bankrupcy question

thegoodlife

Hi I am searching through all the threads and reading as much info as I can I am seeing someone next month about our debts but have a qeustion for anyone who has experience, when you apply to go bankrupt do they need statements for your cards and bank for years back, and how has it effected your children? Thanks

peachyprice

Yes, they usually as for 12 months statements, but can go as far back as they feel necessary. Don't worry if you don't have them they can get them from the banks.

The only effect is has had on my children is that they how have a happy mummy & daddy, other than that none whatsoever.

nervousmother

They do need the statements but dont worry if you dont have them as they can ask the companys direct, they only normally go back 2 years.

It has not effected my children yet but it will when a IPA is set up, they have allowances of what you can spend and they allow £5 per child for activity, they dont see pocked money as a allowance so if you give your kids money it has to come out of your surplus, as does sky tv, ciggerettes and any debts you may have to family/friends. Not everyone gets a ipa though it depends on your income and expenditure

thegoodlife

Thank you for your replies I am very terrified actually but the main thing I am thinking is it will be better in the long run for them , I am also worried I will get shot down for any silly spending on my credit cards , , I am also terrified of people knowing they will be shocked I am worried about my husbands parents as they are old and I would hate to make them ill, I am maybe worrying prematurely as Bankrupcy might not be advised but I am thinking eventually it might be the best way forward.

nervousmother

Your feelings are perfectly normal, in october i bought my son a PS3 for christmas along with other gifts i was not worried at the time as i would have cought up my overdraft eventually, at christmas my OH told me we had to go BR mainly due to a shortfall in a property but i was petrified something would be said about my spending, i spent about £700 around christmas although by the time i went BR i was about £2k overdrawn (my overdraft limit was near 4k) i was very worried about it all.. nothing was mentioned at all.
Must admit though I knew I had not acted reckless and was very glad I had not blown the rest of the OD I think i would have been a lot more worried if i had have done..

thegoodlife

I just cant imagine how bad it would be,what happens first and do you have contact with someone for years? how many interveiws do you get and what is the worst! that can happen sorry for my ignorance!

philnicandamy

You have a quick phonecall from the receiver the day you go br (to sort any bank account/creditor probs) then you have one full interview usually over the phone at a later date....nothing more after that & your not responsible for years 12mnths is all...

thegoodlife

philnicandamy wrote: »

You have a quick phonecall from the receiver the day you go br (to sort any bank account/creditor probs) then you have one full interview usually over the phone at a later date....nothing more after that & your not responsible for years 12mnths is all...

Thanks for the info, do they not go through every detail and question everything for years back,and keep calling, not that I have anything dodgy to hide , I just have visions of it being weeks of stress , I am losing weight already , but I need to away lol