The Bankruptcy Club & Supporters Club

tight_jock

louisa79 wrote:

Nope, haven't heard anything. I think that the way it will go first is that banks will increase some charges to try and recoup their losses. They will simply have to tighten up their lending criteria or the economy is heading for meltdown. The government only loosened the rules last year and it typically takes a couple of years for them to go from idea to action.

On a different note...

I have a quickie for anyone who can answer my question: How long does the whole BR process take from handing your forms in to being declared BR? I'm just deciding whether to start now or wait until Xmas.

Many thanks

And congrats alidadas - big drink for you!

We took decision on 20/10 and were declared free from debt at 12 noon exactly on 01/11 !!!!

moonlitshadow

Congrats Alidadas...thanks for posting your 'run down' of events...we're (me and hubby) in court on Friday morning so you're put my mind at rest! We're further along the coast than you, but lets just hope we get such a friendly clerk as you did Well done on getting it over and done with...enjoy your new debt free status!!
C xx

monkeyy

louisa79 wrote:

Nope, haven't heard anything. I think that the way it will go first is that banks will increase some charges to try and recoup their losses. They will simply have to tighten up their lending criteria or the economy is heading for meltdown. The government only loosened the rules last year and it typically takes a couple of years for them to go from idea to action.

On a different note...

I have a quickie for anyone who can answer my question: How long does the whole BR process take from handing your forms in to being declared BR? I'm just deciding whether to start now or wait until Xmas.

Many thanks

And congrats alidadas - big drink for you!

Really depends on your court, some you have to wait months to get an appointment wheras I got my appointment in a week

Millionare

Advise and Help Please!

Firstly its around 99.9% certain im going Bankrupt thus the most important thing i have to ask is, Can I Have a Bankrupt Supporters Club Number Please.:p

Anyway to the serious stuff, Advice apprieciated.

1. Should i wait after xmas, basically begginning of new year to contact court for a date to go bankrupt and fill in any forms or do it now?

2. My fist payments this month to cc, loans etc are around or after 15 of this month and so on. Should i pay in any money to show that i tried even though i wont be able to cover the payment and all my creidt is basicallyy hit the limit. if i do this i wont have money for court fees. i just dont want to look bad if i dont try making a payment or will this be OK?

3. apart from my creditors i have one separate current a/c which is in credit £150-£200, should i remove the cash and close that a/c or do you think after bankruptcy they will let me keep it. its got visa debit card and has £250 free overdraft which cannot be increased or cancelled with a building society. its not a basic account basically due to overdraft but hasnt got chequebook.

4.should i open basic account now or wait till after bankruptcy date? and any recommendations please.

5 and finally my car is worth £2400 im worried they might take it, but i use it to get to and from work and also have a 18month baby which it helps having a car when going food shopping etc. is it advisable to change it to someone elses name in the family or is that dodgy? this is what really worrying me as i cant afford to lose my car.

thanks

alidadas

Thanks everyone for your comments.

Gettingitsorted - yes feel like a huge weight off my shoulders! I've also got one creditor who's been phoning non-stop for the last month and cant wait to finally answer the phone to them and give them my details - though typically they haven't phoned today! lol

Monkeyy - the clerk at the court today mentioned that she thinks the government will change it in the future because of the increase.

Moonlitshadow - good luck for Friday!!!

Millionaire -

1) - Its up to you really - as it'll depend on when you have the fees. If you were to phone now I doubt you'd get a date this month anyway, and if the date is not acceptable to you, you'll be able to ask for a different one. If you've got the money for the fees I'd phone ASAP!

2) I wouldn't pay any of your creditors anything this month - you need the money for your fees so cancel all direct debits. You'll probably get some phonecalls - it'll be up to you whether you tell the truth or blag it. I avoided the phone like the plague!

3) I would imagine that the account would be closed. If there is cash in there when you are declared bankrupt you will not get to keep the money - they'll take it for fees. So withdraw it now and use it towards your bankruptcy fee.

4) Not sure about a basic account - I was told not to open one until I'd been to court, but I know others on here have done so before.

5) I dont think its a good idea to transfer the name of your car to someone elses - I think this close to you going bankrupt, this could be considered fraud - BUT I might be wrong! I dont know I'm afraid!

Good luck with it.

Louisa - I completed the forms online - waited until I'd finished, submitted them on the 1st November, phoned the courts and then got a date for the 5th. You can phone the court without having submitted the forms online which I hadn't realised and wished I'd done as it would've meant I'd gone bankrupt a month ago - but there ya go, you live and learn.

Is that what you wanted to know?

Millionare

cheers alidadas, im going to start doing my form online from 2mrw and i'll ring them just to get an idea what dates they giving me. still unsure what to do about the car.

where did you transfer your dd's if you didnt open a basic a/c? did you just leave them?

gettingitsorted

Millionare wrote:

cheers alidadas, im going to start doing my form online from 2mrw and i'll ring them just to get an idea what dates they giving me. still unsure what to do about the car.

where did you transfer your dd's if you didnt open a basic a/c? did you just leave them?

i opened my basic account 2 weeks b4 i went bankrupt and moved all my dds and deposits into it .

if you can prove you need the car for work and getting your child around then sometimes the OR will exclude it but it really is down to the OR.

sarah_skint

if your money coming in is benefits it is fine to open a basic account as benefits can take a couple of weeks to get it right! if you have decided bankruptcy is for definate don't pay any creditors anything! save the money!
start filling out the forms now on line - as i have 4 children it was much easier for me to do them that way as you can keep saving them and go back to do more when you have the time.

had a great chat with my or today who said yep take all the money out woohoo. I should only need a telephone interview as well which he told me is on the 11th at 9:30.

hopefully all will be ok!

alidadas

Our bills get paid from my husbands account so didn't have to worry about that. I just cancelled the ones for my debts (though admittedly they've been cancelled quite a long time, just took me a while to pull my finger out and get the bankruptcy sorted - was in denial for a while)

I expect someone on here will be able to advise about the car - again the only car we have belongs to my husband so wasn't anything I had to consider!

Some people get dates really quickly, and others have to wait longer. I was shocked that I had to wait just over a month, but think thats normal in most cases.

You dont have to submit the form until the day before your hearing apparently - though I didn't know that and waited until I had the cash (thinking I'd get a date that week)

sarah_skint

if your money coming in is benefits it is fine to open a basic account as benefits can take a couple of weeks to get it right! if you have decided bankruptcy is for definate don't pay any creditors anything! save the money!
start filling out the forms now on line - as i have 4 children it was much easier for me to do them that way as you can keep saving them and go back to do more when you have the time.

had a great chat with my or today who said yep take all the money out woohoo. I should only need a telephone interview as well which he told me is on the 11th at 9:30.

hopefully all will be ok!