A few questions pre bankruptcy

desperatetobedebtfree

thanks everyone....I have been doing the CCS debt remedy. They recommend bankruptcy. That is based on my at work figures,

Just quickly. If i file now before I give up work, bearing in mind I would only be paying an extra £150 on the fees, then I get to keep the car. (thus keeping it from parents ...pathetic i know but you should meet my mother)

How long does it take from filing to becoming bankrupt?

Also I have £88 surplus after priority and debt. What does this mean to OR and LPO? Can it be relooked at when I am no longer working?

Sorry to be a pain but this is so many years coming and I should have done it years ago.

desperatetobedebtfree

Sorry to bump but can anyone help with the above re timsecale for bankruptcy?

My sister has suggested I sell the car to her, with money going into my aco!!!! and she will allow me to use it until she "needs" it. She doesnt drive at the mo but is learning. I think this is a No go...any advice?

peachyprice

Phone your local County Court on Monday to see what their waiting list is like. Some are days, some weeks, some months, some are a drop in service.

The forms really only take a few hours to fill in once you have all the info, if you can set aside an afternoon you'll easily get them done, once the form are done and you've got the money together you're good to go, so it can happen really soon if your court can fit you in.

Personally, I'd do it before you leave work at least then the car will be safe. You can sell it to your sister, just make sure you can account for the money because the OR will ask what you did with it and check that you sold it for market value.

If creditors do call tell them you're seeking advice from the debt charities, many of the creditors will make a note on your file and leave you alone for a few weeks.

HTH

sausageface

That could be construed as disposing of an asset. My thoughts are even if you got a "good" or "poor" market value for it, the OR may question where the funds have gone and if the car goes, you will not be able to claim some things for it on an SOA and also if you have sole use/use of a car which you used to own. The only way I could think of is if the car is vaguely worth the funds of your BK which you could not at the moment afford to do, but then the question of disposing of an asset still remains. Someone will advise other ways if possile but I do not know enough at this time.

I do think what your sister/you would be claiming may be construed as dubious by the OR. Disposing of assets could land you with a BRU/BRO which would last longer than the usual 12 months for BR.



xx

desperatetobedebtfree

Thanks guys..will not get rid of Car to Sister then I thought that was a bad idea!

However as long as my BR is done before beginning of Sept then will the OR then revise his decision to allow me to keep it?

I am about to do a complete SOA with all figures. Then I am hoping I can see exactly where I am.

lisamummytoarchieplusbump

it could only be classed as disposing of an asset if she sold it below value and spent the money on silly things. so seen as the car is not worth to much she can account for the money as br fees and food shopping.

if you do go br before leaving work and you use the car for work then it will be exempt but as i said before if you do it after then, then they most probably wont let you keep it but will let a third party to buy it.

peachyprice

desperatetobedebtfree wrote: »

However as long as my BR is done before beginning of Sept then will the OR then revise his decision to allow me to keep it?
.

No, once it's exempt, it's exempt for good.

desperatetobedebtfree

Thanks for your help guys. I have redone the CCCS debt remedy and now it is recommending a Debt relief order....but I have paid into a occupation pension so surely I cant have one of those....gosh Im so confused!

tigerfeet2006

Pop up your SoA and we will try and show you how an OR will look at it. Let me get a link for the SoA.

http://www.makesenseofcards.co.uk/soacalc.html

As long as it is a govrnment approved pension and you are not putting megabucks into it, then it should be fine.

desperatetobedebtfree

Its a Civil servant pension. I pay £12 a month My employer pays £135...

Pretty sure thats going to not allow me to have debt relief order which would have been much better,

Will just stick kettle on...then do SOA. Shall i just do for when I am on benefit...which is def happening in next 3 months as work ceasing due to personal issues..already agreed with work