who & what can be included in a bankrupt petition

helpmepleasequick

needin help fast
iam at the end of my teether and this when finished probably wont make sense as i canyt make sense of it all myself keeping quiet dont help either :mad: i have so many debts i dont know what to do i went to the cab 2yrs ago who after 12mths advised best thing is to go bankrupt i didnt want that as i had a property in joint names with my partner and also didnt want the shame
iam in the process of selling the property which will leave me/us assettless as we have had to sell with enough profit to pay the solicitors and although i have signed over a static caravan we had in joint name not using anything legally i cannot afford to help with payments we just signed a letter of agreement
but the debts i have since the cab said to go bankrupt i made agreements with most of the creditors whom i pay monthly struggeling along with payments from £1 to £250 a month which is crippling me/us and have since in the last few months had 3 more debts through the posts which will make repayments even harder we dont have sky or anything like that we dont have activaties which we do as cant afford to my kids are limited with everything i feel for them the only thing we have is a mobile phone and broadband no luxuries whatsoever handdowns are great at the moment and xmas is a nitemare
i live with my partner with 3 children 16,13,3 all in full time education
we claim tax and child credits
my partner has a credit card and catalouge which he manages the rest of the debt is all in my name before i was with him everyone being taken out before 2007 which probably means they are unforseable but i dont have the funds to get them means tested unless anybody does it for free ?????
my debts are well over 50k some being business debts some i do not have details for
can some1 please tell me

• will my partner be liable for any of my debt ??
• will it matter that we have just sold the property??? even though there was no profit???
• what will happen to the furniture??? as this is mostly his
• will baliffs come to our rented property and what can they do??? re:landlord tenancy
• will the business debts go as well as personal debts if i go br??????
• we also have a joint chq book account which my partner has his wages paid into will this be stopped???? it is always overdrawn
• i have the benefits paid into my sole account will this account be taken away????
• my daughters have pc which are 7yrs old will they take them or my partners laptop????
• what will i do about debts that i dont have details for ??????
• if i stop payments now after paying will they put penalties on debt????
• do i stop payments and ask for proof of cca ???
• do i go br myself or let some1 make me br ????

i just dont know were to turn as i fear br for the shame it brings but i dont see anyother way out i no i will need to go see the cab again but iam dreeding it
after reading through all the posts on here it maybe better that i ask for the proofs of cca b4 goin br?????
PLEASE I NEED HELP QUICK :mad:

skylight

helpmepleasequick wrote: »

• will my partner be liable for any of my debt ?? Only if any of the debt is JOINT. So a joint bank account for example in both names.
• will it matter that we have just sold the property??? even though there was no profit??? As long as it was sold for market value, then no. Nothing will happen but the OR is obligated to investigate.
• what will happen to the furniture??? as this is mostly his Nothing. They do not take stuff.
• will baliffs come to our rented property and what can they do? ?? re:landlord tenancy Nothing. Bailiffs do not come in BR. No-one will turn up at your home. Check your tenancy agreement though to see if there is an anti-BR clause in it; thats different.
• will the business debts go as well as personal debts if i go br?????? If the debts are personally backed via a sole trader. If a Limited company and the debts are part of that Ltd Co, then no.
• we also have a joint chq book account which my partner has his wages paid into will this be stopped???? it is always overdrawn Yes. The whole account will be stopped. The bank will close this account upon BR and chase your partner for the debt. Get him to open his own account elsewhere.
• i have the benefits paid into my sole account will this account be taken away???? Depends on the type of account. A basic account with Co-Op is fine. Anything with an overdraft will be closed by the OR and anything by any other bank will be closed by them.
• my daughters have pc which are 7yrs old will they take them or my partners laptop???? Nothing to do with you, so no.
• what will i do about debts that i dont have details for ?????? Try to find them - get a copy of your credit file and see. Its not the end of the world if you cannot locate them all though and nothing "bad" will happen to you. Just makes life a little easier.
• if i stop payments now after paying will they put penalties on debt???? Going BR, so does it matter if the do?
• do i stop payments and ask for proof of cca ??? Going BR - don't bother. Its a waste of money. This is an increasing grey area these days (latest court cases etc) and you wont get all your debt sorted this way either.
• do i go br myself or let some1 make me br ???? Do it yourself. Stay in control. Besides almost NO creditor will make you BR. Its a waste of their money.

You can include almost any debt in BR - EXCEPT CSA debts, court fines, some student loans etc.

Hope this helps.

sieve

OK first things first, stop panicking, you have come to the right place and it's all positive progress from now on in.

helpmepleasequick wrote: »

• will my partner be liable for any of my debt ?? If you have joint debts, your partner will be solely liable for them when you are made bankrupt
• will it matter that we have just sold the property??? even though there was no profit??? You should be fine as long as you didn't sell it below market value and you didn't use any proceeds to significantly benefit one creditor over the other(s)
• what will happen to the furniture??? as this is mostly his Nobody will come to your house to take your furniture. It's not yours anyway so it'll be safe
• will baliffs come to our rented property and what can they do??? re:landlord tenancy They might do, but once you are BR you can just send them away by giving them your BR case number. I've had a few turn up on my door since, but they have been pleasant as Larry when I told them I was BR
• will the business debts go as well as personal debts if i go br?????? If you are a sole trader they will. If you are in a partnership, the partner will become solely liable for all the debt. If you are running a ltd co, then they will not but you won't be able to be a director so you'd either have to transfer the directorship to another person or wind up the company, which would mean different insolvency procedures for the ltd co
• we also have a joint chq book account which my partner has his wages paid into will this be stopped???? it is always overdrawn it might be, there are cases where a joint account has been frozen because one of the parties has been made BR, so best to get your partner's wages paid into an account that is solely his
• i have the benefits paid into my sole account will this account be taken away???? The account will probably be frozen so withdraw what you need the day before you go BR. Open another bank account with a BR friendly bank (co-op cashminder and barclays cashcard accounts are the best) before you go BR and arrange for your benefits to be put into that and the OR shouldn't have a problem with you keeping the new account open (unless you go through the Brighton OR)
• my daughters have pc which are 7yrs old will they take them or my partners laptop???? No
• what will i do about debts that i dont have details for ?????? They will still be included even if you can't remember the details of them so anything that rears its head later that you forgot about will still be included in the bankruptcy
• if i stop payments now after paying will they put penalties on debt???? Not sure what you mean. Doubt it.
• do i stop payments and ask for proof of cca ??? Stop payments now if you are definitely going BR as it will allow you to save the BR fees
• do i go br myself or let some1 make me br ???? You probably won't find anyone will make you BR. A lot easier and quicker (and more pleasant!) to do it yourself

i just dont know were to turn as i fear br for the shame it brings but i dont see anyother way out i no i will need to go see the cab again but iam dreeding it
after reading through all the posts on here it maybe better that i ask for the proofs of cca b4 goin br?????
PLEASE I NEED HELP QUICK :mad:

Hope that helps, any questions, fire away.

sieve

Damn, pipped to the post again!!

skylight

But we both agree! So therefore we must both be right!!!

Right???

sieve

skylight wrote: »

But we both agree! So therefore we must both be right!!!

Right???

Great minds and all that

helpmepleasequick

Thanks a lot feel a little better been up again from 4.30 this morning spinning things around in my head
so the ppl that i owe £18k to will they make me br????
also what about the static that is in joint names on the finance but i signed over-he cant get credit in his sole name so cant change finance on that will that matter ??????
iam sure i will think of things i aint asked so please keep in touch ppl
THANKS

helpmepleasequick

ALSO lol
what does ED and BSC stand for ???

skylight

Early Discharge - ED
Bankruptcy Supports Club - BSC, you can apply for a special BR number when you've done the deed!!!

sieve

Unless you owe the £18k to Amex or the Inland Revenue, I very much doubt they'd make you bankrupt themselves. To do so would cost them at least £1500 and if you've no assets then they won't make that back, so it wouldn't make sense for them to do it.

Not sure about the static - I suppose it could be argued it's not an asset if it's on finance, but if you owned part of it and signed that part over to your partner, then the OR might pull you up on that and say that you were trying to hide an asset. When did you do it?

ED = Early Discharge, BSC = Bankrupts Supporters Club

sieve

skylight wrote: »

Early Discharge - ED
Bankruptcy Supports Club - BSC, you can apply for a special BR number when you've done the deed!!!

Bl**** H***!!!!!! :rotfl: