For those who done or know about bankruptcy advice needed please!!!!

vippymini

please can you tell me what you know!

i have just had a bust up with my hubby about bankcrupty!

he says if we go bankcrupt we still owe compnys money and they can take any or our assets . ie telli, hifi, computer etc

please tell me what happened to you !

thanks in advance

kar

What are the implications of bankruptcy?
You lose control of your assets.
You cannot obtain credit for over £250 without the permission from the lender.
You cannot act as a company director.
You cannot take any part in the promotion, formation or management of a limited company (LTD) without the permission of the court.
You cannot trade in any business under any other name unless you inform all persons concerned of the bankruptcy.
You may not practice as a Charted Accountant / Lawyer.
You may not act as a Justice of the peace (JP).
You may not become an member of parliament.
You may not become a member of the local authority.
Your credit is affected for many years after the annulment.
You may be publicly examined in court.

Penelope_Penguin

kar wrote:

What are the implications of bankruptcy?
You cannot obtain credit for over £250 without the permission from the lender.

Not actually true - you can't have credit of more than £500 (this is by order of Court/official receiver NOT lender) until you're discharged. Your employer may have an issue with your bankruptcy, especially if you handle money.

There are other things you can't do - including be school governor, police officer.

Bankruptcy will cost you around £500 each - may be lower if you're on certain benefits or low income.

Have you a house, car, other assets? These may be taken into bankruptcy to pay your creditors. Whether hi-fi, TV will be taken depends on their value. They'll only be taken if there's a chance of them making some money at auction.

If you rent your home, is there a clause disallowing you from staying while you're undischarged?

There are lots of other things to think about. Have you contacted CAB or other advice agency? You can contact them by e-mail, phone, or in person, and they'll run through your options.

Alternatively, post a statement of affairs, and someone will give you more suggestions for your particular situation.

Best wishes, Penny.

earwig

hi my oh went bankrupt last year
they will take your car if worth more than three grand if you need it for work they will give you money to replace it with a cheeper one
they dont usally take house old items (they let my oh keep his psp )unless they are worth lots of money and again they will give you money to replace it ie if you have a dinning room furniter worth 2 grand they will take it and give you money for a cheeper one
we live in rented and had no problems regarding staying here
if you have surpluss money then they will take a percentage of you for up to 3 years
your not allowed credit of 500 with out informing the credtior that you are bankrupt
it will stay on your credit file for 6 years hope fully a2c will be along soon who knows a lot more about it than me

Addicted2Chocolate

assets that are neccessary for reasonable domestic needs will not be taken, normally this means tv, hifi, fridge freezer, oven, furniture, pc, dvd etc are all not touched. Cars are assets in bankruptcy unless you can proove it is essential for your employment.