Advertised Bankruptcy?

kimlyn_2

I am seriously thinking about going bankrupt.I have had enough of all the sleepless nights and arguements with my husband.
The thing that concerns me is,will it be put in the local paper in the courts section and will my employers know?
I don't know what will be worse,comments from friends and work colleages,or just continue with the worry.

Biffa

It's a very small bit in the back of the paper under the legal notices section that, to be fair, hardly anyone ever reads anyway, so I really wouldn't worry about it. Time to worry is when you've been on Trevor Mcdonald, then GMTV and the lady in the chemist recognises you three days later!

dancingfairy

Hello :hello:
have you looked at all your other options ? IVA, DMP etc? Has anyone (charity? - CAB/Payplan /CCS) advised you this is the best course of action.

I would not jump into it lightly. If you put your SOA up (see Southern Scousers sticky for new users) we may be able to find ways in which you can cut back on things that you hadn't thought of and maybe we can help you decide what the best course of action is.

Bossyboots

Biffa wrote:

It's a very small bit in the back of the paper under the legal notices section that, to be fair, hardly anyone ever reads anyway, so I really wouldn't worry about it. Time to worry is when you've been on Trevor Mcdonald, then GMTV and the lady in the chemist recognises you three days later!

You can't possibly know that hardly anyone reads the bankruptcy notices. If the employer or other staff regularly read the paper and the other notices, then yes they are going to see it. Bankruptcy notices in my local paper are in the same section as planning and other bits and pieces we always check and many people are just plain nosy so I would say there is more chance of it being seen than not.

Biffa

Quite frankly, by the time I'd got to the point where I'd filled in the paperwork, been to court and got home, by the time the bankruptcy was 'advertised' in the local paper about 4 days later, I'd gone way past caring about what anybody thought.

fatbelly

Hi Kimlyn

I responded to one of your earlier threads so I know that you are trying to sell your house even though there is effectively no equity in it. Bankruptcy might be a good option. What other debts do you have? Are any of them in joint names? Do you have accommodation sorted out yet?

Sorry for the questions but the more info we have the better advice we can give.

rog2

Hi Kimlyn,

There are many other implications to bankruptcy than just the neighbours finding out about it in the local press. I would, also, imagine that these announcements are 'trawled' by the DCA's and Bottom End finance companies. There are also implications for credit, employment and ANY joint account that you may have could also link your husband's finances to your's.
My own bankruptcy hearing is next week and, to be honest, whilst I am releived that I will be 'free' of the harrassment of DCA's etc., I am quite frankly worried stiff for the future.
I have got a lot of advice from this forum and also from the Insolvency Helpline and National Debtline websites. In spite of this, very helpful, advice, if I could alter the situation even this late, I would.
So why not post your SOA and let's see if there are any other alternatives for you.
Best of luck
Rog2

going2die_rich

If your jobs in the financial sector it may effect your employment there as I know some (if not all) banks check each employee for CCJ's etc to ensure they aren't in financial trouble (i.e. likely to be a risk of stealing funds if the opportunity presents it's self.)

This may also apply to people in your household, children and other half. Worth checking out if it's applicable to your situation.

kimlyn_2

We have already moved into rented and foundout today that if we go bankrupt we can be evicted,so this is not going to be an option now.
We have £93,000 debt with different credit cards and loans,but I have found out today about voluntary repossession.Our flat is back on the market this week but with no real interest as yet and we just can't afford to pay nearly £900 at the end of this month for the mortgages.
If we could just get rid of our flat and pay these,we can cope with paying the agreed reduced payments to our other creditors.Finding somewhere to live isn't a problem because we have that already.Do you think voluntary repossession is the answer or will Abbey and Citifinancial allow us time to sell?
Really grateful for all your help.

rog2

kimlyn wrote:

We have already moved into rented and foundout today that if we go bankrupt we can be evicted,so this is not going to be an option now.
We have £93,000 debt with different credit cards and loans,but I have found out today about voluntary repossession.Our flat is back on the market this week but with no real interest as yet and we just can't afford to pay nearly £900 at the end of this month for the mortgages.
If we could just get rid of our flat and pay these,we can cope with paying the agreed reduced payments to our other creditors.Finding somewhere to live isn't a problem because we have that already.Do you think voluntary repossession is the answer or will Abbey and Citifinancial allow us time to sell?
Really grateful for all your help.

Firstly, unles it is written into the conditions of your rental contract, it is very unlikely that bankruptcy will mean an automatic eviction. CAB can advise on this, and on alternative housing options.
I do not know about voluntary repossession on property, however, I would be inclined to approach the Abbey and ask for time to sell. Also the Abbey have several options which they could offer (does not mean they will, though) to assist financially whilst you find a customer.

Richard_S

Hi kimlyn,
There is a big difference between "can be evicted" and "will be evicted". The bankruptcy route doesn't happen overnight and if you've been a good tennant for 3 or 4 months I can't see any landlord wanting to risk evicting a good paying tennant for an unknown quantity.

When we knew that we were facing bankruptcy we stopped paying the mortgage so that we could save up for a deposit on rented accomodation. It's almost 4 months since we last paid anything and we've still got the house; might be worth considering for you?

Rich