Bankruptcy Questions

purple-pear

Need advice on several areas, here goes:

Going to stop paying mortgage and declare myself bankrupt. However, massive shortfall and as I have been made aware will be included in BR. Not sure what I need to do in terms of SOA as obviously at some point this will change as I wont be paying mortgage when I first go BR but will then have to find rented property and dont know what this will be. So is it better to get somewhere as soon as I file for BR otherwise I will have more free money on paper then I will actually have when I get rented place and of course will have to find another palce to live at some point?

The other thing is my aprtner currently gets his wage paid in to my account but this isnt my money apart from his contribution to the bills but will the OR be ok with this or will thy expect me to class this as my money as it is paid in to my account?

Finally I have a small car on finance 170 per month it is new worth approx 8,500 and I need it for work I am a district nurse and dont work in same town. This car is very economical only 35 per year for tax and 20 per month for insurance and petrol cheap would I be able to keep this or not?

Thankyou so Much any advice appreciated

Merry_Gentry

Need advice on several areas, here goes:

Going to stop paying mortgage and declare myself bankrupt. However, massive shortfall and as I have been made aware will be included in BR. Not sure what I need to do in terms of SOA as obviously at some point this will change as I wont be paying mortgage when I first go BR but will then have to find rented property and dont know what this will be. So is it better to get somewhere as soon as I file for BR otherwise I will have more free money on paper then I will actually have when I get rented place and of course will have to find another palce to live at some point?

It would be advisable to find a rented property before going BR - simply because it causes less grief in terms of credit checks, etc . With regard to doing your SOA, check out the average rents in your area for the type of property you need.

The other thing is my aprtner currently gets his wage paid in to my account but this isnt my money apart from his contribution to the bills but will the OR be ok with this or will thy expect me to class this as my money as it is paid in to my account?

Your account will probably be closed unless you are with the Co-op or Barclays and on one of their basic accounts, so you need to open a new one.

Finally I have a small car on finance 170 per month it is new worth approx 8,500 and I need it for work I am a district nurse and dont work in same town. This car is very economical only 35 per year for tax and 20 per month for insurance and petrol cheap would I be able to keep this or not?

You need to check whether there is a BR clause in your finance agreement. If there isn't the OR may well take the car and allow you a small amount of money to buy a replacement if you need a car. If there is a BR clause, the company will probably take the car back.

Thankyou so Much any advice appreciated

Purple, have you spoken to one of the debt charities such as CCCS/CAB/National Debtline? You must get proper advice before you make the decision to go BR.

purple-pear

Yes I have spoken to them and done the online debt remedy if I tweek the figures by literally a small amount it goes from dmp, iva to br. I have decided myself I cant live like this anymore.

my mortgage is 220,000 self cert on interest only, house now in neg equity. Got 39,000 in unsecured debts and a failing business in my mums name thst I am alos liable for. Currently can manage morg payments just about but no money for emergencies etc really or what I class as a life. Little girl 16months and I feel all I have done since she was born is cry and I need to start again.

I also wnt another baby at some point at present no way I could afford childcare so I feel a dmp or iva ia just delaying the inevitable. So I will slightly increase the figures on my soa to enable br.

I have just opened a basic account with Yorkshie Bank will this be ok no credit check was needed?

Will chack my car agreement.

Thankyou.

Merry_Gentry

Barclays or Co-op are the only real bankrupt friendly banks - the Yorkshire might close your account once you go bankrupt.

http://www.makesenseofcards.com/soacalc.html

Might be handy for showing your SOA so we can help you tweak it.

nervousmother

YORKSHIRE BANK WILL CLOSE YOUR ACCOUNT

I had an account with them, no overdraft on it either, I asked them about the account as the OR had no interest in it, 'it is not our policy to have BR as customers sorry we will close your account' :-(

madamcaz

purple-pear wrote: »

Need advice on several areas, here goes:

Going to stop paying mortgage and declare myself bankrupt. However, massive shortfall and as I have been made aware will be included in BR. Not sure what I need to do in terms of SOA as obviously at some point this will change as I wont be paying mortgage when I first go BR but will then have to find rented property and dont know what this will be. So is it better to get somewhere as soon as I file for BR otherwise I will have more free money on paper then I will actually have when I get rented place and of course will have to find another palce to live at some point?

The other thing is my aprtner currently gets his wage paid in to my account but this isnt my money apart from his contribution to the bills but will the OR be ok with this or will thy expect me to class this as my money as it is paid in to my account?

http://forums.moneysavingexpert.com/register.html?a=act&u=646277&i=67358805



My son just gone BR, he found rented accomodation just before seeing OR and they took what rent he had to pay into consideration, he was allowed to keep his car as it was his source of income as he , like you needed it for his work, when he declared what his income was( just enough to cover his rent and essentials) the OR said he would need his car to exist, he said his OR was great, understanding and really helpful not the ogre he had expected, hope this helos you or at reasures you a little bit. Good Luck

http://forums.moneysavingexpert.com/register.html?a=act&u=646277&i=67358805

Merry_Gentry

If your car agreement has a BR clause, it's not up to the Official Receiver whether you get to keep the car or not unfortunately.

purple-pear

Will post SOA havent even looked at all this yet but will do asap then post it, thanks for advice will have to look at co-op account then as barclays is one of my main creditors. Do i need to open before I go br then presumably?

Merry_Gentry

Yeah open it before you go, but don't use it if you can help it - that way the OR will have zero interest in it.

robsimps53

a few people on here have said to open one straight after court, as you would not have to include it in your SOA then

Merry_Gentry

Either way should be fine.