Any advice is great - We have made a big decision - BANKRUPCY IS HERE....

Addicted2Chocolate

you can download the forms online and print them of, even if you dont apply onlne. if you apply online you submit the fomrs, print off 3 copies then go to your court to get an appointment for the hearing. After hearing the OR will contact you for an appointment/interview. The benefit of doing it online is the forms are sent electronically to the Insolvency Service and the info contained is downloaded onto their database. The rest of the procedure is the same.
Normally the employer is not contacted. payroll may guess a bankruptcy order has been made, as the inland revenue will instruct them to apply a new tax code for the remainder fo the current tax year, called a NT tax code, means you pay nil income tax and whatever you were paying before is added onto your income payments agreement, so in effect the income tax gets paid to your trustee. sometimes if a person stops paying their IPA without explanation the OR and or Trustee will contact the employer to collect payments direct from wages.
The forms you need are Form 6.27: Debtors bankruptcy petition, Form 6.28 Statement of affairs (debtors petition) and the guidance notes from here:
http://www.insolvency.gov.uk/forms/englandwalesforms.htm

Mike_St_Helens wrote:

Does anybody know where to get the forms etc from, how to make the appointment at court etc?

Ive read the website for the insolvency service, and i know you can apply online, - if you do this does anyone know who gets the details, how do you get the appointment etc etc..

Lastly - Will the OR/Trustee/Judge etc EVER contact your employers ?

Thanks again.

Mike_St_Helens

So to get this correct - the NT code is added to the wages, How does the trustee collect the funds/tax etc ?

Thanks

In_Search_Of_Me

Just wanted to send a huge hug....must be an awful time & looks like you're starting to see the + but cannot imagine how I'd feel..remember feeling distraught when I thought I'd loose my house at my lightbulb moment. Keep us updated...thinking of you both! Hugaroos

Mike_St_Helens

Thanks FF...

Ive found a very helpful site, https://www.myvesta.org , some very good chat rooms there with good answers bi IP's. Seems I may even be able to keep my car and its finance if the finance co agree... as they say the finance co would rather have you keep paying than have to take tha car back.. makes sense to me !

I am a bit worried abourt anyone finsing out at work, I know about the NT tax code, but cant seem to find out how the OR would recieve any funds...

I am going to get every single little question I can think of answered before we do this !

Thanks everyone again.... Its great to know the support we have had here.

When I start the ball rolling, ill keep a MSE diary for you all to follow.

anniestar

Just wanted to also send my very best wishes to you and your OH You are so positive and such a great poster that I just felt like saying I think you are doing the right thing in your situation. Our thoughts are with you.(((((((hugs)))))))) Now catch this bottle of wine that i was given for my birthday-dont like red wine ready? Enjoy it! Annie.X

Mike_St_Helens

OMG, red wine OH will be PI888Ed now !...

Thanks you all !!

Mike_St_Helens

We have been talking this afternoon, and also have realised that we have the most non-judgemental, freindly and caring friend in the world who we will sighn the interest to the house over too... Mum, dad etc etc ect now dont even need to know.

Every silly little question ive had has been answered this weekend. Thanks guys....

Mike_St_Helens

**Bump**

I need all of the experts here to help me.. every question and eventuality covered. Please post.

Mike x

Addicted2Chocolate

The OR collects the equivalent of themonthly income tax under an Income Payments Agreement so you take home more money but pay the amount of income tax to the OR for as long as you have the NT tax code, until the start of the next financial year.

Mike_St_Helens wrote:

Thanks FF...

Ive found a very helpful site, https://www.myvesta.org , some very good chat rooms there with good answers bi IP's. Seems I may even be able to keep my car and its finance if the finance co agree... as they say the finance co would rather have you keep paying than have to take tha car back.. makes sense to me !

I am a bit worried abourt anyone finsing out at work, I know about the NT tax code, but cant seem to find out how the OR would recieve any funds...

I am going to get every single little question I can think of answered before we do this !

Thanks everyone again.... Its great to know the support we have had here.

When I start the ball rolling, ill keep a MSE diary for you all to follow.

Addicted2Chocolate

what dop you mean about signing house over? you are not going to try to transfer ownership out of your name before declaring bankruptcy are you?

Mike_St_Helens wrote:

We have been talking this afternoon, and also have realised that we have the most non-judgemental, freindly and caring friend in the world who we will sighn the interest to the house over too... Mum, dad etc etc ect now dont even need to know.

Every silly little question ive had has been answered this weekend. Thanks guys....