The Bankruptcy Club & Supporters Club

sandralovescats

Pobby wrote:

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

Yes, I am sorry to say, they can and they do seize personal pension plans. They have to be declared on the Statement of Affairs.

Mine is only up to just over £5000 but I think it will go too.

sandralovescats

ataction wrote:

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.

Up until 13th October I was self-employed - for 24 years no less.

In bankruptcy you will be required to give accurate and up-to-date details of your income. You have to do this for the Inland Revenue so what's the problem?

I had to do my Statement of Account for my Incapacity Benefit from April 06 to 13th October, before they would give me any money !

sandralovescats

ataction wrote:

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.

You MUST work out your income! There is no way of getting around that problem, I am afraid.
There are specific questions on the SoA for voluntary bankruptcy that you have to answer in that regard.

ataction

There is no problem, it is just not straightforward. My most recent accounts are 2004 to 2005 and shows net profit of £15K after monthly drawings of £750. Guess I need to sort out my 2006 accounts will show similar figures.

sandralovescats

ataction wrote:

There is no problem, it is just not straightforward. My most recent accounts are 2004 to 2005 and shows net profit of £15K after monthly drawings of £750. Guess I need to sort out my 2006 accounts will show similar figures.

Well, since your end of year 2006 statement is due in to the Inland Revenue, yes that is a good idea.
Your income is your drawings + your net profit = £24000 per year

ataction

Thaanks for that, yes I submit my return on line, so of course that is at the last possible moment. I do understand accounts, I am almost embarrased to admit I have post grad in managment accounting.

goldy

Been told by the CCCS that I should go bankrupt today.

Still in shock but have a few questions to ask:


1)What is the Nationwidw account called that gives accounts to bankrupt people (I just opened a flexiaccount)

2) Can I open a bank account now? (if the Nationwide is the wrong sort)

3) How long will it take to go to court once I've sent the forms in?

4) Can they turn down a request for bankrupcy - I am getting working tax credit until April but won't get it after that as I earn too much now so should I wait until April to go bankrupt? My overheads in rent as I live in London and my childcare will then take up most of my take home pay.

5) I have been still using my credit cards. What will happen about this?

6) Don't have too much of value but have a laptop for work which has software on that I need to do my job, will they take that off me?

7) Do they take any possessions off you?

8)How long will my bank account be frozen for?

Thanks.

goldy

Note to self: don't use size 6 text next time.

sandralovescats

Hi!

Answers to questions -

1. Not sure but as long as it is a basic account, ie no credit cards, no overdraft, no cheque books.

2. Yes

3. You need to make an appointment with the Court FIRST! I had to wait four weeks for my appointment and I live in a quiet area, not a city! In London you present yourself at the High Court with your money in your hand.

4. Yes, in certain circumstances.

5. There may be questions asked, by the OR, about this, depending on how much you have spent on cc's.

6. If the laptop is needed for work, no.

7. You must declare your assets - car, computers, flat screen tvs, etc.

You may lose private pensions, ISA's, savings, premium bonds etc

8. Yes, unless it is a basic account

rog2

goldy wrote:

Been told by the CCCS that I should go bankrupt today.

Still in shock but have a few questions to ask:

Thanks.

Hi Goldie and welcome to BCSC

I understand your shock, and all of your questions. There are too many to give all of the answers now, but you will find most of the answers by looking through this post.

All I would like to say, for now, is don't worry. CCCS would not have advised you to take the bankruptcy route if there were another solution, so look on it as getting a 'fresh start'

You will be allowed to open, or keep, a basic bank account - one that has no overdraft facility or cheque book. Nationwide do one (just ask for the basic account) but so do most of the other banks. If some of your 'debt' is with Nationwide you may wish to consider opening an account with a separate bank.

There s no hard and fast rule over delay between submitting the form and the court date. Generally it is 4 - 6 weeks, but there are people who have been dealt with n the same day as they submitted their forms. Depends on the workload of the court.

If CCCS have advised bankruptcy, I would think it very unlikely that this would be refused by the court.

I think you should stop using your credit cards - and also stop paying them, if they are to be included in your br. You won't be able to use them afterwards anyway, but using them in the knowledge that you are going to be declared bankrupt will not go down well with the Official Receiver.

I doubt that they will be interested in your laptop and they are extremely unlikely to take it from you if you need it for work

They CAN take our possessions, but, generally, they are not interested in furniture (unless it's a valuable antique), clothing or anything else you need for normal living.


The OR will decide on the future of your bank account.

Have a good look through the BCSC thread, and don't be afraid to ask any questions. There are many here who have been through Bankruptcy, or are going through bankruptcy. We try to help each other.

Good Luck
Rog2