Urgent Bankrupcy Advise Please

Staurt100

I am looking for some advice please. Last year I was in a very fortunate position of earning somewhere in the region of £160k PA and could manage my debt with no issues. Due to the economic climate my work situation changed and now have an income of £30k and find myself in a position where I can't manage the repayments. For the last two months family members have had to lend us money to put food on the table and fuel in the car (I have about £60k of short term unsecured debt against me, my wife has none). I have had a spotless credit rating for the last 20 years and have spent most of my career working in the finance sector (leasing, not banking). We had to sell our house last year and also sold the family car to release capital and fire fight. It would now appear we have run out of water and I am thinking seriously about applying for a bankruptcy order. Before I do I wonder if someone could help me with some answers.

• My wife has a separate bank account in her maiden name that she uses on a daily basis. We do have one joint account that only one DD is paid from - What would you suggest I do to avoid the bankruptcy order affecting her. She has never used this account and it is used solely for servicing a car lease. Would it be best to shut this account prior to declaring myself bankrupt?
• Is there any way I can absorb my wife’s £2k overdraft (from her maiden named account) in to my debt?
• What impact will the BKO have on my wife’s maiden named account?
• My wife has an internet business and the bank account is in her married name. It is solely in her name. Will the OR have any claim over her business and stock? The first years accounts for the business show a loss.
• We currently live in rented accommodation and can find nothing in the tenancy agreement about informing them about bankruptcy. Am I obliged to tell them?
• I no longer have any major assets, what if anything is likely to be repossessed if I declare myself bankrupt? My wife has one piece of jewellery that was left to her, do they have any claim over that?
• I currently lease a car for work (DD out of joint account name) Will I be allowed to keep this or would it be best to hand it back and cancel the lease agreement (it only has 5 months left on it)
• I have opened a current account with the Co-Op as per the advice of the National Debt Help Line. I have asked for all my DD's and standing orders to be switched to this account, is this the best thing to do?
• I have written to all my creditors asking them for a three month stay of execution on payments as I can no longer manage the repayments. Is it likely they will respond positively to this request?
• What is the typical discharge time from bankruptcy?
• Does the OR have total control over my bank account and what do they allocate as an appropriate living expense?
• Are their guidelines with regard to living expenses that I can maximise to lessen the impact of the BKO on my children’s quality of life (School day trips etc, etc)
• Is there anything you can suggest I do now that I won’t be able to do after declaring myself bankrupt (applications, travel Visa's etc, etc)
• Any advice on things I need to do before I get the ball rolling.

Thanks in advance

NGlady

Hi, I don't really know much about this but the first thing ive noticed people ask is for you to do a SOA (statement of affairs) so people can see where any cut backs etc can be paid
Best of luck to you and your family.

curly04

Staurt100 wrote: »

I am looking for some advice please. Last year I was in a very fortunate position of earning somewhere in the region of £160k PA and could manage my debt with no issues. Due to the economic climate my work situation changed and now have an income of £30k and find myself in a position where I can't manage the repayments. For the last two months family members have had to lend us money to put food on the table and fuel in the car (I have about £60k of short term unsecured debt against me, my wife has none). I have had a spotless credit rating for the last 20 years and have spent most of my career working in the finance sector (leasing, not banking). We had to sell our house last year and also sold the family car to release capital and fire fight. It would now appear we have run out of water and I am thinking seriously about applying for a bankruptcy order. Before I do I wonder if someone could help me with some answers.

• My wife has a separate bank account in her maiden name that she uses on a daily basis. We do have one joint account that only one DD is paid from - What would you suggest I do to avoid the bankruptcy order affecting her. She has never used this account and it is used solely for servicing a car lease. Would it be best to shut this account prior to declaring myself bankrupt? I would close this joint account if possible
• Is there any way I can absorb my wife’s £2k overdraft (from her maiden named account) in to my debt? Sorry no, even if you find the money to clear this the OR will take the money back
• What impact will the BKO have on my wife’s maiden named account? No
• My wife has an internet business and the bank account is in her married name. It is solely in her name. Will the OR have any claim over her business and stock? The first years accounts for the business show a loss. No
• We currently live in rented accommodation and can find nothing in the tenancy agreement about informing them about bankruptcy. Am I obliged to tell them? I would tell them as some OR's do write and tell them to check there is no rent owing
• I no longer have any major assets, what if anything is likely to be repossessed if I declare myself bankrupt? My wife has one piece of jewellery that was left to her, do they have any claim over that? No because this is not yours
• I currently lease a car for work (DD out of joint account name) Will I be allowed to keep this or would it be best to hand it back and cancel the lease agreement (it only has 5 months left on it) I dont know but someone will be able to tell you this
• I have opened a current account with the Co-Op as per the advice of the National Debt Help Line. I have asked for all my DD's and standing orders to be switched to this account, is this the best thing to do? spot on - I had mine set up 4 months prior to BR
• I have written to all my creditors asking them for a three month stay of execution on payments as I can no longer manage the repayments. Is it likely they will respond positively to this request? Not a chance, just stay strong dont answer the phone and if you do just thank them for calling and put the phone down
• What is the typical discharge time from bankruptcy? 12 months could be sooner
• Does the OR have total control over my bank account and what do they allocate as an appropriate living expense? There is a link I will try and find this for you- someone will be along very soon who knows more than me
• Are their guidelines with regard to living expenses that I can maximise to lessen the impact of the BKO on my children’s quality of life (School day trips etc, etc) sorry dont know - no kids
• Is there anything you can suggest I do now that I won’t be able to do after declaring myself bankrupt (applications, travel Visa's etc, etc) Not that I know you can't come an MP or be a Estate Agent
• Any advice on things I need to do before I get the ball rolling. Stay strong, this process can be very upsetting, keep on this forum as everyone is lovely and will help you, there is a few rude people but we just ingore them

Thanks in advance

Hello and welcome to the board

hope I have helped you today

stay in touch

Cheers

Curls

Sunnylooloo

Hi Stuart

As always can I suggest that you seek advice from one of the debt advice charities (some kind person will post a link) and obv read the sticky for some great info.

I spoke with CAB and National Debtline both of which were a great help.

I too got to the stage where I could not cope with the repayments, in the first instance I wrote letters to all my creditors and I am now on reduced payments with them all - a huge weight of my mind and I opened a basic bank account and I am managing.

As the OP said it maybe a good idea to post up you SOA at some point (again some kind person will post a link)

As for your questions I will have to leave it for someone with much more knowledge than me to go throught them, however as far as I am aware the BR is in your name so shouldn't affect your wife and I don't think you will be able to incorporate her OD into your BR.

I've also found the help and support here amazing so please feel free to ask as many questions as you need to

Take care
LL

Sunnylooloo

Ah Curly too quick for me!! :j:j

dojoman

Please contact one of the charities below, they will offer free and impartial advice.

https://www.cccs.co.uk/
https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/


Below is a link you may found helpful about going BR?

https://forums.moneysavingexpert.com/discussion/1056083

Also this link to the Insolvency Service is useful!

http://www.insolvency.gov.uk/



http://www.bdl.org.uk/ (business debt line)

debtinfo

Staurt100 wrote: »

I am looking for some advice please. Last year I was in a very fortunate position of earning somewhere in the region of £160k PA and could manage my debt with no issues. Due to the economic climate my work situation changed and now have an income of £30k and find myself in a position where I can't manage the repayments. For the last two months family members have had to lend us money to put food on the table and fuel in the car (I have about £60k of short term unsecured debt against me, my wife has none). I have had a spotless credit rating for the last 20 years and have spent most of my career working in the finance sector (leasing, not banking). We had to sell our house last year and also sold the family car to release capital and fire fight. It would now appear we have run out of water and I am thinking seriously about applying for a bankruptcy order. Before I do I wonder if someone could help me with some answers.

• My wife has a separate bank account in her maiden name that she uses on a daily basis. We do have one joint account that only one DD is paid from - What would you suggest I do to avoid the bankruptcy order affecting her. She has never used this account and it is used solely for servicing a car lease. Would it be best to shut this account prior to declaring myself bankrupt? I dont really do advice but if you have financial links like a joint bank account then your bankruptcy could affect her credit rating, the bank may close the account anyway once they are notified of the bankruptcy, so if it is not overdrawn and not really used much, i wouldnt see a problem in closing it
• Is there any way I can absorb my wife’s £2k overdraft (from her maiden named account) in to my debt? Bankruptcy is personal, and to clear someone else's account would not be looked upon favourably by your OR
• What impact will the BKO have on my wife’s maiden named account?It shouldnt affect her if you dont have any financial links
• My wife has an internet business and the bank account is in her married name. It is solely in her name. Will the OR have any claim over her business and stock? The first years accounts for the business show a loss. Again if it has nothing to do with you and run and finaced slely by her then it is nothing to do with the bankruptcy
• We currently live in rented accommodation and can find nothing in the tenancy agreement about informing them about bankruptcy. Am I obliged to tell them? No, but your official Receiver may do, some bankrupts choose to tell the landlord first to soften the blow
• I no longer have any major assets, what if anything is likely to be repossessed if I declare myself bankrupt? My wife has one piece of jewellery that was left to her, do they have any claim over that? They only have a claim over your assets, all normal household goods are exempt from the bankruptcy, things that may be taken are your veryexpensive jewelry, financial assets such as premium bonds, antiques etc
• I currently lease a car for work (DD out of joint account name) Will I be allowed to keep this or would it be best to hand it back and cancel the lease agreement (it only has 5 months left on it). If it is a lease not HP, then it will be solely down to the lease company whether they let you continue
• I have opened a current account with the Co-Op as per the advice of the National Debt Help Line. I have asked for all my DD's and standing orders to be switched to this account, is this the best thing to do? Sounds like a plan to me
• I have written to all my creditors asking them for a three month stay of execution on payments as I can no longer manage the repayments. Is it likely they will respond positively to this request? Anyones guess, they often threaten but it will take several months before they would get round to doing anything serious
• What is the typical discharge time from bankruptcy? As long as you are co-operative it should not be anymore then 12 months
• Does the OR have total control over my bank account and what do they allocate as an appropriate living expense? No they do not control the account,you do, they assess your income and expenditure and may ask for a contribution, after that you can do what you want
• Are their guidelines with regard to living expenses that I can maximise to lessen the impact of the BKO on my children’s quality of life (School day trips etc, etc) There are guiline for the basic things like travel and energy, generally you should just be honest and put down what is a necessity
• Is there anything you can suggest I do now that I won’t be able to do after declaring myself bankrupt (applications, travel Visa's etc, etc) not really
• Any advice on things I need to do before I get the ball rolling. Just explore all the possibilities and make sure you are happy with your decision, there is no going back afterwards

Thanks in advance

hope that helps

Sunnylooloo

dojoman wrote: »

Please contact one of the charities below, they will offer free and impartial advice.

www.cccs.co.uk/
www.nationaldebtline.co.uk/
www.citizensadvice.org.uk/


Below is a link you may found helpful about going BR?

https://forums.moneysavingexpert.com/discussion/1056083

Also this link to the Insolvency Service is useful!

http://www.insolvency.gov.uk/



http://www.bdl.org.uk/ (business debt line)

Thanks Dojo - I never acutally have all the links!! :T

Staurt100

Thanks so much for the response. It's a real comfort to know that I'm not alone and others have survived the process. It has felt like I have been on my own dealing with this. Your positive response has really lifted my spirit.

curly04

Staurt100 wrote: »

Thanks so much for the response. It's a real comfort to know that I'm not alone and others have survived the process. It has felt like I have been on my own dealing with this. Your positive response has really lifted my spirit.

Hi Staurt

What you have to remember you speak to family / friends etc and they haven't been there and you get some bad feed back

most of use here are BR, other work for charities and deal with this everyday

so if we can help we will help - come to the inn and you will see we talk about anything but BR its just fun

Staurt100

Thanks very much - Really helpful advise