to go bankrupt or not?? Help!

tiggs123

Hi,
i have been using this site for a few months now, but have not yet written anything, so here it goes.

my query is whether to go bankrupt or not, not really sure theres any other option. i have enclosed my soa for someone to look at and advise if poss. for the last 3 months i ahve not made any payments to the mortgage or any of the unsecured debts, as my husband lost his job and managing onmy wage is hard. we have used any surplus money left over to save a months rent and deposit and plan to move out soon, just need to save a bit more. and then plan to hand the keys back and go bankrupt, is this the right way to do it? anyone had experience of this?

soa:

Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 240
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1340

Monthly Expense Details
Mortgage................................ 787
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 10
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 180
Clothing................................ 40
Petrol/diesel........................... 40
Road tax................................ 13
Car Insurance........................... 33
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 14
Buildings insurance..................... 19
Contents insurance...................... 18
Life assurance ......................... 24
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 17
Entertainment........................... 50
Holiday................................. 20
Emergency fund.......................... 20
Total monthly expenses.................. 1616

Assets
Cash.................................... 0
House value (Gross)..................... 139000? if it will sell, been on market 5 months
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 140000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 139000...(787)......4.9
Total secured debts........... 139000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
northern rock loan.............32000.....275.......0
ge money loan..................3000......105.......0
lloyds tsb loan................6500......167.......0
tesco credit card..............1500......45........0
virgin money credit............5500......100.......0
tsb credit card................2500......50........0
Total unsecured debts..........51000.....742.......-

Monthly Budget Summary
Total monthly income.................... 1,340
Expenses (including secured debts)...... 1,616
Available for debt repayments........... -276
Monthly UNsecured debt repayments....... 742
Amount short for making debt repayments. -1,018

Personal Balance Sheet Summary
Total assets (things you own)........... 140,000
Total Secured debt...................... -139,000
Total Unsecured debt.................... -51,000
Net Assets.............................. -50,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font]

thank you very much for any advise please.

tigerfeet2006

Hi and welcome to the board.

The first thing you must do is talk to one of the debt charities and go through all your options with them. If they suggest BR which seems very likely then we will help and support you through the process all we can. You also need to do this as if you do petition for BR then the judge may ask if you have sought professional advice and delay your petition if you haven't.

Read as much as you can on this board starting with the Bankruptcy Help sticky at the top of the board and ask any questions you need to.

All the best.

black_paw

hi if you phone the cccs they can advise you free, what is best. or they are on on line ,just Google it ,there is a calculator to help . my friend works for them they offer very good unbiased free help , and it's up to you to go further and they will sort it all out for you. good luck ,
p.s think martin got a thread on here about them on main site.

tigerfeet2006

Jamla there is a nice helpful link and phone number in my signature.

But I do agree they are very good and will go through your options with you and offer you unbiased advice.

tiggs123

thank you both for your helpful advice.

we did go to cab back in october last year and he wrote to our creditors to see if we could arrange a payment plan and he suggested then that if it went the way that it did then br would be the next option. which is whats happened only the figures are worse now as its been a few months since.
i have accessed the info on the sticky and downloaded the forms required

am i right in thinking its one each for me and my husband or do we do it together on one form?

also i have recieved a court notice from northern rock asking for all the money owed to be repayed in full with forms to fill in to agree this owed money or dispute it do i complete this form first or do i just go bankrupt now and they'll sort it? only have 1 week left to reply!

thanks for your help.

tigerfeet2006

Yes you do one form each as BR is individual.

Give National Debtline a quick ring and ask about the letter. They can check the wording and see if they think it is an idle threat or not and advise on filling out the form if not.

tiggs123

thank you very much for your advise.

do you know where you can access info on which local court offer the service i would need to petition for bankruptcy or is it a case of ringing my local and asking?

roughly do you know how long it takes from handing the forms in to being 'declared' bankrupt? and what happens with bank accounts, would it be useless to open a basic one up now to change over for me wages to be paid in, and just not declare it on the forms and say i opened it after completion of the forms? or do they accept basic bank accounts?

sorry for all the questions just got so much going round in my head.

thanks,

tiggs123

just another quick question:

can my overdraft, oh overdraft and our joint overdraft be put down as a creditor?

also, my electric bill debt is being payed through my meter, can this be included in the bankruptcy?

on the soa where it says assetts, fixture and fittings/furniture, do i list all my furniture and estimated resale value? or are they only interested in things over a certain value, i only have the basic furniture needed for a flat, do they expect you to live without these? such as fridge freezer? setee, compute(6 years old), sideboard unit, bedroom furniture, mirrors, pictures,

i mean how detailed to you go, what detail do you list?

please help, these forms are driving me mad!!!

thanks

peachyprice

Hi Tiggs,

do you know where you can access info on which local court offer the service i would need to petition for bankruptcy or is it a case of ringing my local and asking? There's a court finder here, you need your local county court http://www.hmcourts-service.gov.uk/HMCSCourtFinder/

roughly do you know how long it takes from handing the forms in to being 'declared' bankrupt? and what happens with bank accounts, would it be useless to open a basic one up now to change over for me wages to be paid in, and just not declare it on the forms and say i opened it after completion of the forms? or do they accept basic bank accounts?
With most courts you phone up to make an appointment, on the day of your appointment you take yours forms and money and are BR there an then. There are a couple that don't need an appointment, you just turn up on certain days, and a few where you take your forms and money then go back a day or 2 later for your bankruptcy order.

If you open a basic account with Co-op or Barclays just before you go BR you will be allowed to keep it, once you're BR the OR ask which is your account you're using for everyday living then writes to the bank to say you can crry on using it. If you do open it before you must put it on the forms.

can my overdraft, oh overdraft and our joint overdraft be put down as a creditor? Yes, include anyone you owe money to.

also, my electric bill debt is being payed through my meter, can this be included in the bankruptcy? Yes, you include this too.

on the soa where it says assetts, fixture and fittings/furniture, do i list all my furniture and estimated resale value? or are they only interested in things over a certain value, i only have the basic furniture needed for a flat, do they expect you to live without these? such as fridge freezer? setee, compute(6 years old), sideboard unit, bedroom furniture, mirrors, pictures, You don't put any of these things down, you only put your house and car here, unless you have any expensive antiques worth over £1000.

Hope this helps some. Anymore questions, just ask.

lisamummytoarchieplusbump

tiggs123 wrote: »

thank you very much for your advise.

do you know where you can access info on which local court offer the service i would need to petition for bankruptcy or is it a case of ringing my local and asking?some offer a drop in service some are appointments only so go through this link to find your nearest county court and ring them

http://www.hmcourts-service.gov.uk/HMCSCourtFinder/

roughly do you know how long it takes from handing the forms in to being 'declared' bankrupt? depends on you court as mine i took 2hrs some take less some take more,and what happens with bank accounts, would it be useless to open a basic one up now to change over for me wages to be paid in, and just not declare it on the forms and say i opened it after completion of the forms? or do they accept basic bank accounts? i and alot of people on here opened up a barcleys/co op account before br and had everything set up and just wrote on the forms it was for br. its rare for them to freeze these accounts, but if it does happen it only took a few hours for them to unfreze an account after i told the OR so dont worry.



sorry for all the questions just got so much going round in my head.
i asked loads of questions so dont worry you aint the only one:rotfl:
thanks,

ive answered your other post

lisamummytoarchieplusbump

oh peachy you beat me to it. but seems great minds think alike lol