going bankrupt

poppy55

could you please tell me how i go about declaring myself and my husband bankrupt we have about 60000 worth of debt and we are just getting deeper in debt witj everthing do we both need to go bankrupt as the debt is in both of our names ?

chevalier

Hi there
First of all you need to be sure that bankruptcy is the right thing for you. It you look on the CCCS website, they have an online form there called debt remedy, you put in all of your income, debts and other outgoings, and it recommends a way forward.

You have to be honest of course. If it suggests bankruptcy then fair enough. You have to get forms from your local court I believe. Your CAB can advise you further.

BUT before we go there how about you post an SOA (Statement of Affairs)?
Here is the link to a site where you can input it all and then cut and paste it into this thread.

http://www.makesenseofcards.com/soacalc.html

There maybe ways that we can help you trim your budget in order to get you back on track with paying things off.

How was the debt run up and is any of it secured?

regards
chev

edited to add that there is a whole forum on this site about bankruptcy. If that really turns out to be the best thing for you, then have a look through the threads on there, they are very helpful

poppy55

thank you but i think the best way for us is to go bankrupt as i cant see us ever beeing able to pay these debts.
we did have a secure one but we had to hand the keys back to the mortgage people last year and we are now living in rented property i just cant take the stress any more of having to deal with bailiffs knocking on the door

tigerfeet2006

Hi and welcome to the board.

Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only.National Debtline operate an advice on first phonecall system CCCS operate a system of telephone appointments that are designed to be flexible and don’t require you to attend an office based interview. At the CAB you will need to make an appointment with a specialist Financial Advisor; other advisors may not have the specialist knowledge you’ll need.

http://www.cccs.co.uk/

http://www.nationaldebtline.co.uk/

http://www.citizensadvice.org.uk/index.htm

If you’re advised that bankruptcy is the most suitable solution to your financial problems then we can offer the best support and anecdotal advice that you’ll find anywhere on the Web.

Read as much on here as you can, starting with the Bankruptcy Help sticky and that will answer a lot of your questions. But don't be afraid to ask about anything you don't under stand.

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

Just remember, as desperate as you may feel at the moment, we have all experienced what you are going through at the moment and with the right support and advice things will improve. It’s not an easy route to take but it is a route that will put you back in control of your life rather than just reacting to events.

epkk

As Poppy55, im in a very similar position. I also handed the keys back and now in rented accomodation. I did email National Debtline and awaiting a response.
My quick question (sorry poppy, don't want to hijack your thread) is im now seperated from my wife but do we go Bankrupt together seeing they debts are in joint names?

sieve

Yes epkk you will both need to go bankrupt (bear in mind you will have to pay two sets of fees, just over £1k in total) otherwise the non-bankrupt party of a joint debt will become solely liable once the other goes bankrupt.

sieve

poppy55 wrote: »

thank you but i think the best way for us is to go bankrupt as i cant see us ever beeing able to pay these debts.
we did have a secure one but we had to hand the keys back to the mortgage people last year and we are now living in rented property i just cant take the stress any more of having to deal with bailiffs knocking on the door

I will second what tigerfeet has said.

You MUST get advice on whether it is the best option for you before you try to make yourself bankrupt.

If you don't, firstly, it is just silly (this decision will have repercussions for the rest of your life), and secondly, the judge will refuse you if you haven't sought advice first (and you'll probably need to demonstrate that you have when you see him/her).

If the advice services that tigerfeet has suggested come back and say that BR is your best option, then of course we will help you through it (most of us either are or have been bankrupt) but you need to seek that help before we can help you properly.

Good luck, whatever you choose.

Cheers

S

Lydiasparkles

Another port of call should be .insolvency.gov.uk This is the Government's website and will give you the facts regarding your insolvency, very useful helpline numbers and the appropriate forms you will need to make yourself bankrupt should this be the right course for you.
You can also get advice from a licensed insolvency practioner, initial consultation would be free. Make sure it's someone reputable. Depending on the type of work you do and other factors, and your icome and committments, an IVA might be a good option or at least one to consider.

Hope this helps.

tigerfeet2006

Lydia as the OP is in rented accomadation then an IVA most likely won't be the best option.

MicheH

Why would someone go to a licenced insovency practitioner? I'm curious. Would they require payment even though initial consultation is free, what I mean is would they be required to have further consultaions which would require payment? I'm just trying to find out that's all, it's a new one on me

philnicandamy

call me cynical.....but for a first post can anyone guess what i'm thinking??

prize for the winner..:rolleyes: