Bankrupt, please help............

scarletnm

Hello,
My wife and i have finally agreed BR seems to be the only answer, 52k of debt however no default payments or ccj's. We are mortgaged and are thinking of going to court begin of Jan.

WHAT do we do next, please any advice, scared, frightened and embarrassed.

pink-lint_2

hi you probably need to get in touch with a debt charity like the cab or cccs if you havent already.

others will soon post to give further advice .


pink

tigerfeet2006

Hi and welcome to the board.

The first thing is please don't be frightened or embarrased you are among friends here.

The next thing is you must ring one of the debt charities and get free, professional advice. Numbers and links in my sig. You must do this as the judge may ask if you have advice and may postpone your petition if you haven't.

If there are any questions you have please don't be afraid to ask. We will try and help and support you all we can.

scarletnm

Thankyou so much for swift response, i have been looking at this forum for about 20 hours a day for the last few days.

I have spoken to cccs and have my debt remedy plan.

My first question, we are going to start renting another property before we go BR we will not be able to afford the mortgage come next year, so should we stop our mortgage payments to get deposit etc.

Also i understand i should open a new account at probably co-op before we go br, but do we not tell the co-op what may be happening.

Also with renting will this cause problems once we become un discharged br.

And finally for now are token payments worth doing....

I thankyou all in advance, however the whole idea of it keeps coming over me in flashes, a few sleepless nights ahead.......

Sunny_Bear

Hi scarletnm,

Please dont be scared, I know its easy to say but the people on these boards will help you through it. Are you both going BR?

As you said , youve called CCCS and taken advise so thats a good thing.

Im not totally sure on houses as I didnt have one, but a lot of people seem to get some money together and rent somewhere, then move and stop paying the mortgage to save up the BR fees.

how long do you think it will be until you go BR. I didnt stop paying my creditors until the month before I went BR, token payments may be worth it if its goign to be a while.

Phone up the coop, say your going BR and want to open a cahmindr account, they should do it no probs, and you can keep it after BR too. My OR said it was fine but to check with the Coop and they didnt bat an eyelid!

Please dont be worried, I think making the decision is the hardest bit, now you can be practical and do what you have to do to take control of the situation.

Why dont you pop up a SOA for people to have a look at, I found the one from the CCCS wasnt that great, the people here were much more knowledgeable!!!

scarletnm

Thankyou,

I was thinking to go to court the first week in Jan, so when do you think we should stop paying credit card, loans etc....

I am not sure abouth the token payments.....

I am sure i will think of more questions, thanks for your help....

tigerfeet2006

scarletnm wrote: »

Thankyou so much for swift response, i have been looking at this forum for about 20 hours a day for the last few days.

I have spoken to cccs and have my debt remedy plan.

My first question, we are going to start renting another property before we go BR we will not be able to afford the mortgage come next year, so should we stop our mortgage payments to get deposit etc. If you are going to rent then stop paying your mortgage, SL's, credit cards etc. Keep paying essential bills like council tax, utilities etc. Save the money for your rental property and BR fee's.

Also i understand i should open a new account at probably co-op before we go br, but do we not tell the co-op what may be happening. You can tell the Co-op they are brilliant and very BR friendly.

Also with renting will this cause problems once we become un discharged br. Most people explain thier situation to the LA's when they are looking for a rental. You will either have to pay 6 months in advance, have a guarantor, some people have found that they are asked for 3 months up front. The smaller the agency it seems the more flexible they are. Always check the tenancy for a BR clause.

And finally for now are token payments worth doing.... Depends how long betwenn stopping and going BR and whether you can ignore the letters and calls. You will also get this if you pay token payments.

I thankyou all in advance, however the whole idea of it keeps coming over me in flashes, a few sleepless nights ahead.......

Hope that helps

Sunny_Bear

If you really cant pay tyhe creditors then stop paying noe but be prepared for lots of phone calls! What you dont weant to do is carry on paying one and not the others as that will be seen as favoring a creditor.

Is your house in negetive equity? Do you have a secured loan or is it all unsecured? Do you want to try and keep the house?

tigerfeet2006

scarletnm wrote: »

Thankyou,

I was thinking to go to court the first week in Jan, so when do you think we should stop paying credit card, loans etc....

I am not sure abouth the token payments.....

I am sure i will think of more questions, thanks for your help....

If you know you are going BR then stop now. Why carry on paying something that is going to the BR.

scarletnm

Thankyou, thankyou for advice, more questions to follow

josephine1_2

co-op are great, I owed money to them for my masters course fees and they still gave me a cashminder account. They referred it for a couple of days and then agreed, it's a good account as it's got a visa, and you can check everything online, so it's not really basic. When we went BR this month, the judge seemed to appreciate how much effort we had put into our added info. and that we had sought advice from a number of sources. She felt that we were making an informed decision and said so