Timescales?

aero1

Hi all.

Woke up this morning with a head full of other silly random thoughts about bankruptcy - have read the Insolvency Helpline info etc to death and also posts on here, but still not sure about the whole procedure .

- I save (ha what a laugh!)to go bankrupt, fill out forms and take myself to Court without an appointment and get declared bankrupt same day?
- then I have a meeting with OR?
- Is it then I find out how long I can stay in my property before getting repossessed/evicted?
- Do I need to pay my mortgage after being declared bankrupt - what happens if I stop paying?
- When does OR come and raid my house and what will they take? I have nothing of real value, will they take things like pictures, ornaments, spare bedding etc?? Will I be given a date when this will happen - have 2 young kids that have been through hell because of my ex and I want to protect them at all costs from even more upset..

Thanks

MicheH

I havn't time to reply properly (little girl just woke up) but wanted to say you MUST get professional guidance about BR or the judge won't accept your petition. I used the free national debtline charity and this was acceptable to my judge. There's lots of other services out there offering free advice.

aero1

Thanks MicheH, I have spoken to them and found them very good, but yes I do need to get more guidance - I just go blank when I talk to them between feeling really stupid, then getting all emotional, and then I end the call and realise I havent asked all I wanted to - doh!!
Anyway thanks for prompt reply

fiveyearplan

aero1 wrote: »

Hi all.

Woke up this morning with a head full of other silly random thoughts about bankruptcy - have read the Insolvency Helpline info etc to death and also posts on here, but still not sure about the whole procedure .

- I save (ha what a laugh!)to go bankrupt, fill out forms and take myself to Court without an appointment and get declared bankrupt same day?
No, find your local court that does bankruptcies - link below and see what their procedure is. Not all courts follow the same.
http://www.hmcourts-service.gov.uk/

- then I have a meeting with OR? usually, yes but some people get to skip this part.
- Is it then I find out how long I can stay in my property before getting repossessed/evicted? You won't necessarily lose your property.
- Do I need to pay my mortgage after being declared bankrupt - what happens if I stop paying? If you want to stay in your home then keep up the payments. If you want to be repo'd then stop paying and same the money for rented accommodation.
- When does OR come and raid my house and what will they take? I have nothing of real value, will they take things like pictures, ornaments, spare bedding etc?? Will I be given a date when this will happen - have 2 young kids that have been through hell because of my ex and I want to protect them at all costs from even more upset.. They won't come and take anything unless you have expensive antiques etc. Most people declare they have no assets.

Thanks

Fill in this SOA calculator and when you get to the end format for MSE.
http://www.makesenseofcards.com/soacalc.html

What is the situation with your house, can you afford the mortgage, do you want to keep it, do you have any secured loans etc.

Do you have a car? If so, how much is it worth, is it owned outright or on HP or personal loan etc.

antarctica

aero1 wrote: »

Hi all.

Woke up this morning with a head full of other silly random thoughts about bankruptcy - have read the Insolvency Helpline info etc to death and also posts on here, but still not sure about the whole procedure .

- I save (ha what a laugh!)to go bankrupt, fill out forms and take myself to Court without an appointment and get declared bankrupt same day?

yes you'll be BR same day that you go to corurt, some need appointments and some are drop ins, call to ask.

- then I have a meeting with OR?

depending on where you are it could be in person same day, by phone same day or by phone or face to face in a few weeks.

- Is it then I find out how long I can stay in my property before getting repossessed/evicted?

Don't know about this one sorry.

- Do I need to pay my mortgage after being declared bankrupt - what happens if I stop paying?

Not if you're having your property repo'd I guess. Don't know.

- When does OR come and raid my house and what will they take? I have nothing of real value, will they take things like pictures, ornaments, spare bedding etc?? Will I be given a date when this will happen - have 2 young kids that have been through hell because of my ex and I want to protect them at all costs from even more upset..

No one is going to raid your house. In fact unless you have something of great value ie £1k or over that can be sold to raise funds, or a car over £1k, then nothing in your home will be touched.

Thanks

I hope this helps. someone will be along shortly to answer your property questions..

antarctica

3 replies before i had even posted my message. note to self act faster...

aero1

Many many thanks all for replying!
And OMG such a relief you have all said the same thing about my house and everything being taken...
My mortgage payment is roughly what a private rent would probably be so not in a massive hurry to get out to be honest, but also thinking my boiler is pretty knackered, if that breaks down while I am here I cant afford to get it fixed, whereas if I was renting then the landlord would have to. I love this house, if I wanted to keep it how do I go about doing taht - it is such an area of confusion to me sorry :S
My car is mine but its a bit of an old banger however I would imagine its worth over 1k I have no idea really - but rely on it totally to get to work (I work in a little village about 8 miles from wher I live so buses arent great).
Sorry I waffle on forever, got so much spinning thru my head :P

Feelingfoolish_3

aero1 wrote: »

- I save (ha what a laugh!)to go bankrupt, fill out forms and take myself to Court without an appointment and get declared bankrupt same day? You need to find out if your court has an appointment service or a drop in service, ring them and they will tell you

- then I have a meeting with OR? Generally a quick call after your bankruptcy and then usually a further interview (by phone or face to face) a couple of weeks later where s/he will go through the whys and wherefores of your bankruptcy

- Is it then I find out how long I can stay in my property before getting repossessed/evicted? No this will be later but if you are in negative equity then you have the option to purchase it for £1 plus legal fees. You will only get repossessed if you stop paying your mortgage or if you dont purchase the BI from the OR then eventually s/he may ask you to leave

- Do I need to pay my mortgage after being declared bankrupt - what happens if I stop paying? Your choice, if you stop paying then your lender will eventually repossess the property. If you want to keep your property then you must pay your secured debt

- When does OR come and raid my house and what will they take? I have nothing of real value, will they take things like pictures, ornaments, spare bedding etc?? Will I be given a date when this will happen - have 2 young kids that have been through hell because of my ex and I want to protect them at all costs from even more upset.. Like it has been said, the OR will usually have no interest in your belongings unless they are of high value or if he feels you have been hiding something. The OR is not a bailiff

Thanks

Just to re-iterate what the good people above me have said

aero1

Thanks FeelinFoolish - so if I buy the BI, I can stay as long as I also maintain mortgage payments. But isnt the mortgage part of the bankruptcy? So am I in effect, just paying a rent as opposed to a mortgage? Because how can I show I can maintain payments?

Slap me upside de head for bein so blond hahaha

oh and the mortgage is in joint names with my ex- yayyy more confusion