The Bankruptcy Club & Supporters Club

sandralovescats

Great!

One less job to do!

Since so many more people are going bankrupt now, and many many more to come, the Courts will be getting used to having dozens of bankruptcies going through each and every week, so it is becoming commonplace.

ataction

I think I am facing bankruptcy,the noose is tightening and I am not sure what to do. To be honest my finances are a mess. I need advice.

gettingitsorted

At lincoln court they have had 836 bankruptcy's so far this year and they are expecting that the total for this year will double last years.

Any help i can be to anyone then ask away

gettingitsorted

sarah_skint wrote:

really glad everything went fine for you - hope that is the same for mike, did you get told when you would hear from the or?

Hi Sarah

Yes i was told that the OR would be in contact either this afternoon or tomorrow.

sandralovescats

ataction wrote:

I think I am facing bankruptcy,the noose is tightening and I am not sure what to do. To be honest my finances are a mess. I need advice.

First of all you need to do yourself a Statement of Affairs. Make a list of your outgoings, along with your incomings. Then work out all your debts. Then you can make a decision as to where you go from there.

Post your SoA here if you are okay with that.

Then we can help!

Chilli_2-2

HI GIS,

Well done on making it thru...it's really not too scary is it - everyone is so friendly and helpful!

I had my phone interview this morning with the OR, I was on the phone for 20 minutes, she asked me about my credit cards and loan, and how I'd managed to get into the situation I'm in. AT no time did I feel I was being judged.

The outcome at the moment is that my Tax Code will change, so that I don't pay tax until the end of the financial year. I am then required to pay the 'tax' to the OR who distributes it to my creditors. She said I wouldn't have to do an IPA because mine is the sole income for the household, and there isn't enough money spare after essentials like rent and council tax etc.

If my situation changes - ie hubby comes off Incapacity Benefit and gets a job then the OR will review the situation.

Hope this helps with what to expect from the interview with the OR!:j

Pobby

Jusy a quick question.Can the OR sieze personal pension plans?

ataction

GISorted
The situation in brief is that I have my own business (sole trader), for over twenty years. Over recent years (divorce etc) I have kept the business going and put two children through university, and in the course of that my debt has rocketed. Secured debt:- loan 35K, overdraft 15K, mortgage 22K Legal Aid £5K. The unsecured debt CCs etc £55K to trade suppliers £15K.
My assets are stock £60K and freehold property £300K.

Chilli_2-2

Pobby wrote:

Jusy a quick question.Can the OR sieze personal pension plans?

I really don't know that one - I'm sure someone on here will tho. I have a pension that I pay into through work - the OR didn't mention it at all

ataction

Thanks for your reply already posted a brief synopsis of affairs. I can detail my outgoings but income is more difficult, because I am self employed.