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Bankruptcy now or later?
glamb
Posts: 129 Forumite
Hi everyone, my wife and I plan to go bankrupt as soon as we have saved the total fee of £1200!
We currently have enough for one of us to go bankrupt, my question is:
Should one of us go ahead and go bankrupt first whilst we save the other £600 or should we wait until we have the full £1200?
Are there benefits to going bankrupt at the same time?
I'm tempted to go ahead and go bankrupt first - I am getting quite close to getting a CCJ and could do without the hassle of dealing with these.
We do have a joint account and a joint mortgage(House is in process of being re-possesed, now living in rented accomodation) - I'm not sure if this would make any difference to peoples recommendations.
I would really appreciate any thoughts / comments.
Thank you.
We currently have enough for one of us to go bankrupt, my question is:
Should one of us go ahead and go bankrupt first whilst we save the other £600 or should we wait until we have the full £1200?
Are there benefits to going bankrupt at the same time?
I'm tempted to go ahead and go bankrupt first - I am getting quite close to getting a CCJ and could do without the hassle of dealing with these.
We do have a joint account and a joint mortgage(House is in process of being re-possesed, now living in rented accomodation) - I'm not sure if this would make any difference to peoples recommendations.
I would really appreciate any thoughts / comments.
Thank you.
0
Comments
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In your shoes I would go bankrupt first and save the money for my OH to do so later.
Make sure you get an bankrupt friendly account either a Co-op cashminder or Barclays cash account.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
there is no real benefit to doing it together if they are not going to along time from each other, if it is just a couple of months then i would do one first if you are going to be coming under other court actionHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
Thank you both. I was kind of hoping people would recommend for myself to go bankrupt first - I want to get it over and done with.
I setup a co-op account back in February, I just need to finish off the bankruptcy online forms and I'm good to go. I'll try and get them finished this evening.0 -
Thank you both. I was kind of hoping people would recommend for myself to go bankrupt first - I want to get it over and done with.
I setup a co-op account back in February, I just need to finish off the bankruptcy online forms and I'm good to go. I'll try and get them finished this evening.
Have you contacted your local court to see what type of system they use? some use an appointment system whilst others operate a drop in on the day system. The only reason I ask, is that if you require an appointment you could be a while before you get one.:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
No I haven't contacted the court as yet - I'll give them a call tomorrow and find out what I need to do.0
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