Advice Needed

Martco

1st Credit (Finance) Ltd have today tried to serve me with a Bankruptcy Pentition dated 4/8/09 issued ubde the Insolvency Act 1986. I was about so have a letter from the Process Server stating the above and that they will now make an application to the Court for an Order for substitute service via advert in the Newspaper.

The Debt is for approx £6500 -- I also have further personal debts approx total £44k - And another £35k in Business debt. Some of these debts are being paid via CCJ, and a couple have Charging Orders on the House.

I live in a Jointly owned house with my wife - Not sure how much equity in the house (i have an estate agent doing a valuation on Weds next week) guess approx £80k.

My Wife has a second property and she is trying to sell that at the moment - fingers crossed, we will get approx £40k from this sale.

I am currently unemployed sine end of July - my wife is retired. Other than the wife's second property and the equity in the house we don't have any other assests - No Car, Savings, Shares, etc - other than normal house stuff.

We would like to try and keep the house if possible as my wife is recovering from a Brian Tumour Op approx 9months ago

I would be grateful if someone could advise me on what will happen next and the approx timeline process.

We have a joint account, and I believe reading some of the threads my wife should set up a new account asap.

Anything else we should do ASAP

Many thanks

Cheers Martin

dollparts

Hi Martin, sorry to hear of the time you are having.

No expert me, but I would reccommend you contact a debt charity asap to seek professional advice.

Business debt line, CCCS and National debtline may be the best starting point.

In the meantime I am sure others will come along that can answer some of your queries but I am sure they will second my suggestion you call and speak to someone that can advise you based on your individual situation.

Best of Luck

DP

Martco

Thanks for the support DP

tigerfeet2006

Hi and welcome to the board.

Martco wrote: »

1st Credit (Finance) Ltd have today tried to serve me with a Bankruptcy Pentition dated 4/8/09 issued ubde the Insolvency Act 1986. I was about so have a letter from the Process Server stating the above and that they will now make an application to the Court for an Order for substitute service via advert in the Newspaper.

The Debt is for approx £6500 Is this debt due to business or personal-- I also have further personal debts approx total £44k - And another £35k in Business debt. Some of these debts are being paid via CCJ, and a couple have Charging Orders on the House.

I live in a Jointly owned house with my wife - Not sure how much equity in the house (i have an estate agent doing a valuation on Weds next week) guess approx £80k. The OR will be interested in the equity and will look to getting your half of it.

My Wife has a second property and she is trying to sell that at the moment - fingers crossed, we will get approx £40k from this sale. The OR will have no interest in this as you do not own it.

I am currently unemployed sine end of July - my wife is retired. Other than the wife's second property and the equity in the house we don't have any other assests - No Car, Savings, Shares, etc - other than normal house stuff.

We would like to try and keep the house if possible as my wife is recovering from a Brian Tumour Op approx 9months ago If you can find your half of the equity then you should be able to keep it.

I would be grateful if someone could advise me on what will happen next and the approx timeline process. The OR will be in touch with some paperwork for you to fill in and sign. A SoA, tax forms etc. When you get the SoA we can help with that.

We have a joint account, and I believe reading some of the threads my wife should set up a new account asap. Yep!

Anything else we should do ASAP

Many thanks

Cheers Martin

As Dollparts has said have a chat with Business Debtline and/or National Debtline so you are aware of the full implications of what is happening to you.

Have a read through the first post of the Bankruptcy Help sticky and also the IS site
http://www.insolvency.gov.uk/guidanceleaflets/Guides.htm#Information%20about%20insolvency%20procedures

Someone with more experiance will be along soon.