Ask a CCCS counsellor a bankruptcy question

thegoodlife

Hi Everyone ,I have just joined thanks for having me! I have just called the cccs today and have an appontment in August but I have loads of questions rattling around in my head, if anyone can help I would really appreciate it.
Basically we have around £90,000 of unsecured debt and I am going to take advice proffessionally I am considering all the options but have considered bankruptcy, my questions are..

We have little or no equitity in the house and could afford to pay the mortgage without the debts I was worried about losing the house we have three children? we have just put our mortgage on interest only just now so we could pay more to cards.

How many years statements would I need to produce for my credit cards I dont keep them generally I have only just started and I have a paypal account that I have been selling things to put money in the bank that is mixed up with some self employed transactions ,and I bank online so dont have bank statements? Are they going to ask me about transactions years ago that I cant remember? When I look at it all it is a mess really!
I have also bought things on my credit card and sold to give us cash to live on ,how do I prove this?
will they contact my husbands employer and take money from them or will it be from us?
Also obviously I am mortifly embarassed about the mess we are in will everyone know how much we were bankrupt by?
We and the family are miserable with no cash and we have made bad desisions and had some bad look with running of cars ,we have been paying high interest rates and withdrawing cash on our card which was a last resort, we barely spend anything on food anymore and my bank is charging me horrendous fees every month, we even bought my son a lap top on my amex at christmas and he gave us his christmas money so we could pay bills, dont worry they got presents lol but you can see how it is desperate, thanks in advance.

strawberryfields

well ovendales, jd williams and candid colletions (all the same company gggrrrrrrrrr) are now showing as defaults and my credit file

strawberryfields

oppps wrong baord sorry

CCCS_Sarah

thegoodlife wrote: »

Hi Everyone ,I have just joined thanks for having me! I have just called the cccs today and have an appontment in August but I have loads of questions rattling around in my head, if anyone can help I would really appreciate it.
Basically we have around £90,000 of unsecured debt and I am going to take advice proffessionally I am considering all the options but have considered bankruptcy, my questions are..

We have little or no equitity in the house and could afford to pay the mortgage without the debts I was worried about losing the house we have three children? we have just put our mortgage on interest only just now so we could pay more to cards.

How many years statements would I need to produce for my credit cards I dont keep them generally I have only just started and I have a paypal account that I have been selling things to put money in the bank that is mixed up with some self employed transactions ,and I bank online so dont have bank statements? Are they going to ask me about transactions years ago that I cant remember? When I look at it all it is a mess really!
I have also bought things on my credit card and sold to give us cash to live on ,how do I prove this?
will they contact my husbands employer and take money from them or will it be from us?
Also obviously I am mortifly embarassed about the mess we are in will everyone know how much we were bankrupt by?
We and the family are miserable with no cash and we have made bad desisions and had some bad look with running of cars ,we have been paying high interest rates and withdrawing cash on our card which was a last resort, we barely spend anything on food anymore and my bank is charging me horrendous fees every month, we even bought my son a lap top on my amex at christmas and he gave us his christmas money so we could pay bills, dont worry they got presents lol but you can see how it is desperate, thanks in advance.

Hello,

Thank you for your message.

I would recommend that you speak to your counsellor in detail about this on your appointment, as we would need to ask you some more information. There may also be other options available to you.

Good luck with your appointment, and let us know how you get on.

Sarah

Hogpot

Hello,
Im planning on going bankrupt soon, I have a motorbike to get to work and get around. I also have a car in my name worth £1000 which my son bought and pays all running costs including insurance and uses the majority of time. Can the car be taken as a asset?

CCCS_Matthew

Hogpot wrote: »

Hello,
Im planning on going bankrupt soon, I have a motorbike to get to work and get around. I also have a car in my name worth £1000 which my son bought and pays all running costs including insurance and uses the majority of time. Can the car be taken as a asset?

Hi there.

Technically any vehicle in your name can be taken as an asset. However, considering the value is fairly low and the fact your son pays all the running costs as well as buying the car out of his money there is a good chance you will be allowed to keep the car. Ultimately it's up to the discretion of the OR though, so you could always call the OR's office at your local County Court prior to your bankruptcy hearing to make sure.

Matthew.

Princesspiper

Hi All
I went bankrupt on 31st march 2009 and had two one and half hour telephone conversations with the OR. On 3rd June 2009 I received a letter from the OR telling me that two gentlemen have been appointed joint trustees of my bankruptcy estate. As I do not have any assets to sell I am at a lost. Does anyone know what happens next and how long will it take?

CCCS_Sue

Princesspiper wrote: »

Hi All
I went bankrupt on 31st march 2009 and had two one and half hour telephone conversations with the OR. On 3rd June 2009 I received a letter from the OR telling me that two gentlemen have been appointed joint trustees of my bankruptcy estate. As I do not have any assets to sell I am at a lost. Does anyone know what happens next and how long will it take?

Hi princesspiper and thank you for your message

Within 12 weeks of the bankruptcy order, the Official Receiver can arrange for a meeting of the creditors in order to appoint a Trustee. The appointed Trustee is normally a licensed Insolvency Practitioner. If no Trustee is appointed, then the Official Receiver becomes the Trustee.
When the Trustee is appointed, or the Official Receiver becomes the Trustee, all your assets vest into the control of the Trustee.
The Trustee is primarily responsible for:-
Disposing of your property, ensuring a fair price is obtained for the benefit of paying your creditors. Ensuring the proceeds your sale of your assets is shared out fairly amongst your creditors according to bankruptcy laws.
You can contact them if you require further information regarding your bankruptcy.
Regards
CCCS

The_Watchman_2

Princesspiper wrote: »

Hi All
I went bankrupt on 31st march 2009 and had two one and half hour telephone conversations with the OR. On 3rd June 2009 I received a letter from the OR telling me that two gentlemen have been appointed joint trustees of my bankruptcy estate. As I do not have any assets to sell I am at a lost. Does anyone know what happens next and how long will it take?

CCCS_Sue wrote: »

Hi princesspiper and thank you for your message

Within 12 weeks of the bankruptcy order, the Official Receiver can arrange for a meeting of the creditors in order to appoint a Trustee. The appointed Trustee is normally a licensed Insolvency Practitioner. If no Trustee is appointed, then the Official Receiver becomes the Trustee.
When the Trustee is appointed, or the Official Receiver becomes the Trustee, all your assets vest into the control of the Trustee.
The Trustee is primarily responsible for:-
Disposing of your property, ensuring a fair price is obtained for the benefit of paying your creditors. Ensuring the proceeds your sale of your assets is shared out fairly amongst your creditors according to bankruptcy laws.
You can contact them if you require further information regarding your bankruptcy.
Regards
CCCS

CCCS_Sue, I think you missed the bit in red, Princesspiper, appointing a trustee where there are no assets is odd, as there is nothing for the trustee to get paid out of.
It may be worth contacting the official receivers office to check, cases have been known to get crossed, if not they may be able to shed some light as to the reason why, and put your mind at rest.

JCS1

Princesspiper wrote: »

Hi All
I went bankrupt on 31st march 2009 and had two one and half hour telephone conversations with the OR. On 3rd June 2009 I received a letter from the OR telling me that two gentlemen have been appointed joint trustees of my bankruptcy estate. As I do not have any assets to sell I am at a lost. Does anyone know what happens next and how long will it take?

I note you say you have no assets, have there been any transfer of assets to other people in the last few years? Any large repayments of loans to family and friends? An IP can be appointed if there are potential assets that could be realised.

It's difficult to say for sure why IP was appointed without knowing more.