should I go backrupt now or wait

desperatetobedebtfree

I posted a little while ago as I had a few questions re bankruptcy and you were all really helpful. I made the decision that I would go bankrupt and have stopped paying my LLoyds loan and now have the money for fees.

Lloyds are contiunally hassling me and the stress is really getting to me. My hair has been falling out and I am not sleeping at all...its really affecting my health.

Im due to finish work first week of September. I really am thinking I should just file now and not wait til Im on benefits. If I do get a IPA which is really unlikely will the OR revise it once I tell him my job is ending. Will he also query why my job has ceased? Will it be deceitful not to tell him I that I know its ending?

As previously discussed one of my other concerns is my car. I really need to keep it but dont think I will fall under an of the exemption reasons unless I go BR when working. ( due to logistics of childcare and public transport)

If I got an appointment next week at the court does anyone know how long it takes for the OR to ring you. Even if Im not working I really need the car to do an access course but think the OR will not allow that. Im also trying to keep this from my mother but if I manage to keep the car she would be none the wiser. I would also be looking for some evening/weekend work in a bar/cleaning so would need the car for that ( would still be on Income Support but obviously my earnings would be taken into account) Therefore i would need the car for this so I am 2work ready"

I have a couple of people who are willing to buy the car off the OR if need be...but is it always that simple?

God Im so stressed!!! Hoping you kind people can help calm me down x

skylight

Firstly, you should be looking at your health rather than a potential IPA - you are far more important.


If you are finishing work in Sept then I doubt an IPA would be in place by then (if you went BR today). And IPAs are flexible anyway so change as your circumstances do.

However, most people cannot claim income support and do a full-time course as you get loans/busaries etc instead. Have you fully checked this out??? Depending on the value of the car you have (and if you own it outright) you may be able to keep it if you need it for the course; you may have a small argument on your hands but then again you may not - its all down to the OR.

desperatetobedebtfree

thanks skylight...you are so right my health is more important and I know that a happy (well happier less stressed) mummy is the best thing for my son.

I know I will be entiltled to I.S as there are no loans/burseries available for this course...if I go onto a degree then yes loans/burseries will come into play and I would need to apply for them and come off I.S.

I have just made the appointment....next Wed....now I need to crack on with the paper work!

money_penny_26

hi there t.s.b.our main creditor also.phone calls hassle e.t.c do you actually answer the calls.i find it best not to.if it goes to answer machine they dont ususlly dont leave a message.so keep going an try not to answer regards penny

desperatetobedebtfree

Hi money penny...I dont answer calls now...have added the 01273 number to my reject list on mobile phone so they get a number unavailable tone. They still try home number occassionally. Have asked them to remove numbers but they refuse to do so...

desperatetobedebtfree

I am doing the bankruptcy forms and I have a few questions.

Anyone know how best to word the description of a vehicle so its not appealing to the OR. Cars bodywork as expected for car of its age and it has mechanic problems due to age as expected...ie at the mo its timing is a bit out.

Also my ex partner left in August last year. I have never removed him from tenancy agreement as I would have had to pay fees to agency to draw up new contract which I could not afford. As the OR will see tenancy agreement I assume I still need to list him and current address where he is now and then do I explain why still on tenancy agreeement.

Will this be ok?

skylight

It will be ok - explain to the OR why your EX is on the tenancy agreement. It wont be the first time they have come across it and it wont be the last.

desperatetobedebtfree

Thanks Skylight...you have been really happy. Im started to feel better...roll on when all this is over. Im sure that being a bankrupt can not be worse than how I feel right now.

desperatetobedebtfree

another question guys...I am doing the forms. I have an occupational pension I pay a tiny amount into and the employer pays alot into. I may be able to get my latest yearly statement in time for BR hearing....otherwise I dont know what to provide. Does this fall under a private pension in assets? Please can someone confirm it wont be ceased

fiveyearplan

Hi DTBDF - I'm not sure about your pension but I think it would be of interest to the OR - others will confirm/correct I'm sure.

GotToChange

Re. the car. There doesn't seem to be a blanket policy regarding cars. The car itself is considered, as are your circumstances and need for it - as well as how it fits into "your estate" (assets that they may liquidate to settle your debts). If it is an old banger, you are admittedly more likely not to lose it as it is hardly worth their bother; you should describe it as it is, warts and all (check Autotrader for a guide to "poor condition" value) and present your best case for keeping it in terms of your location,poor public transport, needed at odd times etc. They check the value themselves anyway. Be careful not to shoot yourself in the foot by making out that it is a liability more than it is useful (i.e. heavy repair or running costs).
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