Declaring Bankruptcy

Ladywriter1968

If it came down to it and my husband just could not pay his debt, how would he go about declaring banktruptcy? Would he have to go to court? what is the prodecure? and how would this affect him in the long run?

Ladywriter1968

thanks for the info, I think we will just have to struggle to pay them forever rather then going thru all of above. thanks for your help

philnicandamy

computershack wrote: »

Go to County Court, get the forms, fill them in and return them with the fee. From then, you get a date with the Judge and then have a load of forms to fill in from the OR as well as an interview. incorrect....you contact the court get a date for next available appt or some courts offer a walk-in service..you fill the forms in online or copies the court send you...turn up with forms & fees on the day & thats it..and in most cases a judge is NEVER seen...you have no further forms apart from a couple the OR sends (these are for tax etc) nothing untoward to worry about

How will it affect him in the long run?

Immediately:
Bank account could be frozen, assets of value seized anything over £1000 usually, savings seized, lose pension NOT always.., lose car NOT always depends on circumstances, lose house if its not rented. again NOT always if you own the house depends on how much equity is available

Moving on, for up to the next 6 years:
Trouble getting insurance..difficult but not impossible i'm discharged 3yrs and had insurance all through bankruptcy..
Trouble getting mobile phone contracts can be got after discharge you have to look around.
Trouble getting loans Hmm why would you want credit again?
Trouble getting a mortgage for a few years yes but NOT impossible
Trouble getting utilities without a deposit NOT always the case many many members here have paid zero to utility comps...me neither
Trouble getting rented accommodation. not true with a deposit and a guarantor it's possible..many here have done after BR without issues

And a load of other stuff. You don't simply "walk away from your debts" as has been suggested by some people such as????/organisations

sorry to correct you....:rolleyes:

debtinfo

Hi ladywriter, as you can see bankruptcy is very individual and therefore the consequences vary depending on your personal circumstances. If you wish to discuss it further please do post back and give some of your circumstances

happy to help

philnicandamy

Some reading here

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

MicheH

If bankruptcy is the very last resort and that you are indeed insolvent then bankruptcy it will have to be. I feel there's no decision to make - you either can afford the repayments or you can't. Sorry to be blunt but that's as blunt as it gets because the next thing i'm going to say won't be popular. In bankruptcy I changed to Coop bank account, kept my car, lost my house as had equity in it, kept my insurance just as it was, continuing with my mobile contract, got utility without a deposit or indeed a credit meter, and living in rented accomodation with the my landlord knowing about my bankruptcy when he allowed me to live there.

I can't get a loan, car finance or credit cards (I do not ever want these again) and won't be in the position to even think about a mortgage till 6 years + when I'm graduated from university.

I wanted to type this because post number 2 was rather scary and rather blunt, yes BR is a massive struggle and it is frustrating but if it's what you have to do, and I mean HAVE to do then don't be worried about the future, there's always a way and always an answer to a problem.

Every persons problems are so different

Ladywriter1968

After reading its not worth declaring bankruptcy, its more hassle and more problems, even if hubby is pay the debt off forever which he will be anyway under out circunstances, thats the way it will be, he will just have to drop the payments right down and even he said himself, even when his life ends the debt will not be paid off even then anyway. Cause we worked it out. Luckily we do not have joint accounts so it would not affect me.

MicheH

Bankruptcy is one big hassle but it's a way out if you have no other way out. So pleased your husband sees a way out that doesn't include bankruptcy

curly04

Ladywriter1968 wrote: »

After reading its not worth declaring bankruptcy, its more hassle and more problems, even if hubby is pay the debt off forever which he will be anyway under out circunstances, thats the way it will be, he will just have to drop the payments right down and even he said himself, even when his life ends the debt will not be paid off even then anyway. Cause we worked it out. Luckily we do not have joint accounts so it would not affect me.

Hi Ladywriter

Its up to you and your husband what you do, but I said that 7 years ago.

Keeping on top of everything nearly killed me, and has nearly torn our marrage apart

I went BR in november and my husband will be BR when we have the fees - hopefully by the end of the month

However when I walked out of court

I had a lovely rented house, if anything went wrong I didn't have to find money to put it right - private landlord who know I was going BR and didn't mine.

I had a Pay as you go mobile - and I have a good package

I have a bank account with a visa debit

I have a pre paid master card

I now have a savings account - something I've never had before

The phone has stopped ringing (well for me anyway)

the stress we;ve had for over 7 years has gone.

If you want to PM me please feel free.

I'm not happy I'm BR i dont think anyone is but I'm happy i've taken control of my life, without living in fear to go home.

But good luck for what ever you wish to do

Curly

fiveyearplan

It would certainly be worth your husband contacting one or all of the debt charities so they can let your husband know all the options available to him. I have ...

kept my house
managed to change utility suppliers without any problem
kept my mobile phone contract and even managed to upgrade my service

How much equity do you have in your home? The biggest bonus for me going bankrupt is that I no longer have all the stress involved with debt - many people don't even realise how much it affects their health until it is taken away.

Good luck, I do hope he'll ring CAB, National Debtline or CCCS. It can be such a relief when you realise how many options he actually has - he may feel better about the situation immediately.

sizzler

Not sure but has he had advice on IVA or tried to talk to his creditors to make payment?

Some food advice from our friends above aswell.

Regards sizzler.

We are here to try and help.:T