Ask a CCCS counsellor a bankruptcy question

mandyash

hi can someone answer a couple of question please

My husband is due in court 2moro to go bankrupt, we have a joint bank account, will i still be able to use it after 2moro ? i know its illegal for him to use it after he goes bankrupt but surely i will be able to until the OR gets in touch ??

2nd question is, we own a car with no outstanding debt on it and its worth about £3000, will they take it from us ? we have 2 children and at the minute i am on ESA for a broken ankle and he has been made redundant and is now classed as mine and the kids carer, i need to be taken to physio/ docs appointments etc , will they take that into considersation and let us keep the car ???

Thanks

monsterface

Hi there, thanks in advance for any help.

I have decided to shut down my business in September and start Uni, I have already applied for grants and loans etc etc , I will be made bankrupt by HMRC, as I have tax owing, can the OR take my grants as assets if they have been paid into my account already as they are paid on a term by term basis . we have no other household income apart from family tax credit and carers allowance.

thanks again

chocfan

After long long discussions both me and my husband are having to go bankrupt and have completed the forms and filed them on-line. We have phoned and got a date for our hearing 9th September, however one of our creditors have filed to make us bankrupt and ironically the hearing is 10th September - just 24 hours later. Now whilst we think the right thing to do is to go ahead with ours - the court clerk said you will be paying nearly a £1000 - which made us think do we just wait for the creditor to make us bankrupt? We want to do the right thing but not sure whats best - the court lady said she couldnt advise it was our descion to make. If we wait for the creditor to make us bankrupt does this look unfavourable with the OR - are we doing ourselves no favours and does it clear the debts with all our creditors or only the one that is making us bankrupt. Any advise would be fantastic...... Thank you in advance.

ariel.oren

Hi everyone

I was made redundant in January and I've been struggling since then and it has now come to a point where I have been threatened with bankruptcy. I don't have any assets except for a share portfolio that I started about 5 years ago.

In the event of bankruptcy, is the Official Receiver likely to seize this?

Thanks

Ariel

philnicandamy

It is a possibility depending on how much the shares are worth

ariel.oren

ariel.oren wrote: »

Hi everyone

I was made redundant in January and I've been struggling since then and it has now come to a point where I have been threatened with bankruptcy. I don't have any assets except for a share portfolio that I started about 5 years ago.

In the event of bankruptcy, is the Official Receiver likely to seize this?

Thanks

Ariel

Thanks! How would the OR know about this? It's just that if this portfolio (8k) is seized, I will have nothing left

illyonka

I hope someone will be able to offer some advice?

I am not sure where to turn...

I will try to be as brief as possible.

I separated from my ex-husband 7 years ago. I remained in the marital home with our two young (at the time!) children. He refused to negotiate the split of our assets, so it took 5 long years of court to reach an 'agreement'. The house was then placed on the market...as I had wished from the outset. He has made our lives hell and I have/had no wish to remain in the home, but I had to pay for as much as I could for these 7 years. I have had some narrow escapes but I have avoided the house being repossesed and I have avoided bankrupcy! Don't ask me how!! He has never in that time paid for anything regarding the house or the children. (He has had regular contact)

The date of separation is confirmed by the issue of the first of many 'non-molestation & occupation orders in December 2002.
'Agreement' made April 2007
The house was placed on the market in May 2007
In November 2008 he was declared bankrupt.
An insovency firm was appointed in January 2009
They received a copy of the equity split 'agreement' which was drawn up in the high court by barristers. I was told by my solicitor at one time that it was a court order, but I am not sure that is the case.
We received an offer for the house that has been agreed as acceptable by the insolvency firm in June. The estate agents wrote to 'recommend that they accept this offer' (It took some weeks for them to respond, which I find strange in today's market)
Now, after another month of waiting (I thought for an agreed entry date) it seems they may wish to challenge the equity split! They have had this information since February of this year!!

I am at the end of my tether...

The human cost and stress upon my children and myself is huge. We have moved to stay in temporary acommodation with a friend in the new area that we plan to move to. I do not wish to disrupt their lives any further.

Surely at the very least this should have been addressed when the 'agreement' was received by them in February? Long before firm buyers came along. And do I have any right to sue if we lose these buyers and my home is finally repossessed after I have managed to keep 'my head above water' for 7 long years???

I hope I have sounded coherent and sane! ...even if I'm not!!

CCCS_Sue

josie836 wrote: »

I am considering bankruptcy after being on a DMP for the last two years. The debts were built up over a number of years whilst I was a partner in a business. My income was erratic and I used the cc's for evryday expenses although I cannot give any specifics. I was hoping that the sale of the business, advertised for 3 years with no reasonable offer, would enable me to clear all my debts. If i put this in my reasons for bankruptcy is the OR likely to want details of the business even though it was closed in June 2007? The business was closed with no debts thanks to a repayment of bank charges of nearly 10k but there was no money left over.

Hi josie836 and thank you for your message

It would depend, so it may be better if you asked the OR dealing with the bankruptcy direct.

Regards
CCCS

CCCS_Sue

covlad1980 wrote: »

Hey all need some advice, I am new to the site. .

The situation as it stands in total I have 26 k worth of debt all with Hsbc in terms of loan credit card and overdraft.I have pone or two smaller debts of cpl hundred,but they will soon be cleared.
I am paid a about 1200 a month,but I am constantly living in my overdraft,which stands at 1.5 k.
So get intrest payments every month.
I also have another 65 months to go on the loan,and I can only make minimal payments on credit card,so that is not going anywhere.
I feel like I am surving every month and it is starting to get to me.I have never missed a payement,but that is due to me lending to make my payments.

I want to move in with my girlfriend and have a life and not worry about the debt.
I currently have no morgage and have a car worth only 1k ,and have no dependants.

I have tryed to speak to citizen advice with no luck, I have been offered ivas bankruptcy and debt management from some companys,but not sure what best for me .
I really dont know what to do it is starting to effect me and help or advice most apreciated

Hi covlad1980 and thank you for your message

It is difficult to know which option is the best for you without knowing your full details

I would recommend that you call us for an appointment to speak to one of our debt counsellors about your situation.
The counsellor will look at all the options available for your situation and discuss each with you.
You can book a telephone based appointment by calling our helpline free on 0800 138 1111. Lines are open Monday to Friday 08:00-20:00. It would be helpful that when you call you have details ready regarding your income, expenditure and creditors, as this can help speed up the referral process. If you have this information ready it may be possible to refer you directly to a counsellor if one is available, otherwise we will arrange a time that is convenient for you to be called back for an appointment.

Regards,
CCCS_Sue

CCCS_Sue

mandyash wrote: »

hi can someone answer a couple of question please

My husband is due in court 2moro to go bankrupt, we have a joint bank account, will i still be able to use it after 2moro ? i know its illegal for him to use it after he goes bankrupt but surely i will be able to until the OR gets in touch ??

2nd question is, we own a car with no outstanding debt on it and its worth about £3000, will they take it from us ? we have 2 children and at the minute i am on ESA for a broken ankle and he has been made redundant and is now classed as mine and the kids carer, i need to be taken to physio/ docs appointments etc , will they take that into considersation and let us keep the car ???

Thanks

Hi mandyash and thank you for your message

When your husband goes bankrupt, your bank account will initially be frozen.
The OR may release some of the money for necessary domestic expenses and if the account is in joint names, they will also decide how much of the money to release to the joint account holder.

Unfortunately, because the car is yours and you do not need it for work, it will not be exempt from the list of assets your official receiver will take control of once your husband has been made bankrupt. You might be able to argue it is essential for your medical needs and they may allow you to have a cheaper car, but the ultimate decision on whether you will be allowed to keep the car lies with your official receiver.

Regards
CCCS_Sue