Bankruptcy advice please

Tinkerbell2

Please help, we have just been advised to go bankrupted by the cccs, I am so scared and dont know what to do. I have ordered the forms from the court and we now need to save the money. How do I save £1200 for my husband and I ?? It is going to take us at least 4 months to save this if we stop paying our creditors. I'm worried this is too long and things could happen to us in the mean time. I have no friends or family that can help with this amount of money neither do I have anything to sell. What can I do ??? Do I inform the creditors of what is happening ??? I do believe that bankruptcy is the only option for us and will give us a fresh start but my head is spinning now. Any advice or experience will help a lot. Thanks

sizzler

hi there and welcome.

Ok first things first well done for taking advice this is very important.

If you are saving for your fees. Stop paying your unsecured debts ie credit cards and loans. try to pay your rent or mortgage and essentials.

Write to each of your creditors saying you are struggling, you are taking advice from CCCS regarding the situation and offer them a token payment of £1 and this will buy you some. Do not tell them you are going BR or they will hound you like a pack of wolves.

They will not accept the payment but just keep telling them anything that you are taking advice to keep buying time.

You can do the forms on line at the insolvency website which is much easier and make sure you save them often. you can then submit them online and print out the copys for court.

Any questions please feel free to ask.

sizzler:)

dojoman

Do you own your home and if so are you planning on keeping it after going BR?

Sunnylooloo

Hi Tinks

It is a scarey thought I know, but at least you have faced your problem and got advice. There are some good template letters around to write to your creditors (can some kind soul point us in the right direction)

I got all my letters from the National Debthelpline site, but the lady I spoke to at CAB did actually offer to do the letters for me, so maybe CCCS can help you there.

Please try not to worry too much (easier said than done) and ask as many questions as you need (I'm still very new myself but always happy to offer you a bump up!)

LL

Tinkerbell2

Thanks for the advice so far. Yes we do own our own home but has little or maybe no equity. About £3000 equity which is not a lot if we thought of selling it. It wouldn't leave anything to pay any creditors. It all depends on the OR if we are to keep the house or not is what I understand. I hope this is correct.