The Bankruptcy Club & Supporters Club

PAW75

Hey there, What happens is, if the property has negative equity when the OR does a valuation on the property, he will still put a J or A restriction on your property and has 3 years to deal with it, In that time the trustee may establish the property has increased in value and therefore no longer in negative equity and would request the property to be sold.

If the secured loan is dramatically over the odds of the equity then again the OR would still put a restriction on but the secured creditors are entitled to their money and could force sale on the house for payment.

The shortfall from the mortgage and 2nd charge would then fall into the bankrtuptcy - hoping this makes sense.

If the loan is just a normal loan and unsecured then the trustee has 3 years to deal with the sale of the property or request a 3rd party to purchase the equity (eg your parents or family memember) the equity would then get shared equally amongst all your creditors.

2007isgoingtobemyyear

I have just found your club on line and having read your 1st posting it gives me hope for the future!

Can I be in your gang? :A

2007isgoingtobemyyear

Ok here goes. I have just got over my divorce as of November 13th. I have moved into a rented house with tenancy agreement until 6th October 2007.

I started to consult with the CAB in September 06 and they advised me to stop making my payments to my creditors so that I could get the costs together for renting.

So thats what I did, I wrote to all my creditors and advised them that CAB would be in contact with them shortly. CAB asked me to complete the inc & expenditure form and we worked out that I could pay £200 per month back to all 4 creditors.

Lloyds £25,000
Barclaycard £4,400
Egg £4.300
Cahoot £7,800
Old Lloyds Bank Acount £400

They wanted me to go into an IVA but after coming on this site and reading many leaflets bankruptcy seems to be the only way for me i need a fresh start, this hasnt been an easy decision for me I have never missed a payment in my life on anything and then the cards dealt to me changed and couldnt win with my hand any longer.

I have printed the forms off the website but its still going to cost me the best part of £450 to start this process - am I right on this?

As my property is rented the only assest I have is my car which is valyed at £3,000. My car is vital to get me to and from work. It will be 4 in January and no doubt the value will go down again. I have no computer and write this from my parents home back in wales.

So I guess that I am asking for your help and any guidance that you can give me out there. I am determined to remain positive, after going through a bitter divorce and being left with nothing must be able to get through this!:rotfl:

njc12

tammyfshr wrote:

.too be honest i suffer from depression and used shopping as a cure.

Hiya - just wanted to let you know that I know where you are coming from with this. I too suffered from postnatal depression and now have clinical depression. I have increased our debts by shopping too much - it did give me a quick fix and made me feel better for a short time. I have spent much of 2006 hating myself for it but am determined that 2007 will be the year we deal with the debt!

Hope it helps knowing that someone understands where you are coming from

njc12 x

tammyfshr

thanks for the support!2007 is going to be a big change for me too.i want to concentrate on my family more and less on worrying about dedt.just cant wait to book the court date.roll on tuesday!

L3ighton

hi ppl, i'm thinkin of goin bankrupt as an IVA is not for me so i've been told, i dont really care for my credit ratin, i just want to get out of this hole which is gettin deeper and deeper everytime and i feel i cant get out, i'm really depress and i dont know what to do.

Can some1 give me advice

PLZ PLZ help me

Leighton

merry xmas every1 and a happy new yr,

njc12

Hi Mike please can I have a BCSC number??? So I can really feel like part of the club - the support on this thread is amazing!! Well done for starting it!!!:beer:

Mike_St_Helens

njc12 wrote:

Hi Mike please can I have a BCSC number??? So I can really feel like part of the club - the support on this thread is amazing!! Well done for starting it!!!:beer:

Here are some numbers fover the last few days I think they are right !!

Welcome !

welshfeathers04 32
tammyfshr 33
njc12 34

seven-day-weekend

I have never been bankrupt, or anywhere near it, and the debt I used to have I got out of relatively painlessly.

Having read much of this thread, I would like to add my whole-hearted support to it.

The anguish and despair someone must feel when they can see no way out from a mountain of debt must be intolerable. I can quite understand why people commit suicide over debt. Thank goodness there is bankruptcy when all else has failed. I do not think it is at all an easy option (as one or two people on here seem to think), there must be huge feelings of failure and other negative emotions as well as the relief from the burden of debt. And then of course the effects of bankruptcy stick around with you for a long time.

A friend of mine is about to go bankrupt, his marriage has broken up but his wife is buying his equity out of the house. On the surface, he appears very blase about the whole thing....but he has had a nervous breakdown and is now on antidepressants. He just puts his 'happy face' on to show the world. He's not feeling like that inside.

So, although I personally have no debt, have never been bankrupt and know nothing about it, I would still like to support this site.

Wishing you all well.

Happy New Year!

sandralovescats

seven-day-weekend wrote:

I have never been bankrupt, or anywhere near it, and the debt I used to have I got out of relatively painlessly.

Having read much of this thread, I would like to add my whole-hearted support to it.

The anguish and despair someone must feel when they can see no way out from a mountain of debt must be intolerable. I can quite understand why people commit suicide over debt. Thank goodness there is bankruptcy when all else has failed. I do not think it is at all an easy option (as one or two people on here seem to think), there must be huge feelings of failure and other negative emotions as well as the relief from the burden of debt. And then of course the effects of bankruptcy stick around with you for a long time.

A friend of mine is about to go bankrupt, his marriage has broken up but his wife is buying his equity out of the house. On the surface, he appears very blase about the whole thing....but he has had a nervous breakdown and is now on antidepressants. He just puts his 'happy face' on to show the world. He's not feeling like that inside.

So, although I personally have no debt, have never been bankrupt and know nothing about it, I would still like to support this site.

Wishing you all well.

Happy New Year!

I have not been bankrupt, I am doing what is called a no-payments lump-sum IVA but I may still end up there if my Medical Negligence Claim fails.

I was thrust into this position because of taking ill. It was as simple as that. I was working, self-employed, earning over £25000 per year, with credit cards and an overdraft, a car on a loan, etc. All was well. Then I took ill. I was signed off work and it all went pear-shaped. I dropped to £82 per week. Couldn't pay anybody anything.

Just like that, in the space of about 8 weeks I fell apart.