Ok - decision made!

sparky25

Can't live like this anymore. Kidding myself that I can keep my ahead above water.

I am going bankrupt. So just a few queries.

Where do I start? Do I phone my local court first? Do they send me a bankruptcy pack?

I'm doing this on the basis that I am hoping to keep my house. Reading on here this morning, I take it that my child benefit will not count towards my disposable income? This would mean I will not have a lot of disposable income towards an IPA. And going by my SOA, I could even pick up some overtime at work and still not have a lot of disposable income - just a bit more money towards food!

Being I earn £1850 per month, will I get hit with a NT tax code. Dont really understand this part of the process. Any suggestions?

Haven't even started the process yet and I feel relief. No more phone calls or letters, being worried about the knocks at the door. Was slightly dismayed to read that house prices had risen 1.5% in January but still in negative equity.

Should I get an estate agent round for a quick valuation just to confirm that I think?

All help appreciated. Thanks:o

sieve

Hi Sparky, well done in making the decision (I made it myself a couple of days ago so I know where you're coming from).

If you're in negative equity but can afford to make the mortgage (and any other secured loan) payments then you should be able to keep the house if someone buys the BI off the receiver for £1 plus their legal costs.

I rang the court and got booked in - they will give you a date and then you just show up with the forms etc. The forms are downloadable from the insolvency service website - get advise from here before filling in the SOA though.

I've got an estate agent coming round on Monday for a quick valuation - it's not a requirement, but I'm doing it for peace of mind to make sure I am defintiely in -ve equity.

Good luck.

Sieve

Marlowvian

sparky25 wrote: »

Where do I start? Do I phone my local court first? Do they send me a bankruptcy pack?

Being I earn £1850 per month, will I get hit with a NT tax code. Dont really understand this part of the process. Any suggestions?

Firstly have you spoken to CCCS or National Debtline?
Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
National Debtline - Website: National Debtline Telephone: 0808 808 4000
They can send you the a Guide to Bankruptcy (it may well be available online at www.insolvency.gov.uk)

Call your local court to get an idea of how far ahead the date would be.

Set up a new Co-op Cashminder or Barclays Cash card account (the only too bankrupt friendly bank accounts out there)- see sticky re: bank accounts in the main part of this forum for more information
http://forums.moneysavingexpert.com/showthread.html?t=474254

You need to fill in your petition online (again visit the insolvency website above), or collect one from your court to fill in by hand

Regarding Nil Tax IPA it is unlikely that with 6 weeks left in the financial year they will do this. Extremely useful sticky here http://forums.moneysavingexpert.com/showthread.html?t=1056083

tigerfeet2006

sparky25 wrote: »

Can't live like this anymore. Kidding myself that I can keep my ahead above water.

I am going bankrupt. So just a few queries.

Where do I start?You need to get professional advice first. From one of the debt charities. There are some links and numbers in my sig and more in the Bankruptcy Help sticky. You must do this as the judge can delay your petition untill you do. Do I phone my local court first? Do they send me a bankruptcy pack? You can and find out what there lead time for BR is and whether you need an appointment. You can book one if it is weeks and you know you can get the money together and the forms done.They will send the forms or you can download them, link in the Bankruptcy Help sticky.

I'm doing this on the basis that I am hoping to keep my house. Reading on here this morning, I take it that my child benefit will not count towards my disposable income? This would mean I will not have a lot of disposable income towards an IPA. And going by my SOA, I could even pick up some overtime at work and still not have a lot of disposable income - just a bit more money towards food!

Being I earn £1850 per month, will I get hit with a NT tax code. Dont really understand this part of the process. Any suggestions? NT is nothing to worry about. It just means you get your tax in your wages and you give it to the OR's representitive. If you go BR before April 5th then at this stage I doubt you will get it as it's not worth it for them.

Haven't even started the process yet and I feel relief. No more phone calls or letters, being worried about the knocks at the door. Was slightly dismayed to read that house prices had risen 1.5% in January but still in negative equity.

Should I get an estate agent round for a quick valuation just to confirm that I think? Always worth it for peace of mind.

All help appreciated. Thanks:o

HTH. Read as much as you can and ask anything you need.