Bankruptcy

cd02

Hi all.. I’m new to this site and had a look around and there appears to be some good things on here.

Anyways, I’m currently in £40,000 debt and looking to go bankrupt as I’m still young and want to get things sort so I can try and make a go at with my life.

Basically I’m just looking for some information. In terms of what debt does it cover. I’ve got loans, credit cards but then on top of that I’ve got outstanding bills which go back 2 years and are with debt collection agencies. I’ve also got a ccj against me.

I’d appreciate any information.

Thanks.

jellycat40

Hi there
Join the club, after a couple of false starts I too am going to be bankrupt. You can include all debts including tax arrears but not council tax or hire purchase. I believe that you can have the item repossessed if you have paid less than a certain amount on hp. Don't think it applies to many of us these days though.

Apparently you can have a car up to the value of £2500 providing you can prove you need it for work or children or whatever. You can have a charge put on your house or be forced to sell it, you can also have an order to pay attached to your earnings. The OR is likely to want to at least 50% of any bonus or overtime that you get.

You are allowed to have certain expenses and these are not too punitive. You are even allowed to give up to £20 a month to charity in your expenses.

Good Luck, are you doing this yourself or do you have an ip or other to assist you?

Louise

Biffa

When we completed our bankruptcy forms, we put down everything that we owed, and I mean, EVERYTHING! From a small balance owed to the AA for breakdown cover, to the £250 gas bill, to the credit cards, overdrafts, loans etc etc. We were told the car value had to be £1500 or less.

IN_LIKE_EVERYONE_ELSE!

Biffa is right, £1,500 for the car, the bankruptcy form asks for reg number, value, mot and tax details. £20 for charity seems odd? I doubt it, anyway, if a person is that far up Creeksville they will probably need the 20 squid themselves!
I know someone that had to turn out their pockets and hand over their last £20 note!

Biffa

Also, you have to declare if you have any possessions that are worth more than £1500, such as jewellery, shares, furniture, electrical goods such as PC etc etc. The OR will be looking to get as much off you as possible, to go towards repaying your debts. You'll also have to do an income and expenditure form. Any excess income of more than £200 will go into a repayment plan that can last for up to 5 years. In our case, as we're on a low income, the OR has said we don't need to pay anything, as we don't have any spare cash.

cd02

I'm trying to go through all this myself as any of the debt agenccies i've tried so far have all been rubbish..

i just want to get this clear with anyone that has done it already thou.. i can put down all outstanding bills, such as gas, electric, water, mobile phone etc and they all get processed as well ? does that mean by bills start from scratch or what ? also if i've livin with my girlfriend, are they likely to take tv, dvd, hifi etc which is shared between us and about 3 years old ? how about things like my laptop ? and home pc ? oh and things like games consoles ? also can they take anything of hers ? which she's purchased ? and do i have to prove that they are her's etc ?

i want to go down this path but want to make sure my girlfriend isn't going to suffer along with me.

lastly, where would it leave me with trying to get a mortgage etc in a year or 2 ?

Biffa

CD02,
If you have anything worth more than £1500, the Official Receiver will want to know about it, but it has to be your possessions. They cannot take your girlfriends stuff to pay for your debts. If you've spent a large amount of cash over the last twelve months, they'll want to know what it went on. As we'd sold our house 18 months ago, we had to provide bank statements to show where all the money went - most of it went on paying debt!
Best thing to do is go to your local court office and collect the application pack for bankruptcy, then you can see what sort of info they'll want.

Good luck!

cd02

Biffa wrote:

CD02,
If you have anything worth more than £1500, the Official Receiver will want to know about it, but it has to be your possessions. They cannot take your girlfriends stuff to pay for your debts. If you've spent a large amount of cash over the last twelve months, they'll want to know what it went on. As we'd sold our house 18 months ago, we had to provide bank statements to show where all the money went - most of it went on paying debt!
Best thing to do is go to your local court office and collect the application pack for bankruptcy, then you can see what sort of info they'll want.

Good luck!

Thanks for the info.

IN_LIKE_EVERYONE_ELSE!

It is very rare nowadays for the OR to repossess any household goods. You can only store so many sofas!

Biffa

No probs, we went bankrupt in December lastyear - 11 more months to go until we're discharged, although they have told us we may get an earlier discharge. Best thing we ever did!

IN_LIKE_EVERYONE_ELSE!

Did you do it all yourself Biffa?