Ask a CCCS counsellor a bankruptcy question

philnicandamy

Broke_American_Chiquita wrote: »

Thank you for the advise. Does this mean that after six years, I am clean, as if no debts?

Thanks, Wayne.

yes it does if those debts were included in your BR...the only thing that bankruptcy wouldnt wipe is student loans

WF1976

HI,

I have the opportunity of selling my house which has been on the market and unlived in since my relationship split up three years ago. Just before the split we took out a huge consolidation loan, which took secured lending to about 95% of the house cost. With the current market the house has obviously now dropped and I find that I am in Negative equity of about 20k.

I am under huge financial strain and have been since the split but have managed to keep up with all payments just about, I have taken a second job and have restricted funds to live on but have managed to stay away from further credit since it all happened. When this started I never imagined the house would still be on the market 3 years later - my only chance to improve quality of life is to get rid of this house, and finally may have an opportunity however I have no idea what to do due to the negative equity...

Can you advise a best course of action? My thoughts are asking the secured loan lender to split the outstanding loan amount between me and my partner and set up a new unsecured loan, they may not agree to this however. Otherwise I may have to consider bankruptcy as the thought of continuing in this way for another year or two is unbearable.

Thanks

Kuggers

Hi. I know this question is forever being asked but what are the rules regarding cars as assets following bankruptcy - I seem to remember finding an extremely comprehensive answer on the forum regarding the regulations but I've lost it again,.....

Kuggers

Another quick question, how soon after a bankruptcy order is issued will a bank receieve notification and consider freezing an account?

cp7

CCCS_Alan wrote: »

Hi CP7

The debts would be included. But if the benefit overpayment was joint the other person would still be liable for the debt.

Regards

CCCS_Alan

hi, i forwarded these letters for apparent overpayments of working tax cr and child tax cr to the accountant in br so they could be included but they were returned and i was advised benefit overpayments will have to be paid.

are they not repayable in some parts of the country?

malfollie_01

Hello CCCS,

Please can I ask some advice please.

Me and my partner have made the decision to go bankrupt we stopped paying all the creditors and the mortgage (repossession had already been threatened by northern Rock) Saved up enough for the rent and deposit on our rented house moved in last month.

We know need to find £1,000 for the fees!! HELP. I have a bout £300 at the minute but really can't see my having the rest anytime soon. I know we aren't paying anything anyway but even without paying anything we only really have £100 left a month to put away after our basic living expenses
I am concerned of the time it is going to take us to get the fees.
What effect will it have that we are not paying anything but don't have the fees??
How long will I realistically have to get the fees together??

Malfollie
xxx

fermi

Kuggers wrote: »

Hi. I know this question is forever being asked but what are the rules regarding cars as assets following bankruptcy - I seem to remember finding an extremely comprehensive answer on the forum regarding the regulations but I've lost it again,.....

Here?

What will happen to my car?

aromatic

I am very new to this forum so please bear with me if I make any mistakes.
I have so much on my mind at the moment I cannot cope much longer.
My husband and I have an IVA and we have been unable to keep up with the payments of £575.00 per month and we have not paid for the last three months and our IVA practitioner is about to make us bankrupt.
I have read so much advice about bankruptcy and yet we are still terrified of the prospect but it seems we have little choice in the matter unless we now pay £827.00 per month to make up for missed payments!! as stated in our last letter from our iva practitioner.
As well of all of this hanging over our heads, I am a full time carer to my mother who has senile dementia and my husband has recently had heart surgery!
I have very little time spare for sorting out finances and I am sooooo worn out with it all and the worry...
If we go bankrupt will our home be taken from us. We live in a park home which is quite old and was valued prior to our iva. Its valued at two thousand pounds. I am terrified of losing our home as we have no where else to go... also what possession will be taken away. We have very little because anything of value was sold to pay some debts prior to the iva.
Our iva practitioner wants me to contact her at the latest Tuesday 23rd June to inform her of our intentions or the matter will be taken out of our hands and she will bankrupt us.......
What do I do.... I know I should have tried to seek help sooner but with so much going on in my life I have just tried to put it out of my mind and yet I know only too well its not going to go away.
I would really appreciate any sound advice you could give me and what I should say when I ring my iva practioner tomorrow who is not particularly happy with me and not easy to talk to.. I usually end not been able to get out what I really want to say. I actually dread speaking to the woman.
Many Thanks for taking the time to read this tail of woe!
aromatic

huggies78

Hello,
can anyone please help. me and my wife have both declared ourselves bankrupt but recenly been discharged. the strain of this period has caused us to seperate. Can anything be done to sell my house so me and my family can have a fresh start? the house is solely in my name and the official reciever is control over it. any help will be a greatly appreciated.

Sammy3008

Bankruptcy is something my husband considered, until we read up on it, is it true, all your worthy possessions are taken, towards payment? We obviously own a car (that my husband uses to get to and from work) which is worth about £4000.00 (if that) the PC, Flat screen tv, but the TV and PC were given to us by family!!
We also have a Together mortgage with NR, and we tryed to go down the IVA route for all our debts, but because of having an uinsecured loan with NR, we couldn't do it, as our home isn't worth enough for them to secure it to the property.
So if the house doesn't sell, then its either repossession, or Bankruptcy. Is there anyone we can contact who we can speak to regards both Repossession/Bankruptcy, so we can put our minds at ease a little?