Bankruptcy is it right??????????

mark32

Hi everyone

Just wanted any advice from people who have been through bankruptcy. Over the last 2 yrs having been made redundant twice I have steadily got myself into about 18k worth of debt. I'm still not working and have tried to manage this but now it is at the point where I cant cope anymore. Bankruptcy seems the only option to me. I am worried about this and also about the effect it has on my family. What happens to direct debits like car insurance, mobile and internet are these cancelled even if im up to date with them?, if I get a job where do I get my wages paid into? I'm not a home owner and dont have anything of value to take either. I'm just really scared of the implications and advice would be gratefully appreciated.

MicheH

I'm just going through BR myself but can anwer your queries re car insurance. I called mine (Churchill) on Tuesday telling them everything and she said as long as I continue payments as usual I will still be covered as normal. I just have to ring up to set up a new direct debit when my new bank account details come through.

mustbedebtfree

mark32 wrote: »

Hi everyone

Just wanted any advice from people who have been through bankruptcy. Over the last 2 yrs having been made redundant twice I have steadily got myself into about 18k worth of debt. I'm still not working and have tried to manage this but now it is at the point where I cant cope anymore. Bankruptcy seems the only option to me. I am worried about this and also about the effect it has on my family. What happens to direct debits like car insurance, mobile and internet are these cancelled even if im up to date with them?, if I get a job where do I get my wages paid into? I'm not a home owner and dont have anything of value to take either. I'm just really scared of the implications and advice would be gratefully appreciated.

Hi Mark

First thing to do is call one of the debt charities eg, national debt line, CAB or CCCS and let them work through things with you.

Car insurance, some companies has clauses that state if you are BR you may not be covered, best to check with them direct or in the small print of your policy.

Direct debts and wages, you can open a BR friendly account (there is a thread at the top of the board RE this) Coop or barclays are good. so that can carry on as normal

Any other questions just ask away

MBDF

iquit

I second mustbe's advice to seek help from debt charities.Speaking with the debt charities will give you information to help you make the decision that is right for you. Bankruptcy is not an easy option and although some people manage to keep their accounts eg mobile, satelitte etc others have struggled. Apparently some insurance providors do not provide for bankrupts while others won't touch them with a ten foot pole. Visit this forum whenever you want or need to and hopefully you'll get an idea of what to expect. Good luck.

mark32

MicheH wrote: »

I'm just going through BR myself but can anwer your queries re car insurance. I called mine (Churchill) on Tuesday telling them everything and she said as long as I continue payments as usual I will still be covered as normal. I just have to ring up to set up a new direct debit when my new bank account details come through.

I have got advice from cccs and waiting to for appointment with cab money people. I just want to get on with it now and thinking of filling in the forms online and doing it myself. I've got quite a few questions as you can imagine
What actually happens when you start the process i.e court?
Once im declared bankrupt what happens if I get a job but have no account to get wages paid into, is there a period where I can't open a new account or can I do it straight away? Will things like my mobile, bt things like that be cancelled automatically even if I am up to date with payments, how long does the process take from when I submit my forms to the court.
Is there a reduced fee or help if your unemployed? as at the moment I cant even afford to pay the fee.


Thanks for all the advice