

Folks, I'm bumping this one up. Don't know anything about Scottish system, but I'm guessing that dodo may have misunderstood the advice and that what was actually said was that the car loan could not be included in the bankruptcy. Any more thoughts from more experienced members?