Ask a CCCS counsellor a bankruptcy question

StepChange_Pavan

JoshJ wrote: »

I was made bankrupt in April 2010 and discharged in October 2010 and need adice on what I should do next?
Will I be able to apply for a mortgage or loans or will I have to wait until I finish making payments to Official Receiver?

Hello JoshJ and thank you for your post.

If you are still making payments to the Official Receiver you must be in an Income Payment Arrangement or Order. I wouldn’t advise you to take any further credit without discussing it with your Official Receiver first.

It is unlikely that you will be able to take out any credit unless it is for an emergency, and I would recommend that you think carefully before borrowing more money. Also, your bankruptcy will remain on your credit file for six years from April 2010 so you may find it difficult to borrow money for the foreseeable future.

If you are unsure of anything, it’s always best to speak to your OR first.

Kind regards,
Pavan

StepChange_Pavan

Tron1977 wrote: »

Hi there! I was sequestrated in Feb '10 so Im due to be discharged next month. The house I lived in was mortgaged and had a secured loan and so had negative equity so wasnt touched in the bankruptcy. My wife and I split and we signed a voluntary surrender form for the prperty in Nov '10. Neither of us has heard form the bank and I was wondering what happens to the outsatnding debt if the house isn't sold on before I am discharged. My trustee told me last year that any money owed after a repossesion/surrender would go towards the sequestration and would be written off. But I am concerned that the house will not be sold till after I am discharged and then I get a bill for thousands which I will not be able to pay and I will have to be made bankrupt again. Any advice would be greatly appreciated!:)

p.s. I forgot to say I'm in Scotland!

Hi Tron1977 and thank you for your post.

I’d recommend that you return to the Trustee in the Sequestration to ensure that any shortfall resulting from the sale of the property is definitely being included in the Sequestration prior to your discharge.

If it is not included he may be liable for any shortfall which the lender will look to recover.

Kind regards,
Pavan

StillStanding

Hi CCCS,
I have been on a DMP with yourselves for nearly 2 years now and the overall balance is finally decreasing nicely. However I've had the shock news of being out of a job from April onwards. Would I be able to go bankrupt now, or do I have to wait until my job has finished and just pay through the DMP until then ?

Thanks

Tron1977

Thanks! I have now contacted my trustee and they have told me, as I am contrubuting for another 2 years, when any bill for outstanding money comes through to forward it to them and they will deal with the bank. Thanks for the quick reply!

StepChange_Pavan

StillStanding wrote: »

Hi CCCS,
I have been on a DMP with yourselves for nearly 2 years now and the overall balance is finally decreasing nicely. However I've had the shock news of being out of a job from April onwards. Would I be able to go bankrupt now, or do I have to wait until my job has finished and just pay through the DMP until then ?

Thanks

Hi StillStanding and thanks for your post.

I’d recommend that you call our client support team as there may be other options available to you. They have all your information and will be able to explore everything that’s appropriate to your situation.

We will be able to discuss these with you in detail and advise you of your next best steps.

If bankruptcy is your best option, we will be able to refer you to our specialist team who will support you through the whole process.

Kind regards,
Pavan

Teen_the_Drama_Queen

Hi there

A question which I hope you can help with please....

We are looking to go into rented property and poss go BR (husband and self).... (negative equity with mortgage company, secured charge and various debts on credit cards etc. etc.).

We have cancelled the dd for the mortgage and the secured loan to come out early next month and will use the money (along with non payment of credit cards) to go into rented property. However, the landlords will need a ref... how do we stand if we miss a couple of mortgage payments, will we look like a bad risk.?

Also, do we move into rented property, put the house on the market (which will of course, if it sells, return a shortfall), do we then go BR, or do we go BR first and let the OR deal with the sale of the house in the bankruptcy proceedings? Not quite sure of the order to do things.

Many thanks in advance.

x

Gray-Fox

I am planning to go bankrupt soon as I'm out of work (though could be in PT work for a few months as of tomorrow) and I have unrepayable debts. I start a new career in June 2012 and I want this behind me. I have some capital now, but I'm buying all the stuff I need (like actual need, not just gfor the hell of it) for my home to prepare me for the time when I'm bankrupt. My sister is moving out from ym family home too, andit's likely I will have to give her the remainder of my cash (not a lot) to help her pay the deposit and rent. How will this pan out with the OR?

debtinfo

likely not well, What sort of sums are we talking about

OssieTT

Hi
I have just discovered my wife is filing for BR. I had no idea. But in light of her spending habits can understand why she needs to make a clean break. She is indicating that I should do the same but I am really not keen.

Issues she is on the mortgage but has never paid a penny to the mortgage since it has been in existence I have always paid that. We have a a joint loan arrangement which she was responsible for, but has not been paying it since November leaving arrears, she has also told them she is going bankrupt so no surprise we were served repossession papers on Saturday which led to me discovering what had been going on.

I really do not want to give up the house, we have two settled kids, I have a relatively good job, and I could absorb the arrears and ask the court to consider a reasonable payment back to the loan company.

It is going to be a really tight struggle to cope but I think unless something disastrous comes along then we should be able whether the storm for a year. In that time my collective debts will be reduced, my wife hopefully will be coming out of BR.

Am I going to hit any major issues with my wife's BR which will impact and put at risk the house?

Any help appreciated.

Gray-Fox

debtinfo wrote: »

likely not well, What sort of sums are we talking about

A few hundred quid.