bankcruptcy how does it work new 2 all this pls help

allwaysskint

hi

my hubby and i are with the cccs and had a budget review in which they suggested we go bankrupt.:eek:

a mine field! now we have heard you cant go bt. together, problem is i dont work my poor hubby pays my share of debt, all i recive is benefits how will that work? now if we did go bt. how dos it work, i have a disabled child and receive benefits for him, i have heard they freeze your banks accounts? we closed down our old banks accounts when we went with the cccs and opened cash accounts, will we now have them closed too? how will recive benefit and wages.

will the money they take from us the same as out cccs budget surplus?

two final questions sorry my children both have accounts in their own names will they close ther accounts too and take their money?

we are in rented council accomodation will they kick us out? we have no assents car or owned house, only electral items and pets (sad isnt it) can they take any of those??

thanks

peppa-pig

hi and welcome to the forum.

you are right in the fact that there is no such thing as joint bankruptcy. you would both have to file individually and do a set of forms each but you could arrange for your court date to be the same time.

firstly, how much do you owe? if it is less than £15K a DRO maybe more applicable.

you would need to open a co-op cashminder account or an account with Barclays (can't remember the name of it sorry - i'm sure someone else will remind me!) as they are BR friendly and you would be able to continue using this after the BR. You can still have direct debits coming out of the account and you also get a visa electron card which can be used to pay for things in most shops. you won't have a cheque book or ay overdraft facility though.

i'm not sure from your post if you already have this type of bank account though?

if you put up your incomings and outgoings the experts will be able to give you a rough idea of how much of an IPA you may or may not have. this should be for the household so include both your benefits and husbands income.

your childrens bank accounts wont be affected if they are in their own names.

you may need to check your tenancy agreement for the house, but i cant imagine it being a problem. they can't take your pets away or any other items in your house unless they are of huge value - like a picasso painting or a 100" plasma tv or some other valuable antique.

i'm sure someone will be along soon to add to what i have said.

but feel free to post more questions as we are always happy to try and help.

good luck

allwaysskint

hi thanks peps,

yep we have just cash accounts no o/d and just a cash card but its not with barclays or co-op so will the bank shut us down for bancrupcy then?

our joint surpllus from cccs is £300 per month thats what we pay them to pay our creditors.
i owe £4000 and and hubby owes about 25K

Merry_Gentry

Which bank is it with?

allwaysskint

Merry_Gentry wrote: »

Which bank is it with?

we bank with natwest, whats a DRO?

Merry_Gentry

Natwest is one of those banks that seems to vary it's view on bankrupcty - it may be worthwhile opening a Co-op account just in case.

Look at the sticky at the top of this board - it will give you information on DRO's. Have you called for professional advice yet?

allwaysskint

thanks no we were going to ring the cccs when he gets a day off