The Bankruptcy Club & Supporters Club

PAW75

http://www.bdl.org.uk/images/01_ew_bankruptcy.pdf

I came accross this site thought it may be of some help to you. Its the National Debt Line Fact Sheet but outlines the effect of bankruptcy, duties of an undischarged bankrupt and what will happen to my home.

Hoping this helps you in some way.

seven-day-weekend

sandralovescats wrote:

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.

Yes, I know it can happen like that. My husband and I both had to change to part-time hours because of sickness, and that's how we got into debt. Luckily we had an escape route (an investment property) and we were able to clear the debts pretty easily.

But sickness can indeed change everything.

Mike_St_Helens

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!

Thank you for your support - its much appriciated.

It is certainly not an easy way out - but the emense feeling of releif when its over is phenominal !

Mike

tammyfshr

im really finding these forms hard.printed of my husband forms without checking them propably and have now got to change lots.have i got to put the same amouts for benifits and bills on each form(mine and my husbands)or split it in half.some benifits get paid to him and some to me.also still have about £4000 in bank.will taking it out look bad?got sofa from land of leather a year ago.its due to be paid next week.should i pay or add on to form and risk land of leather taking back the sofa?

tammyfshr

have we got to fill in two forms as a married couple?

sandralovescats

tammyfshr wrote:

have we got to fill in two forms as a married couple?

Yes, you do one for each of you. You go bankrupt as two individuals not as a couple!

Mike_St_Helens

tammyfshr wrote:

im really finding these forms hard.printed of my husband forms without checking them propably and have now got to change lots.have i got to put the same amouts for benifits and bills on each form(mine and my husbands)or split it in half.some benifits get paid to him and some to me.also still have about £4000 in bank.will taking it out look bad?got sofa from land of leather a year ago.its due to be paid next week.should i pay or add on to form and risk land of leather taking back the sofa?

We had to do 2 lots, but put the same figures on each form - make sure you add a note to say that they are joint !!

Check the land of leather thing, if it is not a secured or HP agreement, then it is an unscured loan and they cant do a thing if you dont pay.

Hmm... The 4k will look odd.... can you not 'spend' it really fast... On essential items?

tammyfshr

the sofa is on a buy now pay in a years time deal.will that count as a unsecured loan.it does mention in my terms and conditions you must not become bankrupt but it doesnt say what they will do.has anyone gone bankrupt while renting privetly?and what did your landlord do?.ive just read our tenancy agreement and it doesnt mention anything about bankruptcy.

tammyfshr

would the holiday class as a essential item?;)

PAW75

Tammy, make sure that you put the same figures on both accounts as it will be dealt with as a husband and wife case and linked together once it gets to the ORs office. You will be given seperate interview times eg. 10am for you and 11am for your husband on the same day. As discussed previously, they will just ask the 2nd person they interview if they agree with the reasons for bankrutcy in the first.


I suggest you telephone land of leather to see what their terms are with regards to their HP agreement.

The OR would not allow you to prefer one creditor over another.

I would first though speak to land of leather as if they haven't got anything in place for bankruptcy cases then just put them on the unsecured creditors list