The Bankruptcy Club & Supporters Club

Gemmzie

I have some questions, so thought I'd ask here...

Can a married person who has joint finances with their partner also, go bankrupt alone and only take into consideration their own personal debts?

Also, how is property affected in bankruptcy? Do they force a sale?

rog2

Hi Gemmzie

Yes a married person can petition for bankruptcy on their own. It would probably be best to try to separate themselves financially, as far as possible, from their partner - I would certainly advise this as far as bank accounts are concerned. As far as I am aware, where you are jointly liable for a debt only your share of the debt would be included in the bankruptcy, although this may cause problems, for the other partner, with the original creditor. You can possibly get more clarification on this point at the Insolvency Service site :
https://www.insolvency.gov.uk
With regard to the house, if it is jointly owned, the OR can only force, or try to force, the bankrupt to realise his/her equity in the property - this is usually done by offering it to a family member or close friend, who will 'buy' the equity. If there is no, or negative, equity in the house, your partner can 'buy' your equity for a nominal sum ie £1.
Alternatively, the OR may put a charge on the house, meaning that even if you sell after discharge, the OR can take your share of the proceeds towards your bankruptcy estate.
In any case nothing would happen overnight - you are normally given a year to sort out alternative living arrangements.
Sorry to be vague - the 'rules' will depend on the circumstances of the individual bankruptcy.

sandralovescats

Millionare wrote:

thanks for the advise. great to hear that a mortgage can be still had.

i think im going to buy the local papers this week to see if i can spot the bankrupt section.

regarding the accountant i need to work out away around him knowing. what it is they have someone working there that know some of my family members that i dont want knowing about my bankruptcy who i dont speak to. i know they will spill the beans to them cause somehow i know they checked my last years accounts and total them my in's and out's.

could i just cancel the accountant agreement to access to my correspondance from inland revenue? and tell them to deal with me directly?

i dont really need a accountant as im self employed as myself only . i could save money for next year because i could do my own accounts as they are not really that complicated. its just when i started i thought i needed one.

Your Accountant has a duty of care to his clients NOT to tell ANYBODY about your financial affairs.
You need to report your Accountant to his official governing body.

I most certainly would NOT pay an accountant who passed on my personal information to anybody. That is ridiculous.

The very fact that you have an accountant should tell the OR that you are kosher and that your figures are above board. I suppose you could ask the OR not to contact your Accoutant. Not sure if this would work.

I have been self-employed since 1983 and I have never paid an accountant since I objected to paying the money!

Richard_S

sandralovescats wrote:

Your Accountant has a duty of care to his clients NOT to tell ANYBODY about your financial affairs.
You need to report your Accountant to his official governing body.

I most certainly would NOT pay an accountant who passed on my personal information to anybody. That is ridiculous.

The very fact that you have an accountant should tell the OR that you are kosher and that your figures are above board. I suppose you could ask the OR not to contact your Accoutant. Not sure if this would work.

I have been self-employed since 1983 and I have never paid an accountant since I objected to paying the money!

I'll second that Sandra, the problem is proving that a breach of confidence took place. By far the easiest route would be to change accountants, it's a straightforward process.

I think it's going to be virtually impossible for millionaire to keep his/her bankruptcy a secret; we were concerned about that as we live(d) in a small village. We got around that problem by convincing ourselves that what the hell did it matter anyway. If the gossips were feasting on our misfortune at least they'd be leaving somebody else alone.

And more importantly: "THE ONLY THING WORSE THAN BEING TALKED ABOUT IS NOT BEING TALKED ABOUT" :j

tight_jock

Millionare wrote:

hi guys just a few questions if you can help. it looks like i need to go the bankruptcy route after speaking to payplan yesterday they say ive only got £45 remaining for payments. cccs are gonna ring me on the 8th

anyway the questions are:

my cars worth around £2400 on parkers thats the part exchange value. can i offer the OR to pay any amount over what im allowed for the car? i really need the car for wife and kid and i use it to get to work. and i really dont want to change it and have to buy another car because i only servicd it a few months back and took me ages getting a suitable car child seat for it.

how does bankruptcy appear in local papers? its not in big bold letters is it? i really dont want any one finding out and this is the biggest reason ive been avoiding it even though ive been in finacial trouble for over a year but have been digging a deeper whole beacuse i ddnt face upto to it.

worst bit is the wife dont still know and im too ashamed to ever tell her.

i managed to rake up over £9000 in gambling debt due to being depressed and thinkin i could make money. you know fell for the "systems" on ebay that make you £1000 + a week. yeah right! made £1000 in first week then spent the rest of the year chasing my losses just to break even but then it was to late and i dug deeper and deeper in trouble. will courts look at this negativly? i never want to see a gambling site ever again!!

my health has seriously been effected due to the stress of my debt. every waking moment i just think about it. its ruining my life add the that house prices going through the roof more in a week then i earn in a week and i cant afford anything. im just renting

im also self employed as a cabbie, can i still trade? it wont effect this will it. and would the OR need to speak to my accountant? i dont really wanting them contacting my accountant, i have my own records given back to me.

and finally if say in 8 or 10 or whatever years time i might look at a house, will i get a mortagage. i hear that bankruptcy is for 6 years on the credit file so say after 6 years are up bankruptcy wont affect my chances of a morgatge??

thanks

Hi Millionaire

Totally agree with what others have said.

Change accountant

Report current one to authorities.

I think you can still trade :T but you will need to tell any suppliers or financial institutions that you are an undischarged bankrupt

First car will generally be exempted if you can show that it is used for your work ie. transport to and from etc. There may be a limit on the value but that value will be assessed at AUCTION price and will have the collection agents fees to come off as well.
For example

Value in Parkers

£1000

Approx auction

50 - 60 %

Agent fee minimum

£75

Value for asset calculation

£4-600

Your name will appear in the London Gazette and a local paper of the OR`s choosing for one day only. Round here the ad usually contains about twenty names at a time and is generally lost in the classified section. One person out of all our aquaintances saw it but no one has said anything about it to us.

[

YOU MUST TELL YOUR WIFE AT SOME STAGE BEFORE THE STRESS KILLS YOU . YOUR HEALTH IS MORE IMPORTANT THAN MONEY.
:xmastree: :xmassign: :xmastree: :xmassign: :xmastree: :xmassign: :xmastree:

rog2

I received, yesterday, a letter from OR's office, notifying me of the appointment of the 'trustee of my bankruptcy estate'.
Can anyone who has had experience of dealing with a trustee, advise me on what I should expect and how, generally, trustees treat their 'charges'?
Thanks
Rog2

Mike_St_Helens

[/QUOTE][

YOU MUST TELL YOUR WIFE AT SOME STAGE BEFORE THE STRESS KILLS YOU . YOUR HEALTH IS MORE IMPORTANT THAN MONEY.
:xmastree: :xmassign: :xmastree: :xmassign: :xmastree: :xmassign: :xmastree:[/CENTER[/QUOTE]

Ill 2nd that !

Mike_St_Helens

rog2 wrote:

I received, yesterday, a letter from OR's office, notifying me of the appointment of the 'trustee of my bankruptcy estate'.
Can anyone who has had experience of dealing with a trustee, advise me on what I should expect and how, generally, trustees treat their 'charges'?
Thanks
Rog2

I think its the OR's outsource Rog... They are supposed to be like the OR, however my OR said they need to make money so can be very harsh.. So be careful !

tight_jock

Mike_St_Helens wrote:

I think its the OR's outsource Rog... They are supposed to be like the OR, however my OR said they need to make money so can be very harsh.. So be careful !

By all means be careful - but as I understand it, the initial 325 you pay is the total amount of fees due. We were told that that is the fee for the OR so if the OR is not dealing with it then would the fee not be passed to the trustee ??

xmastree: :xmassign: :xmastree: :xmassign: :xmastree: :xmassign: :xmastree: :xmassign:

Mike_St_Helens

tight_jock wrote:

By all means be careful - but as I understand it, the initial 325 you pay is the total amount of fees due. We were told that that is the fee for the OR so if the OR is not dealing with it then would the fee not be passed to the trustee ??

xmastree: :xmassign: :xmastree: :xmassign: :xmastree: :xmassign: :xmastree: :xmassign:

Errm, not too sure.. However I think the fee for the OR is something like £3600 you know.. if it can be reclaimed from the estate then it is before the credoitors get anything, if it cant be released then it is written off !

You dont have to pay anymore though thats for sure