The Bankruptcy Club & Supporters Club

tight_jock

Hi TMD

I notice your SOA shows a surplus of over 300 quid. If you have this much over at the end of the month then BR may not be your best option as you will be given an IPA for around 50% of this which will last 3 years.
It may be in your interest to reassess your SOA to show less of a surplus??!!
:beer:
I have also noticed that people are paying for advice and arrangements to various companies. YOU DO NOT NEED TO PAY FOR THIS ADVICE. THE CAB MONEY ADVICE UNIT DID EVERYTHING FOR US INCLUDING FILLING IN FORMS, GETTING BR APPOINTMENT AND ARRANGING OUR SOA. She even came to court with us !!!!:T

TJ

tight_jock

HELP wrote:

HI,

I am about to take the plunge into B myself and my hubby, bit silly really as we are struggling yet needed to find £900 to go Bankrupt. We have been on debt plan for 2 years and it was never ending, we have taken 39 yrs between us to pay off debts so decided on Bankrruptcy. What happens can anyone tell me, after court appearance what does the OR do, do we have to meet them and how ruthless are they and what happens if you have excess funds, how do they decide how long you wil be b for etc.

Hi
I would stop paying any creditors as soon as you make the decision to go into BR. This way you should be able to use the money for your fees at court. The only downside of this is that they may (!?) start calling you up -but ,hey ....what`s new !!!!!!!!!!!!
After court you will get an appointment to discuss your circumstances with the OR - usually by phone. They may want to meet you but this seems to be unusual. All decisions made by the OR regarding assets are at individual officers discretion according to ours so there is a right of appeal against any of his/her decisions.
What I would advise is total honesty - and remember - they are human beings too and deal with members of our club every day of the week.:rotfl:

Best wishes
TJ

tight_jock

alidadas wrote:

I've just had my call from the Official Receiver too - lasted 28 minutes. Think he may have had me on speaker phone as the line wasn't particularly clear but he was really nice.

I've been very lucky and haven't had any phone calls or letters from my creditors since they've been informed I was bankrupt (5/12/2006) - the one company who previous to this had been phoning every day at all hours were the only ones I told over the phone and I expected them to be calling me still but they stopped immediately! I know not everyone is as lucky as that but I'm so pleased.

I can now give birth to this baby completely stress free (my due date is in 2 weeks) and I'm not worrying about my debts anymore!

I worry about my H's - they aren't big and we aren't struggling with them by any means but I'm determined that we're going to get them paid off as soon as possible so we'll both be debt free. I think I'm now destined to panic about money forever even though we're now quite comfortable.

CONGRATULATIONS

sandralovescats

TMD - you are not claiming enough if this is for two people!

Have copied your SoA -

Our SoA is currently:

Income

---

Total £2000 after tax


Expenditure

---

Rent £725
Council Tax £159
Groceries £200 up this to £400
Water £34
Electricity £140 (fixed monthly DD, everything is electric)
TV License £12
Telephone (Line Rental & Bills) £15
Clothing £20 Up this to £60
House Insurance £28
Petrol/Public Transport £200 (I currently commute 60 miles a day, hence the high fuel costs)
Tyres £25
Servicing £15
Insurance £75
Road Tax £10

Total £1643

Also I think the OR is still allowing for Christmas/Birthdays/Holidays - so add £50 per month for that too

TooMuchDebt_2

sandralovescats wrote:

TMD - you are not claiming enough if this is for two people!

Also I think the OR is still allowing for Christmas/Birthdays/Holidays - so add £50 per month for that too

Ok thanks, I shall make the amendments

Will the OR accept the fact that I am counting two peoples costs towards the total expenditure, given that my partner is unemployed?

sandralovescats

TooMuchDebt wrote:

Ok thanks, I shall make the amendments

Will the OR accept the fact that I am counting two peoples costs towards the total expenditure, given that my partner is unemployed?

You may have to include your partner's payments in with your income. I am sure that when your interview arrives you will have no problems with this.

When you petition for your own bankruptcy it is not usual for you to have a face-to-face interview - it will be done on the phone. However, for folks having bankruptcy declared on them they are almost always done that way.

bizzylizzy

I have very recently become BR and the OR would not allow anything for Christmas, birthdays and holidays. Not fair, I know, but that's what he said.

mumma_ib

Glad to know there are others, i was made bankrupt 3 and a half years ago and still finding it hard to get a bank account. It was taken out of my hands by the vat man, found it very humiliating and still don't feel quite right about it. This is my first time writing so bear with me i think i could become hooked

Brokeandbothered

Hi,
can anyone give me a hint on this one:

My partner and I have a joint account that we have just stopped using. All the bills now go out of an account that is in his name, I pay a fixed amount in each week - he is not going bankrupt. The joint account has already been frozen by the bank and it is £1,000 in the red. They (of course!) refused to take my partner's name off the account. I guess the overdraft won't be accepted in my BR, as my OH's name is on it, but he is with a debt management company and he can't pay it off either! Has any body got any ideas what might go on with this?

rog2

Brokeandbothered wrote:

Hi,
can anyone give me a hint on this one:

My partner and I have a joint account that we have just stopped using. All the bills now go out of an account that is in his name, I pay a fixed amount in each week - he is not going bankrupt. The joint account has already been frozen by the bank and it is £1,000 in the red. They (of course!) refused to take my partner's name off the account. I guess the overdraft won't be accepted in my BR, as my OH's name is on it, but he is with a debt management company and he can't pay it off either! Has any body got any ideas what might go on with this?

I think your partner will still be liable for half of the debt, and the bank may try to chase him for all of it - I think I'm right but would welcome clarification.