The Bankruptcy Club & Supporters Club

Ames

I'm seriously considering bankruptcy, I've got an appointment with CAB tomorrow but I've just got a few questions I thought you might be able to answer.

Do I have to include all my debts? I have some housing arrears (because of having to pay two months on two places whilst serving my notice in one place) and if I go bankrupt and they get wiped out I'm worried the council will evict me. Would I be able to not include this and keep paying it back as I am doing?

I've recently signed up with a charity that helps disabled people back into work, hoping to set myself up as a freelance writer of some kind, will being bankrupt have any effect on being self employed, I don't know how it works with the taxman.

When I moved house I forgot to tell the bank for a couple of months and so didn't get any statements, how can I get them as I'll need them whatever happens? I can't really afford to pay £20 each.

I think that's all the general questions, everything else is more specific to my situation so I'll need to speak to CAB about it when they know everything.

Thanks

Ames

rog2

Ames wrote:

I'm seriously considering bankruptcy, I've got an appointment with CAB tomorrow but I've just got a few questions I thought you might be able to answer.

Do I have to include all my debts? I have some housing arrears (because of having to pay two months on two places whilst serving my notice in one place) and if I go bankrupt and they get wiped out I'm worried the council will evict me. Would I be able to not include this and keep paying it back as I am doing?

I've recently signed up with a charity that helps disabled people back into work, hoping to set myself up as a freelance writer of some kind, will being bankrupt have any effect on being self employed, I don't know how it works with the taxman.

When I moved house I forgot to tell the bank for a couple of months and so didn't get any statements, how can I get them as I'll need them whatever happens? I can't really afford to pay £20 each.

I think that's all the general questions, everything else is more specific to my situation so I'll need to speak to CAB about it when they know everything.

Thanks

Ames

Hi Ames,

You will need to clarify the exact answers - insolvency helpline website is a good place to look, but, as I understand it:

1. If you do not include a debt in your bankruptcy, the original creditor may still continue to chase the debt, by conventional methods, including county court action. You may wish to consider that you may not be left with enough disposable income to service any debt you may not have declared.

2. It would appear very unlikely that the council would evict you if you include these arrears in your bankruptcy - the OR will include them in your list of creditors and, if they would be entitled to the same consideration as your other creditors. CAB will probably advise you more specifically tomorrow.

3. Speak to your bank - they may waive he fee for the statements.

Good luck at CAB

Ames

Sorry, should probably have explained, i'm on Income support and so there's not likely to be any money to give to my creditors, although I could manage the £3 a week to housing arrears.

CAB have already told me that I could come to an arrangement that means repaying £1 a week to each creditor, but that would mean paying back for 36 years. Also, if I got a job they'd come after me for more money, but my income would be less and my expenses more. CAB's attitude was that it doesn't matter because I'm better off on benefits, but money isn't everything.

Ames

don5_2

hi mike.

im not but my close friend is stuggling along at every other option so do we count and whats our number please. perhaps you could email me regarding property and bankrupcy and how to save it as that is our fear .. to keep that as life is just a struggle..,

thanks mate await our number....

D.

rog2

Ames wrote:

Sorry, should probably have explained, i'm on Income support and so there's not likely to be any money to give to my creditors, although I could manage the £3 a week to housing arrears.

CAB have already told me that I could come to an arrangement that means repaying £1 a week to each creditor, but that would mean paying back for 36 years. Also, if I got a job they'd come after me for more money, but my income would be less and my expenses more. CAB's attitude was that it doesn't matter because I'm better off on benefits, but money isn't everything.

Ames

Which is probably why it will be best to include your arrears in with your other debts.

Ames

Just spoke to CAB and they agree that bankruptcy is the only real option, so can I have a number to join the club please?

They also said that if I include the rent arrears in the bankruptcy the council wont throw me out, which was my main worry so that's fine.

Papers are in the post and I'm already feeling better about it all.

kinaho

I am going to be bankrupt soon.I have £35000 in debt.i have really enough.I have just got married.My wife is trying to open up a bank account.i am thinking to get her a joint bank account with my already existing barclays.The question is will that make her look bad too? will she also be bankrupt?Or would she be able to go as normal after all its me gone bankrupt.or will i be better off just opening her own new first time bank account?

rog2

kinaho wrote:

I am going to be bankrupt soon.I have £35000 in debt.i have really enough.I have just got married.My wife is trying to open up a bank account.i am thinking to get her a joint bank account with my already existing barclays.The question is will that make her look bad too? will she also be bankrupt?Or would she be able to go as normal after all its me gone bankrupt.or will i be better off just opening her own new first time bank account?

Whatever you do, if you are considering bankruptcy, do NOT open any joint account with your wife - this could link you financially. Make sure that you have absolutely NO joint accounts or credit cards.
Good Luck

kinaho

Thanks Rog 2 for advice

GrannyKnits_2

Hi i would like to join please, I was declared discharged last month after 6 months.

Went through an awful time before i actually decided to go ahead. Had helop and advice from CAB. The actual process was the easiest bit! In and out with the Judge and spoke to the official receiver on the telephone the next day. No income, no assets so straightforward really.

• Tip - I changed bank acount before I applied as one of the CC debts was with my bank and the could have closed it.

• The only real downfall now is not being able to have a debit card. (Can't use Tesco online and get all those points!) Don't ever want any cc's again so that's not an issue.

It did go in our local paper and London Gazette(?), nosey neighbours saw it but they were the only ones who mentioned it to me.

• The up-side is being able to buy things with cash, before all the money went on paying off the cc there was barely enough to buy food lt alone anything else. That's the vicious cycle we were in. It has lifted a weight off my shoulders although if i think too much about it i do still feel guilty.

So, if i can lend any support or advice I am more than willing.

• For anyone going through it now, or about to, there's plenty of support here. It will get better:D