The Bankruptcy Club & Supporters Club

Mike_St_Helens

monkeyy wrote:

Hi all was just wondering if anyone currently going through bankruptcy could tell me about the pros and cons from their personal experience.

We could start another thread with this one Monkeyy....

Pro';s are that it releaves you from overwhelming debt and the stress that goes with that. I think everyone will agree that that is the main pro.

Cons.. Well its very stressful, worrying and uncertain. But the Pro's outway the cons for people who need it.

Have a good read through this thread. There are a lot of peoples thoughts and experiences on here.

sarah_skint

i have a budgie ( really i do - called charlie) his food run out yesterday but hey on my soa he may well cost 15 a month

sarah_skint

monkeyy i'm sure i replied on the other thread, do you intend to go back to work soon? Do you have any assetss etc own your own home? Have any joint accounts?
don't mean to be nosey trying to help!

monkeyy

sandralovescats wrote:

What do you want to know? Give us some direction!

How to start the ball rolling,I am off to the citizens advice bearux today to have a chat and see what they say. so I guess thats a start in the right direction

monkeyy

sarah_skint wrote:

monkeyy i'm sure i replied on the other thread, do you intend to go back to work soon? Do you have any assetss etc own your own home? Have any joint accounts?
don't mean to be nosey trying to help!

Yes as soon as im fit I will be back at work. Asset wise I have a £3k car a tv and a washing machine. recently moved back in with my parents after my gf ran off with my supposedly best mate. not really much in the way of assets

scootw1

Dont forget Scoot.. The IVA was in the interests of your creditors. getting them the much possible out of you. Bankruptcy is a fresh start. The OR will want to see you living normally and within your means,. So if you feel that living off approx £1000 is sufficient, then so be it... Thats fine. If you think you will need £1100 or more etc etc.. then work it ourt so your expenditure is correct. The OR wont want to see you struggling,. as then yopu may be inclined to borrow again.. and you dont want to get in a mess again.

By the time your BKY is through, it takes a while for the IPA to set in. so include Aprils figures now... Dont include wage rises though.


But you shouldnt distort figures too much though.

You say the IPA doesn't kick in straight away. how long does it take?

Going back to the bank statements they want, I was going to see the CAb about the expenditure sheet. If I was to cancel the IVA now and dont see the CAB for another month, will I have to leave the payment in the bank as the OR will question it will they not if I draw it out?

Richard_S

Hi Mike,

You were spot on starting this thread, it gets lots of looks and I'm sure people looking for advice and reassurance have been well catered for.

Perhaps you should contact one of the TV Channels with a view to producing "I'm a bankrupt, get me out of here" Lol.

Errr, maybe not, your trustee would get all the proceeds.

Rich

sarah_skint

best to speak to someone at the CAB - then come back here and have a chinwag..............It may be better for you to go on a dmp . when you say back to work - are you going back to where you were before or trying something new? Only if you were going back to where you were at least you would know what your income would be for the time being.
Good Luck with the CAB
Sarah

sarah_skint

Perhaps you should contact one of the TV Channels with a view to producing "I'm a bankrupt, get me out of here"

:rotfl: :rotfl:

i would rather have my name in paper for and sundrie to see rather than eat those maggots lol

scootw1

New SOA:

255 Rent (anticipated in April)
60 Council tax (anticipated in April)
50 Clothing

35 Gas (dont know about this. Only paying £15 DD at the moment but bound to increase over winter)
40 Electric
30 Phone
30 Medical/Dental
20 Optical
60 Travel
20 Water
200 Shopping/toiletries/food
10 Haircuts
20 Incidentals (what does this include?)
60 Birthdays/Christmas/holdiays?
11 TV licence (and this one)
20 Dry cleaning/laundry

That brings it down to 440 surplus. This about right then? What does that make my IPA?