New to this site and scared

LargeGlassofRed

I've been reading through the threads and found them really useful,

Could I ask a few questions?

I am moving into rented in the next few weeks with my new partner. We have passed the credit checks despite me having a poor credit score, but what happends when I declare bankruptcy will they be told?

I am still paying the morgage and secured loan on the property I bought with my husband it is in joint names, although he hasn't lived there for 2 and half years. I am planning on stopping paying this after Aprils payment, the house is in negative equity. What will happen to the house?

I have a car worth 4000 which I need for work, but I will be going on maternity leave at the end of may will this effect things.

Should I continue to pay the council tax on the house, when I move out?

Should we set up all the utillities in partners name in the rental property?

I haven't lived with my partner before, so our new budget will be based on our joint income. Do I put all this on the financial statement?

Thanks so much for the help, really scary time I have 3 children and twins due at the end of June so desperate to get as much sorted as possible by then.

lisamummytoarchieplusbump

hello large glass. welcome

cant answer all your questions but someone will be along soon

if you are giving up the property stop paying it straight away. im not sure
about council tax?!?!?

if you need the car for work then you will be allowed to keep it

i would still put your partners contribution to the household not hes full income so think you should sit down and do rough guesses of what things will cost and we will help you if its to much or to little.

http://www.makesenseofcards.com/soacalc.html
use this and press the mse botton at the end and just copy and paste it to this thread and we will help you.

you do not need to worry about putting utility companies in your parners name. some companys do credit checks so if you are starting up from fresh i think you should still be alright.

anymore questions just ask away

lisa

fiveyearplan

LargeGlassofRed wrote: »

I've been reading through the threads and found them really useful,

Could I ask a few questions?

I am moving into rented in the next few weeks with my new partner. We have passed the credit checks despite me having a poor credit score, but what happends when I declare bankruptcy will they be told?

I am still paying the morgage and secured loan on the property I bought with my husband it is in joint names, although he hasn't lived there for 2 and half years. I am planning on stopping paying this after Aprils payment, the house is in negative equity. What will happen to the house? Does your ex husband know you are going BR? He will become liable for the whole shortfall.

I have a car worth 4000 which I need for work, but I will be going on maternity leave at the end of may will this effect things. Nothing is certain about cars in BR but it will probably be sold and if you need it for work you could get a cheaper one.

Should I continue to pay the council tax on the house, when I move out? Let the council know the property is empty and they will give you a 6 month grace period - but you have to inform them!

Should we set up all the utillities in partners name in the rental property? Doesn't really matter.

I haven't lived with my partner before, so our new budget will be based on our joint income. Do I put all this on the financial statement? You put your income and his contribution - so not his whole income as he will be expected to have personal expenses and debt to service himself.

Thanks so much for the help, really scary time I have 3 children and twins due at the end of June so desperate to get as much sorted as possible by then.

Hi and welcome!

lisamummytoarchieplusbump

sorry FYP i read it that the car was 400 not 4000 so yes what you said.

sorry not quite with it this morning kids got me up to early

tigerfeet2006

LargeGlassofRed wrote: »

I've been reading through the threads and found them really useful,

Could I ask a few questions?

I am moving into rented in the next few weeks with my new partner. We have passed the credit checks despite me having a poor credit score, but what happends when I declare bankruptcy will they be told? In general the OR will check with the LL that all is as you say. But try a provide the rental agreement and ask the OR not to tell the LL. Sometimes they won't, but nothing is certain. Is there a BR clause in your tenancy agreement?

I am still paying the morgage and secured loan on the property I bought with my husband it is in joint names, although he hasn't lived there for 2 and half years. I am planning on stopping paying this after Aprils payment, the house is in negative equity. What will happen to the house? If you are moving out, don't throw good money after bad. Stop paying the mortgage and SL and save the money towards the rental deposit and BR fees. You can write to the mortgage lenders and ask them to voluntarily reposses the house. Don't sign any paperwork they send you. When they reposess they then have control of the house. Some lenders will do this quickly if you ask and some will take their time and go through all the processes. When it is sold you then inform the OR what the shortfall is and it will fall into your BR. Untill it is sold the mortgage lender and SL people will chase you, so be prepared for that. When you move out let the council know and you should get 6 months grace. If it hasn't been repo'd after 6 months you will be responsible for the tax again. As FYP says your ex-h will be responsible for the joint debts when you go BR.

I have a car worth 4000 which I need for work, but I will be going on maternity leave at the end of may will this effect things. The usual limit for a car is £2k. So the OR will sell it and if he agrees that you need a car for work then he can give you up to £2k to buy a new one. You could wait for him to do this or you could sell the car for market rate and buy one worth approx. £1500 and you may be able to keep it. Keep the money left over for the OR or use it for ESSENTIAL living expenses and/or your BR fees.

Should I continue to pay the council tax on the house, when I move out?
See above.

Should we set up all the utillities in partners name in the rental property? Doesn't matter either way. Whatever suits you.

I haven't lived with my partner before, so our new budget will be based on our joint income. Do I put all this on the financial statement? You put your joint household expenses down eg: rent, utitlities, council tax and your personal expenses eg: mobile, car, hair. Then you put your full wage and your OH contribution to the joint household bills. Not his full wage. If you want us to check your SoA then we are quite happy to. Use this template
http://www.makesenseofcards.co.uk/soacalc.html

Thanks so much for the help, really scary time I have 3 children and twins due at the end of June so desperate to get as much sorted as possible by then.

Hi and welcome, I am glad you have found us.

Have you taken professional advice? You must do this as your etition could be delayed if you haven't. Links and no.'s in my sig. and more in the Bankruptcy Help sticky. This is a useful sticky and I would suggest you read it through.

We will help and support you as much as we can through this

LargeGlassofRed

Thanks so much for all the responses, I am getting advice from cccs who have been excellent. I rang the local court today and they are sending out forms.
I am going on Maternity leave at the beginning of June, hoping to go bancrupt in May after moving into rented next month, do I put my normal wage down or my maternity pay?

Many thanks again, my head is spinning just want to fast forward the next 2 months :-(. Really worried about losing my car.
I will work perminate nights when not on maternity leave and there is no way of getting there without a car. Also the rented house is quite a drive to the childrens school and would be impossible to do on public transport with newborn twins.
If I was permitted 2000 for a car would I be able to pay the differnce and keep the car? ( my mums offered to help if needed) As We will be a family of 7 there are not many cars we will all fit in.
My ex is really starting to kick up about the bankcrupcy, but he has paid nothing towards the joint debts for the last 2 years!
Thanks again for your time.

Waspeze

You put on the forms your situation at the time/day of going bankrupt so if you go bankrupt in May and are still working full time then that is what you put down.

When you go onto maternity leave you notify the official receiver of your change in circumstance.

It might be worth mentioning it to the receiver when you speak to him/her after your court day anyway so they are forewarned

As for the car, are you sure it's worth what you say it is? Have a check on some of the online guides under poor condition/auction value to be sure!