Bankruptcy or not?????

Desperate+Depressed

Can anyone help??

It has been suggested to me by a fellow user on MSE that I start my own thread.......so here goes!

Bear with me though as I'm new to all of this

I have taken advice from CCCS and the long and short of it all, is that my best option is bankruptcy.

Although I know it makes sense, there is still part of me that is reluctant to go ahead with it - mainly through embaressment/shame.

A couple of questions I would like anyone's advice on if possible:

1. I have read that the OR could take my car unless I have good reason. I think I do not have a good enough reason to keep it.....my son WOULD be able to walk to school as it is less than 10 mins away (I currently drop him off on my way to work) Well, I say work - I am currently receiving Income Support and I'm a mature student studying for my Teaching Assistant on placement at a school appox 5 miles away. Once I have dropped him off, I then continue to work in the car. I WOULD be able to catch a bus, however this would not get me to work for 9am. Again, reading about assets etc, I doubt they would say it is a good enough reason. Oh and if it makes any difference, I drive a P reg Rover worth approx £300-£400.

2. How long does the whole process take, my making the application to it being decided etc? Would an application ever get refused? I'm probably not wording this correctly, but hopefully you will get my drift!

dane-katie

Hiya, there is nothing to feel embarrassed about especially on here :P

For your questions, i cant answer them all sorry, i didnt have a car so i am not experienced in that, but i am sure someone will be along soon to answer it.

The process, well i filled in my forms, got my appointment which was 3 weeks away, i live in Sheffield as was told they was mega busy.

Took my forms in and 50 mins later i was bankrupt, quite quick and painless, depending on the court might take a little longer, but you will know on the day.

Applications can be refused but if CCCS think this is your only option then i doubt yours will.

philnicandamy

bit of a good read here for starting...

http://forums.moneysavingexpert.com/showthread.html?t=1056083

at the end of the day its your decision we'll try & help along the way....your working so thats a + for the car no 2 OR's are the same & cars can be a nightmare to be honest....just say what you've done here & see what happens

dalip

Desperate+Depressed wrote: »

Can anyone help??

It has been suggested to me by a fellow user on MSE that I start my own thread.......so here goes!

Bear with me though as I'm new to all of this

I have taken advice from CCCS and the long and short of it all, is that my best option is bankruptcy.

Although I know it makes sense, there is still part of me that is reluctant to go ahead with it - mainly through embaressment/shame.

A couple of questions I would like anyone's advice on if possible:

1. I have read that the OR could take my car unless I have good reason. I think I do not have a good enough reason to keep it.....my son WOULD be able to walk to school as it is less than 10 mins away (I currently drop him off on my way to work) Well, I say work - I am currently receiving Income Support and I'm a mature student studying for my Teaching Assistant on placement at a school appox 5 miles awaySOUNDS LIKE A GOOD NOUGH REASON TO ME. Once I have dropped him off, I then continue to work in the car. I WOULD be able to catch a bus, however this would not get me to work for 9am. Again, reading about assets etc, I doubt they would say it is a good enough reason. Oh and if it makes any difference, I drive a P reg Rover worth approx £300-£400.yes might do as the lower the value the more likely they may be to let you keep it

2. How long does the whole process take, my making the application to it being decided etc? Would an application ever get refused? I'm probably not wording this correctly, but hopefully you will get my drift!

ok in brief.
1. Ring your local court and ask if they do a drop in service or appointments for bc. If appointment then ask what the waiting time is .Also ask how many copies of your SOA they need(this can vary from 1-3 depnding on he court)

2. Make an appointment and go taking forms and fees. You are made bc on the day you go to court.

3.You my have a quick call from the Official Reciever(OR) on the day,then a letter with a date for a proper interview,this normally takes a coupe of wks.

4. Intrview,then all goes very quiet whilst you sit out your 12 months bc.

Hope that helps. Ask away we all know what it feels like and 99% of us never wanted to go bc,we had no option. So take a deep breath and try to accept it is for the best and this time next year it will all be over. Take care.Dx

Desperate+Depressed

Hi dalip

Thanks for all the info.

Could I just ask, you said I am made bankrupt on the day I go to court. I'm sorry to be thick.......what happens with my actual debts (2 x unsecured loans and 2 x c/cards). Are they just wiped clean, do I contact the creditors, or do I make a small payment to them???????

I'm sorry......I don't think I'm taking in all the information that I've been reading from hmcs website. My head is just spinning with it all!

Also, I've read that it will be mentioned in my local paper.....what/how much info do they print? Name, street etc??

fiveyearplan

It isn't mentioned in the paper anymore. You'll gain far more information on BR from this site - keep reading everything and keep asking questions. You'll get there!

You don't make any payments to your debts once BR - they officially get wiped clean when you are discharged but they are no longer your responsibility from the date you are made bankrupt.

dalip

yep FYP said it in a nut shell:D

try www.insolvency.gov.uk lots of info there on bc.

MicheH

Hi D+D :hello:

I've been bankrupt for 8 whole days so can't offer you too much infor, I think the good people of this board have answered a lot of your questions for you anyway.

There's so many people on the board, it's a lovely friendly board with a good bunch of people who are here because they have to be, lived to tell the tale and can offer their knowledge and an unbelievable amount of support.

I've learnt a lot from this past week just by reading the posts and asking many many questions. I tell you what else i've learned this week though.. how to have a laugh - they are funny on here!

Stay with us, we're all on the journey together x

Desperate+Depressed

Thanks again.

Can I just get this right in my head........
1. I go to court with the forms
2. They do the necessary and I'm then declared BR (hopefully)!
3. Debts are ONLY wiped off once I am discharged - which I understand is 12 months later?
4. The OR contacts me AFTER the court have declared me BR......so what will OR do then? Others on MSE have mentioned interviews etc.
5. Why are the debts not wiped clean when court BR? Why is it 12 months later? Is it incase your financial circumstances change and then you are able to pay some of it off?

So sorry with all the questions :0

philnicandamy

Desperate+Depressed wrote: »

Thanks again.

Can I just get this right in my head........
1. I go to court with the forms Yep
2. They do the necessary and I'm then declared BR (hopefully)! Yep
3. Debts are ONLY wiped off once I am discharged - which I understand is 12 months later? debts are cleared after the BR paperwork is signed..
4. The OR contacts me AFTER the court have declared me BR......so what will OR do then? Others on MSE have mentioned interviews etc. Go through your paperwork ask you questions about why you became BR
5. Why are the debts not wiped clean when court BR? Why is it 12 months later? Is it incase your financial circumstances change and then you are able to pay some of it off? its NOT 12mnths

So sorry with all the questions :0

Hope that helps a little

MicheH

Yey philnicandamy, all those debts are free from your shoulders when you walk out of court, isn't that right