dilemma

lattelover_2

Hi I have a bit of a dilemma! I am considering bankruptcy but I am self employed and I have had just done a huge job which has made my bank balance quite healthy but this was a one off job, now work will go back to practically non-existent and my money worries will return, but what do I do with the money in my account now? should I divide it up and send it off to the credit card companies, which seems pointless because next month I will apply to be BR so what difference will sending them some money now.

this money will last me 6 weeks of not having to worry about the little things ( food, xmas present etc)

should I halt any action on my BR until i have spent this money? (its £3000)

thanks

fiveyearplan

I would halt BR action until you have spent a bit of the money (ie on general living expenses). Get your Christmas shopping out of the way and rent/mortgage paid up, food cupboards stocked etc.

kerrypn

Hi

Have you got a court date yet, because if you haven't you might be waiting 6 weeks til the hearing anyway-by which time you will have spent it on costs of living?

No point in sending to creditors if you're going br

fiveyearplan

...... does your car need a service, new tyres?

lattelover_2

by eck, those replies were quick!! thanks!

I have taken no action so far with regards going BR but was worried when I do the OR will look back at my affairs and say ' you had 3 grand in the bank in November why didn't you pay some to your creditors?

kerrypn

It depends on your individual expenses-for example if you have a mortgage of 1500 quid it wont look like you have squandered the money-it just depends how much your cost of living is. Could you try and do a statement of affairs to see where you plan to spend the money in 6 weeks? Don't forget, you have priority debts(ie mortgage, council tax utilities) and non priority debts(credit cards, unsecured loans) so if 3k only covers your priorities its tough on your credit card companies!