Frightened newbie here

docmurphy_2

Having just had my telephone consultation with the CCCS, I have been advised my best option is the bankruptcy route. I am currently not working and relying on my husbands income. Since giving up work 2 years ago to be a FT mum, our debts have escalated out of control. As i used to have the higher income, most of the debts are in my name so I will be the one going for bankruptcy. We will have a bit of a struggle findnig the £500+ to do it, and I am a bit frightened of what will happen in the next couple of months whilst I cannot pay the creditors

I have a couple of questions if someone can help me. I want to think about going back to work maybe september 2009. If I start working after the bankruptcy is discharged, can they still take my surplus income, or are the debts 'written off' as of the date of discharge? I know the bankruptcy will affect my credit rating severely, but is there a chance of getting a mortgage again (currently we rent) and if so when is the earliest this is likely to be? I am sure I will have many more questions so please bear with me. I can't believe I have found myself in this situation, but I have and I am trying my best to deal with it :rolleyes:.

Thanks for your help:o

philnicandamy

docmurphy wrote: »

Having just had my telephone consultation with the CCCS, I have been advised my best option is the bankruptcy route. I am currently not working and relying on my husbands income. Since giving up work 2 years ago to be a FT mum, our debts have escalated out of control. As i used to have the higher income, most of the debts are in my name so I will be the one going for bankruptcy. We will have a bit of a struggle findnig the £500+ to do it, and I am a bit frightened of what will happen in the next couple of months whilst I cannot pay the creditors

I have a couple of questions if someone can help me. I want to think about going back to work maybe september 2009. If I start working after the bankruptcy is discharged, can they still take my surplus income NO if your income increased after discharge then its yours to keep, or are the debts 'written off' as of the date of discharge? really written off the day the judge signs the papers... I know the bankruptcy will affect my credit rating severely, but is there a chance of getting a mortgage again (currently we rent) and if so when is the earliest this is likely to be? Hmm tough one really....you might be lucky finding someone in a few years...while the bankruptcy sits on your credit files for 6yrs it'll be difficult...although not impossible BUT you'll need a pretty hefty deposit I am sure I will have many more questions so please bear with me whatever it is just ask away ANYTIME . I can't believe I have found myself in this situation well...welcome to the club we've all been through it in one way or another! , but I have and I am trying my best to deal with it :rolleyes:.

Thanks for your help:o

Just a few thoughts & welcome to the madhouse!:rotfl:

Oh...nearly forgot!!! oops!! check the bankruptcy factsheets etc link in my sig below....a load of really good reading you might appreciate

the-muffin-man

We will have a bit of a struggle findnig the £500+ to do it

If you are certain you are going to go bankrupt then to help raise the fees you should stop paying anything to creditors that will fall within the bankruptcy. You must carry on paying others though (council tax especially). You may have to take some flak over the next few months, but just leave the phone on answerphone and call back the people you want to talk to - don't let on you are going BR though, just fob them off with anything you can think of!

And to give you some piece of mind re timescales, it may be worth checking with your local court to see what the waiting list for BR is - some work on a drop in basis, some work by appointment weeks in advance.

And welcome to the forum - I wish I'd found this place when I went BR in January!!

money_penny_26

hi docmurphy an welcome to the forum..as muffin man says stop paying creditors.i did not answer phone to them as i tried to be reasonable with them thinking i must answer them an explain.errr no they dont listen to reason an then someone else from same company rings you an you try at first to tell them your plight,but no they not interested only to get you to pay NOW.so get answer machine an ignore the messages.we did not pay for 3 month an only today gone to court an they still did not issue a c.c.j. on us in that time.not paying gives you the money you will need to go to court to pay your court fees.but only do this if you do indeed decide to go b.r. or you will be in a worse mess if you havnt paid your creditors. keep posting penny