Ask a CCCS counsellor a bankruptcy question

lifeislikeweather

hi can u tell me what going to happen to my hubby s account we got joint acc too tell me he recevied the br latter on 30 jan 2012 tell me what can we do or what going to happen

System

lifeislikeweather wrote: »

hi can u tell me what going to happen to my hubby s account we got joint acc too tell me he recevied the br latter on 30 jan 2012 tell me what can we do or what going to happen

Hi and thanks for your post.

It sounds like you would benefit from some free and impartial advice.

If your husband is going bankrupt and you have a joint account you would become solely liable for the full outstanding sum on the account.

It sounds like your husband could do with some advice regards his bankruptcy, he’s welcome to call and speak to our bankruptcy team on 0800 138 1111. We’re open Monday to Friday 8am - 8pm.

You can also get some good general advice by looking at this link –

http://forums.moneysavingexpert.com/showthread.html?t=1056083

I hope this helps.

Kind regards,

Mat

tiggywink

Hi,
My parents have quite an old fashioned view of bankruptcy, and I would, if possible, like to keep them in the dark about mine, at least until I am discharged. Unfortunately, for tax reasons, I recently discovered that my father has placed £1,500 of his own money in an ISA in my name. He has agreed to withdraw this money today (I told him it wasn't wise to have it in my name), but I am worried that if I declare myself bankrupt in 4 months time, the OR is going to go after that money. I would, of course, wish to be as honest as possible with the OR, but if I tell them it was my father's money would they go after him to get it back? Or worse would they do him for tax evasion? Or would they simply ask him to swear that it was in fact his money?
Also, would they take a dim view of me withdrawing this money so close to bankruptcy (as they might consider it trying to shield an asset).
I really don't want my parents to be contacted by the OR as they would become very worried and upset.

Thank you so much for any advice you can offer.:o

VinJones99

I was looking some guidance on the following;

Made bankrupt on the 28th April 2009 and discharged 1 year later.

My insolvency administrator has informed me that:

“At present we have received claims from your creditors totalling £39,116.17. Four creditors have not yet claimed so this figure is likely to increase once these claims are made”

Also that they have been able to retrieve £11668.67 and £5,000 from two properties.

I have also paid 17 months of IPA totalling £8,330.

A further £10535.02 is being paid direct to the IA from a PPI Claim.

Do I have any recourse and mechanism where I can now do a deal with the IA, when I had my business and 2 firms went bankrupt on me I never saw a penny but my creditors will be getting a very large amount back.
At present I have not been able to afford a decent holiday with my kids as I do not have any spare cash and it looks like my work contract will end soon and I am worried that I will be jobless and penniless.
Hope you can help.

StepChange_Pavan

tiggywink wrote: »

Hi,
My parents have quite an old fashioned view of bankruptcy, and I would, if possible, like to keep them in the dark about mine, at least until I am discharged. Unfortunately, for tax reasons, I recently discovered that my father has placed £1,500 of his own money in an ISA in my name. He has agreed to withdraw this money today (I told him it wasn't wise to have it in my name), but I am worried that if I declare myself bankrupt in 4 months time, the OR is going to go after that money. I would, of course, wish to be as honest as possible with the OR, but if I tell them it was my father's money would they go after him to get it back? Or worse would they do him for tax evasion? Or would they simply ask him to swear that it was in fact his money?
Also, would they take a dim view of me withdrawing this money so close to bankruptcy (as they might consider it trying to shield an asset).
I really don't want my parents to be contacted by the OR as they would become very worried and upset.

Thank you so much for any advice you can offer.:o

Hi tiggywink and welcome to the forum.

It’s best to be honest with the OR. If you could get your dad to write a letter explaining the situation this could help prove that the money wasn’t yours. The OR will be able to see from your bank statements that it wasn’t transferred into any of your accounts.

They wouldn’t go after your dad to recover the money and it’s unlikely that they’d be concerned about the tax evasion with it being such a small amount.

I hope this helps, but I’d recommend that you call our free helpline so that our bankruptcy support team can give you some more detailed advice. You can call us on 0800 138 1111.

I hope this helps.

Kind regards,
Pavan

andrew2011

Hi. I started a new thread but perhaps should have asked this question here.

I have lived in my partner's house since May last year. I have not contributed anything at all financially due to unemployment.

However, I have now started work on a 6 month temporary contract and will pay half the household expenses, including mortgage, for the 6 months I am in work.

Is there any possibility of Beneficial Interest in these circumstances?

I went BR in November last year. I have no joint finances with my partner, everything including bills, mortgage etc are in her name only.

System

VinJones99 wrote: »

I was looking some guidance on the following;

Made bankrupt on the 28th April 2009 and discharged 1 year later.

My insolvency administrator has informed me that:

“At present we have received claims from your creditors totalling £39,116.17. Four creditors have not yet claimed so this figure is likely to increase once these claims are made”

Also that they have been able to retrieve £11668.67 and £5,000 from two properties.

I have also paid 17 months of IPA totalling £8,330.

A further £10535.02 is being paid direct to the IA from a PPI Claim.

Do I have any recourse and mechanism where I can now do a deal with the IA, when I had my business and 2 firms went bankrupt on me I never saw a penny but my creditors will be getting a very large amount back.
At present I have not been able to afford a decent holiday with my kids as I do not have any spare cash and it looks like my work contract will end soon and I am worried that I will be jobless and penniless.
Hope you can help.

Hi and thanks for your message.

The very high fees incurred in bankruptcy mean most creditors in most cases receive only a small return or indeed no return at all.

As four of your creditors have yet to claim the amount owed in still likely to increase.

From the time of your bankruptcy in 2009 all interest and charges plus any further enforcement action has been halted, this includes any further damage to your credit file.

A bankruptcy can be annulled, but you would need to seek specialist advice on this from an Insolvency Practitioner. Annulments are usually expensive and sometimes involve you paying the totality of the debt plus possible interest and all the associated court insolvency fees.

If you do lose your job we have a dedicated team that can make sure you claim all the benefits you are entitled to until you find a new position.

I hope this helps.

Kind regards,

Mat

System

andrew2011 wrote: »

Hi. I started a new thread but perhaps should have asked this question here.

I have lived in my partner's house since May last year. I have not contributed anything at all financially due to unemployment.

However, I have now started work on a 6 month temporary contract and will pay half the household expenses, including mortgage, for the 6 months I am in work.

Is there any possibility of Beneficial Interest in these circumstances?

I went BR in November last year. I have no joint finances with my partner, everything including bills, mortgage etc are in her name only.

Hi and thanks for your post.

I’d recommend discussing this with the Official Receiver who is dealing with your case but I would find it unlikely he will see any beneficial interest issues with this.

The Official Receiver will want to see that what you are paying is a fair share of household bills and might look at any surplus income you may have left over to be paid into the bankruptcy.

I hope this helps.

Kind regards,

Mat

Tigerseye_2

(Posted this earlier on a new thread but thought Id ask you as well incase you can shine a light or give advise Thanks)
Hi, I wonder if anyone can help …….
Quick rundown of my situation:
31/01/2007 - Sequestration date 31/01/2010 - Satisfaction date
(Which is detailed on my Experian Credit Expert Report)

I was led to believe during the Sequestration period that it would be in effect for 3 years and that all would clear after that. However, today I’m gutted to find that it’s not looking that simple. (Bearing in mind that I’m now FIVE years down the line………!)
I have worked full time in a good job, good salary, debt free, now with savings/deposit for a house, and, this week, a great house comes on the market, perfect house, perfect spot, perfect price etc etc.
A friend who happens to be a financial advisor started looked into it for me and tells me that its looking like my credit details will not be clear/suitable/acceptable for mortgage companies until July 2012 (My perfect house fades away……………..!!) Anyhow, can anyone shine a light on this at all? Maybe I’m naïve but surely my circumstances are perfect in the current climate – No chain/house to sell, ready to sign on the dotted line, Proof of Rent paid through the bank for 5+ years in excess of what my mortgage is likely to be!! Surely there are mortgage companies out there that will take this logic into account? Especially now with the recent changes that bankruptcy will be “clear” in a year (allegedly….?)
By the way I’m in Scotland and only want to borrow £120,000! Also, is it right that all mortgage companies all require a MINIMUM of 15% as a deposit these days?
ALSO, most importantly, does anyone recommend any mortgage companies that would help me???
Much appreciated…….

louie1980

Hi. I have been living and working abroad for 6 months, whilst still paying most of my dmp payments, which began February 2010... Things have not worked out well and I will return in April. Due to relationship breakdown with my spouse.

I have around 17000 unsecured debt and no assets at all. I don't think i will return to any work for a while due to current high risk pregnancy- and won't be able to pay dmp. Don't even know if I'll still be entitled go claim JSA after my time abroad.

My questions- if I file for bankruptcy myself in April when I return, what are the exact fees? What are the general timescales for waiting for court dates? Finalising with OR?

Also want to know what financial records, if any, are necessary for my time living abroad? If I don't bring any financial documents back with me will it cause a big problem?