Ask a CCCS counsellor a bankruptcy question

CCCS_Matthew

Emmaj wrote: »

Hi,
me and my partner have our court date for BR on 23rd Dec and I am quite frightened and feeling very degraded about the whole thing but feel this is the only option to make my 2 children's life comfortable again.
We have £30k debt between us most is joint but not all and in total owe to 11 creditors. We took our 1st loans out 10 years ago and has just spiralled out of control since!! We kept taking loans to pay off credit/storecards and then ran them up again and again and again.
The only asset we have is a car worth £600. I am worried about what they are going to think of us having done this and now asking to go bankrupt.Are we different to anyone else?

I gave up work earlier this year due to childcare costs and my partner lost his job last month so neither of us are working at the moment but we are applying for jobs.

My main worries are when we have the telephone interview with the OR. What will they expect from us?Will we have to explain everything we have spent as that will be really difficult and what paperwork will they need to see from us?
Sorry for all the questions, just want to be prepared.

Philnicandamy seems to have answered this one for you pretty well!

Matthew.

CCCS_Matthew

Worried2112 wrote: »

Please could someone offer advice on how best to proceed with this?
I used to sell new homes but lost my job last year when the market slowed down. At the time I had a car on H.P. with all payments up to date. My husband is self employed and his income was also being reduced. The result of all of this was that he declared him self BR in May. I was not included in this.

As I had paid over 50% of the HP on the car off I asked for it to be voluntary handed back. Even though I asked for this when all payments were up to date it took them so long to get around to colleting the vehicle that arrears had started to build up.

Eventually I received a letter from a solicitor asking for the balance of the outstanding finance. I explained the facts that my income was now just Child Benefit, that my husband was an un-discharged bankrupt, that our house is in negative equity and offered a token payment of £10 per month.

This was rejected and the next thing I know is that I have a CCJ against me and a charge on our house.

I have now received a further letter threaten legal action to get the house sold.

Money is extremely tight and I am not sure what to do now. The solicitor appears to be following their legal process, which is just adding more to the debt, without and consideration of my situation.

Can anyone suggest the best way forward – if I had the money I would give t to them!

Hi there,

I think because your situation is potentially quite complicated, you would be best to call our helpline to book an appointment to speak to a debt counsellor. That way we can discuss your situation over the phone and get a better understanding of things, and also explain your options.

In order to do this you need to call the helpline on 0800 138 1111. Advice is completely free and confidential. If you do decide to call please have to hand details on your income, expenditure and debts as this will help speed up the process of getting you booked in for an appointment.

Matthew.

worriedwoz

CCCS_Matthew wrote: »

Hi there, thanks for getting in touch.

• If the official receiver feels that you have been particularly irresponsible with your money which led to the bankruptcy, they could look at extending the length of bankruptcy. This is known as a bankruptcy restriction order. However from what you've mentioned so far there isn't anything you've said that jumps out to suggest you've been particularly irresponsible. A restriction order is normally for people who have borrowed money without intention to pay it back, borrowed money to gamble etc.

• The Official Receiver will take into account the income your husband has at the time. Should he find himself in the situation where he is earning more at a later stage within his bankruptcy then this will be taken into account.

• If he's got a good enough reason to leave his job then this shouldn’t affect the bankruptcy. Ultimately if he’s not well enough to work then he can’t be forced to.

• You would need to check with the country you’re planning moving to whether bankruptcy would affect your ability to live there. Based on my experience this doesn’t tend to be an issue, but it’s always best to check first.

Hope this helps,
Matthew.

Thanks for the advice Matthew.

Kelstar73

I need to know how this will affect the home I live in with my husband and child.

My husband was in the process of buying the house which has now become our marital home but my name is not on the mortgage.

Can someone please tell me if this will be affected if I am made bankrupt.

What else will happen to me if it goes ahead.

Thank you.

whichwhydoIturn

hi i am with a dmp for 3 years now, Gregory pennington.is there a cheaper company or way to pay off my debts.My hubbie walked out the first month we had a DMP & I have been paying money for both our debts since.no one has heard of my husband since he left .Gp are aware of my circumstances.can you help.in total we owe jointly & singly around 30k.i just want to get ride of my debt ASAP.I work rent a house & have no children. thank you

katsu

My brother is a mature student (full time in first year of degree at uni) with over £15k of debt in respect of a bankloan. He also has some council tax arrears (possibly other arrears/disputed bills with telephone co, utilities, I don't know the details).

Q1 - If he becomes bankrupt whilst at university will his student loans be considered income and as such taken into account in considering if he has too much income and needs to pay money to the official receiver?

Q2 - will he continue to receive student loans as a bankrupt (I assume he can as going BR does not write them off, so no risk to loan company)?

Q3 - If he has a CCJ for the loan can this outstanding loan debt still go into a bankruptcy?

Thanks.

chelle230

Hi, hope someone can help answer this.

I was declared bankrupt in August 2008, so am now discharged. the main reason for the bankruptcy was a bed and breakfast business not being successful, so the mortgage and bills, and outstanding loans/credit cards, etc were all included.

I received a letter from the mortgage company a couple of weeks back saying the account was in arrears, thought this was an error and threw the letter away.

today I had a text asking me to call by 5.30pm to discuss the arrears. I called immediately to be told I was still liable for any outstanding debt.
Is this correct?
I thought that once the bankruptcy had taken effect and the OR had been through everything then that was it and I wouldn't be expected to pay anything, unless the OR advised. I will call them Monday anyway.
they told me the current arrears stand at £35k and this is increasing every month, as the fees on a commercial property are extortionate!
obviously I'm worried as I can't pay that, even in installments.

not sure if the building has been sold or not, as they wouldn't say, but work is being done to the property and apparantly the sale was noted in the local paper, for a significant loss.

thanks in advance, Chelle

newby85

Hello, a quick questions..... Having been made bancrupt in 2005 I have been wondering why my credit file still says I owe upwards of £20k... Thank you for all the info In this forum, I'm now in the process of getting my previous credit accounts updated. However I notice that under court information it has information about CCJ's that I recieved before I was made bancrupt. Will these remain on my file with my bancruptsy for 6 years or should they have been removed?

Hope you understand what I mean!

Thank you in advance

Adam

emmdee57

Hi, I was made Bankrupt in March 2008 due to my business folding. I had a meeting with the OR, after which my details were handed over to one of the Big 4 Accountancy firms as I at that time had assets. After an initial flurry of paperwork they sent me I have heard virtually nothing. However, in Sept 08 my house was repossessed leaving no assets. My credit reference report does not show any of my previous debts or does it show that I was made B'rupt. What should happen now and should I do anything to give them a prompt. Finally, in the meantime, can I get credit? Thank you

ruthybaby28

how long does bankruptcy last as my boyfriend was declared bankcrupt sept 2008 and we have not heard off the or for about 12 months also as the debt was in both our names the debts are sending them to me in my name how can i resolve this will i have to go bankcrupt too as i can t afford to pay all these debts as well as my own