Bankruptcy - Got a few questions.

skylight

QUOTE - "But it is a big step if you want a mortgage - that said is having another big debt the most important thing or is being able to enjoy your life and have enought money left at the end of the month more important?"

You know, the most important thing I want is not having to wait until the sales when my kids need new school shoes or clothes!

We don't own our own home, and in this area (just outside London) we would have no way of affording one either!

I know its a big step, I just need a push over it.

bingo_kitty

hey,

Should I speak to a solicitor first? We have spoken to Payplan and they haven't mentioned a solicitor, but is it neccessary? We can't really afford it.

You don't need a solicitor to petition for your own bankruptcy I can't tell you the exact fee off the top of my head it cost's *about* £460, benefits and circumstances may reduce that - I'd suggest you contact your local county court for the exact amount.

As for your OR [it's not reallythe OR you speak to, just a vetting examiner] I'm really sorry some people have had bad experiences, but they are human and have bad days. All I can suggest is you have the right to complain if you feel that you are being treated unfairly. All the examiners I know are lovely and it's only when we people who are *obviously* taking the p*ss that they are anything other than sympathetic...but for you I'm sure it's all good.

As for cookies - I'm sure they'd be lovely but we're not allowed to take any form of thanks [to maintain appearance of objectivity] shame I bet you're a good cook!

Sorry for the delay - in the middle of moving- my life is in boxes!

Hope this helps

xx bingo_kitty xx

Addicted2Chocolate

1. you should disclose the compensation award to your daughter in the statement of affairs questinnairre (I think there is a question 'are you holding any cash or assets for a third party, if not add it as a note under the extra information pages at the back). When you have your interview with the OR provide supporting documents to evidence the compensation was awarded to your daughter: eg court orders, bank letters showing account is daughters and you are Trustee of account only. If money is in your/husbands bank account why? you should open an account for daughter in her name where you are named as Trustee. Provided you can do above and evidence it is daughters then money cannot be claimed by the OR.
2. generally OR cannot request info about accounts opened after a BO. Rarely banks inform OR of unusual transcations into a bankrupts account. This will sound harsh (and if you see my other posts I try to help people) but I cant see why you are worried abut this unless you have something to hide: eg income that you are not goign to disclose to the OR. You will be expected to provide details of your household income and outgoings and also to notify OR in writing if your income changes or you come into any property during bankruptcy.
3. Contactfrom OR is usually minimal: maybe a call to establish some details(often becasue statement of affairs incompelete eg no balances or sort codes for banka ccounts) on same day or day after bankruptcy, interview telephone or face to face within 10 working days of bankruptcy. sometimes one or two letters requiring further info or further interview depending on your circumstances. The OR will not ring you every day or several times a week. They have too many cases to deal with and it would be uneccessary.

charlotte664 wrote:

Okay - as (some of) you guys know, Payplan suggested we go bust.

We are still fighting it. Mainly because I don't really want someone going into detail about our affairs (financial!) and I don't feel comfortable with that. I don't like this being "probed" feeling.

So all the chats we (OH and I) have had have drawn up some real/some hypothetical questions that I don't know the answers to.



1. This is the most important and Payplan didn't know a proper answer. DD1 was given £24k in compensation. We can prove this is hers and not ours, but as she is under 16, the cheque was made payable to hubby. Will the OR try to take this when its not ours? We have already put it away in trust for her. And please - no suggestions about using it to pay back what we owe. Its stealing - its not our money.

2. Does the OR go into detail of our new transactions??? I am under the impression that bankruptcy gives us a clean slate up to that point and its those detials he is interested in. When we open a new account, will he have access to our new account? (This is hypothectical - we have no intention of ever borrowing anything ever again from anywhere ever - not ever - but goes back to the feeling "probed" problem!)

3. How often will they contact us? Are we going to be inundated with calls from the OR like we are with creditors?

Can I have some help on these guys?????

jellycat40

Hi there, I have just declared bankruptcy and I have to say that although I was very nervous the actuality of it all was very easy.

We went to the court paid our money and then went for a coffee for a couple of hours. Went to the court to collect the order, went to the OR office for a meeting, she took my cash card.

Two weeks later had a meeting with OR and it lasted one and half hours. She read questions from a page about each debt. I answered honestly and I have to say that she asked if I wanted a drink or a break at anytime and she made the ordeal as painless as possible. The questions were just when did I take the credit out, why did I take it out and something else I can't remember.

Don't worry too much. Good luck.

Louise