If you see this mike st helens, my bankruptcy.

FlofieGirl

Thanks for posting yesterday, unfortunately I couldn't get back online until today.

My main concerns regarding bankruptcy are :

* My husband is general manager of a restaurant and his role includes handling money and payroll. Is he likely to lose his job ? I don't believe he has a written contract. His employers run 3 restaurants and I don't think that any of their employees have a signed contract.

* If my husband were to lose/change his job and he wasn't earning as much as he does now (or if he couldn't get another job bacause of bankruptcy), how would this go down with the OR regarding payments into the fund ?

* We rent our house and have never (in 3 years) defaulted on payment. There is no mention of bankruptcy in the lease. Would we lose our home ?

* Can you realistically expect to get a mortgage after bankruptcy ?

* My husband is concerned that we wouldn't be able to get home/contents insurance. Any ideas ?

Think that's all for now. Thanks sooooooo much for your advice and kind words so far everyone.

Mike_St_Helens

Hi there !! Hope you are OK. The first thing we found we needed to do was just talk and agree that there was no reasonable way out of the mess you are in for the next 30 years ... It isnt bad, illegal, naughty... nothing about being bankrupt is bad. It is legislation that is there to help people start again if they have been dealt badly.

* Hubbys employment, They will not be informed by anyone, the only way they 'may' discover is when you are bankrupt you pay no tax, you have to pay this to the OR, so the employer may ask why you have a 'no tax' code. If it isnt in writing, he cant be sacked. My OH works at the tax office, I work for the Home office... Please dont worry.

* The only jobs that he cant get are some types of jobs that ask it on the aplication forms 9/10 times if you tell them why you are in that situation then you are ok. Its only if you hide it its an issue. Also not all ask you if you are bankrupt.... only a small amount !! and most of all... why should he need another job... he already has one that he wont loose !

* House - We own ours and we can keep it.... it will be fine, why should your landlord throw you out if you have never missed a payment, the OR allows your whole amount in rent so you have no reason not to pay him..... why would they throw you out... And its not in normal UK tenancy laws.

*You will get a Mortgage OK perhaps for 5-10 years you may pay a bit higher rate... but hey.... thats life.

*Home Insurance, Yes... indeed, no reason at all why not. Ive asked my insurers and no issues.

Please please dont worry, I've asked all the questions in the world, and it still wont be enough, yeah im crapping it... but how on earth can anyone pay more than £100k++++ debt... never... Please PM me, ill pass you my own email and mobile if you like. Our forms are going in late Oct.... Dont forget it costs about £1k for you both to go bust... We have stopped paying everything to save...

Mike xx

FlofieGirl

Thank you so much for replying, this site is fantastic !!!

We have our call from cccs next wed and have decided to hold fire until we speak to them. Sounds like our worries are unfounded though, so I still think bancruptcy is the way forward.

Mike_St_Helens

Please PM me properly with your feelings hough.

Mikex

CLAPTON

just some comments

a. your OH ought to have a contract of employment...its the law. but most dont mention bankruptcy

b. very few jobs specifically reject bankrupts....accountants, JPs, MPs, some government security jobs, directors of companies, lawyers

c. your landlord will be told you are bankrupt, but its up to him whether he will react to that, maybe look in your rental agreement but if you have been a good tendant and are paying the rent he probably won't care but it might be a problem with new rentals.

d. a mortgage is possble although you will probable need a decent deposit and will probably pay a bit more than the high street banks charge : see
http://www.whoslending.co.uk/

e. i don't know anything about insurance ..why not phone a few and see that they say. (you dont have to give your name do you.)

bluezone

I have been upfront with my employers about the bankruptcy and they have been fine about it.

I had to do my interview in person with the OR rather than over the phone and that was pretty nerve racking as he asked me loads of questions I wasnt prepared for, a lot more than just about the information that I put on the form.

I have had a letter that since they have looked at my new budget to work out my disposable income which works out ot be £30 a month I will be given a nil tax code for a while and give the OR my tax money as my contribution to my debts.

Hi ya Mike St Helens - How you getting on?

Mike_St_Helens

Hi Hun... Not bvad, had a 70 hour week..... but got my new job and they are aware of the situ !!

Whats the £30 - is this what you have to pay?

What did they allow you ?

Mike