Ask a CCCS counsellor a bankruptcy question

CCCS_Sue

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

Further to my previous reply, just to clarify, as far as I know, there doesn't have to be a trustee appointed. If there are no assets etc, then usually the OR can handle the case and even apply for early discharge.
Although you state you have no assets, do you have a house with negative equity?
A trustee is usually appointed where the case is too complicated for the OR to handle (dealing with property/previous business etc).
It would be advisable for you to speak to the OR as I mentioned in my first message and double check the reason.

Regards
CCCS_Sue

JCS1

CCCS_Sue wrote: »

Further to my previous reply, just to clarify, as far as I know, there doesn't have to be a trustee appointed. If there are no assets etc, then usually the OR can handle the case and even apply for early discharge.
Although you state you have no assets, do you have a house with negative equity?
A trustee is usually appointed where the case is too complicated for the OR to handle (dealing with property/previous business etc).
It would be advisable for you to speak to the OR as I mentioned in my first message and double check the reason.

Regards
CCCS_Sue

Just to clarify, When a BR Order is made the OR is appointed Receiver and Manager. If there are no assets of over £10k or anything unusual then they will decide not to call a meeting of creditors. When the notice of no meeting is sent out, then the OR becomes Trustee.

If there are assets, then the OR can call a meeting of creditors with a view to appointing an IP to be Trustee.

Either way, there will always be Trustee in a BR case.

rock_babe

Hi, hope I have posted this correctly as this is my first post. I am looking into bankruptsy and have an appointment with CCCS in August and been advised to open a new bank account. Have just been accepted for basic account with Co-Op subject to proof of address & ID which I am gonna take in to them 2moro. Am I best telling them that I may be going bankrupt or not? If yes will this affect my application?

CCCS_Sarah

rock_babe wrote: »

Hi, hope I have posted this correctly as this is my first post. I am looking into bankruptsy and have an appointment with CCCS in August and been advised to open a new bank account. Have just been accepted for basic account with Co-Op subject to proof of address & ID which I am gonna take in to them 2moro. Am I best telling them that I may be going bankrupt or not? If yes will this affect my application?

Hello,

You would not need to tell them as there maybe other options available to you; if you had gone bankrupt you would need to disclose this information.

Good luck with your appointment and lets us know how it goes

CCCS_Sarah

phillymitch69

Hi,

I went BR on 29th June and had my OR interview this morning at 10:00.

In regards to my property, I am in a lot of negative equity with a monthly repayment mortgage that in no way shape or form, am I able to repay.

During the interview, the OR suggested I might want to look into handing back the keys to my mortgage company as (1) I cannot now repay the mortgage (2) I would not be unhappy at moving out and renting a smaller place; the house was bought solely by myself but I shared it with now ex-partner and it therefore carries a lot of very sad memories.

I am aware that in due course, the mortgage company will seek repossession but if handing back the keys speeds up the process I am happy to go for it.

Are there any potential pitfalls I need to be aware of? Can anyone tell me of their similar experiences? Should I seek further professional advice and if so, from whom?

I would like to make as informed a decision as possible, so welcome advice from all parties but, of course, especially CCCS.

Many thanks,

Phil

The_Watchman_2

Most mortgage lenders try to get you to sign a surrender form, or that is what they call it, what it really is a contract to get you to accept any shortfall after Bankruptcy.

While the legalities of that are dubious at best, it is a complication you don’t need.

Obviously you don’t want to do that, so just be careful what you sign, if in doubt, don’t.

auburnmama

hi, I dont know if anyone can help me. I am due to start uni as a mature student (rocking 30, gulp!) and applied for a student bank account. I got turned down flat.
I was bankrupt (now discharged) and wondered if this was the reason why? would I be eligible for any student account at all? do I have to wait the full 5 years (i think) before I will be able to get anything like this?
Thanks!

nickbrat

Hello. I have just recieved notification that the CSA are going to take £250 a month from me in the near future.

I simply do not have the money to pay this and i'm now seeking advice as to what i can and can't do.

I would like to begin a debt managemnt plan with the cccs but would specifically like to know what can be done in relation to the the csa. I want to pay something to the upkeep of my children but i'm worried that they may be able to take the moeny directly from my bank account.

So, what advice would the cccs give me regarding reducing the payments during a debt management program?

Thanks

Ethereal_Gaz

Hi, quick question. I'm not sure if this is the right area to post so apologies if it isn't.

I'm employed as a director of my company which has not had any work in the past six weeks. Am now claiming jobserve and have spoken with CCCS to work out a budget. Our household incomings are 1000pcm and outgoing are 2000pcm so things aren't looking good at the minute.

I owe £19k across 2 visa cards and I've been advised to send them a letter to say I'll only pay £1 per month for the time being.

My company will need to pay almost 9k corporation tax by the end of the year. It's coffers were finally depleted when I payed this quarters VAT.

So, to the quick question: What should I do about the corporation tax??

I really don't want to upset the tax man, he can send me to jail!

debtdeception

I have decided that in my situation I am better off going bankrupt. I simply did not learn the things I know now before I lost my house. I must say that if you have a home that you want to keep, (and that is a big questions as there are lots of rented homes that are good) then the cccs is a very good resource to work through. I wish I had known about their existence last year.
As I have now lost all the things I owned, bankruptcy offers the simplest and cheapest way out for me, but this is not the case if you have assets and a creditor arrangement may be the best way forward for someone else. Get good advice.