Bankruptcy Q's

EmbarrassedMum

Hi all,

I am incognito at moment as my husband doesnt realise the depth of my debt and as he knows my nick on here I thought it would be better ,for now, to be in 'disguise'...so in otherwords im not a troll lol


Firstly i have gained alot of answers so far from all your great post so far but I still have a few that need clarifying:o

So please let me pick your brains:D

1) So far I have just managed to keep head above water with these debts but one old debt has raised its ugly head and there is no way I can afford to pay it back..or my hubby if he knew...so my q is do i need to be in default of all credit accounts to file for bankruptcy?

2) if i file for bankruptcy are all accounts (ie i have a cap one credit card with limit of £200 but balance of 0 for now) closed?

3) what about mobile phone contracts..do they get stopped?

Sorry to sound like a complete newbie...

4) Also what is classed as my income?...hubby works and i stay at home with children, i have no job, we get CTC collectively and I get CB aswell as DLA for one child and Carers allowance too..but that is it.
5) is my husbands income taken in account?

Thanks for your patience

startagain_2

EmbarrassedMum wrote: »

Hi all,

I am incognito at moment as my husband doesnt realise the depth of my debt and as he knows my nick on here I thought it would be better ,for now, to be in 'disguise'...so in otherwords im not a troll lol


Firstly i have gained alot of answers so far from all your great post so far but I still have a few that need clarifying:o

So please let me pick your brains:D

1) So far I have just managed to keep head above water with these debts but one old debt has raised its ugly head and there is no way I can afford to pay it back..or my hubby if he knew...so my q is do i need to be in default of all credit accounts to file for bankruptcy? I wasn't in default of ANY of mine and I am BR

2) if i file for bankruptcy are all accounts (ie i have a cap one credit card with limit of £200 but balance of 0 for now) closed? All your non secured debts are covered by the BR, if that's what you mean by closed

3) what about mobile phone contracts..do they get stopped? Yes, usually (I think, but not sure)

Sorry to sound like a complete newbie... Never apologise!!!

4) Also what is classed as my income?...hubby works and i stay at home with children, i have no job, we get CTC collectively and I get CB aswell as DLA for one child and Carers allowance too..but that is it.
5) is my husbands income taken in account? Not sure, there are much cleverer ones than me to answer that one, I am single

Thanks for your patience

You will find it limitless on here, we are all here to help and give advice to each other



Welcome to the board, Why don't you give one of the debt advice agencies a call like CCCS or National Debtline or pay a visit to the CAB.
All the links are in the sticky at the top of the page - Bankruptcy Help.

Ask as much as you like on here........

Good luck and congrats on reaching your LBM - Light Bulb Moment!

SA

peachyprice

EmbarrassedMum wrote: »

Hi all,

I am incognito at moment as my husband doesnt realise the depth of my debt and as he knows my nick on here I thought it would be better ,for now, to be in 'disguise'...so in otherwords im not a troll lol


Firstly i have gained alot of answers so far from all your great post so far but I still have a few that need clarifying:o

So please let me pick your brains:D

1) So far I have just managed to keep head above water with these debts but one old debt has raised its ugly head and there is no way I can afford to pay it back..or my hubby if he knew...so my q is do i need to be in default of all credit accounts to file for bankruptcy? Not at all, some people go BR never having missed a payment.

2) if i file for bankruptcy are all accounts (ie i have a cap one credit card with limit of £200 but balance of 0 for now) All accounts will have to be included and will be closed

3) what about mobile phone contracts..do they get stopped? Not necessarily, only if you want to get rid of them

Sorry to sound like a complete newbie...

4) Also what is classed as my income?...hubby works and i stay at home with children, i have no job, we get CTC collectively and I get CB aswell as DLA for one child and Carers allowance too..but that is it. You put your benefits down as your income but you will not have to pay anthing to your creditors from them.


5) is my husbands income taken in account? On your forms you but your husbands contribution to the household bills, enough to make your I&E balance, but you do not need to put his whole income and they cannot take anything from him to pay your creditors

Thanks for your patience

Welcome to the BR foru, mysterious one
Hope that helps some.