Advice about Bankruptcy

jojo1829786

Hi

I need some advice regarding Bankruptcy. Bascially i am 15 thousand pounds in debt and have been for five years. For the past two to three years i haven't paid anything back. I lost my job three years ago and it all spirialed out of control. I managed to get another job six months later, but i had a lot of family debt, so i focused on paying back family loans. I was then made redundant at the beginning of this year, and was going to go Bankrupt once i was redundant and unemployed, but i got another job. I then discovered i was pregnant.

Currently i am four months pregnant, and had decided that i've buried my head in the sand for too long.

But i have some questions,

What will happen if i go bankrupt while i am pregnant, soon i will only be on maternity pay? Will i lose all my child benifet and tax credits?
All of my debt is registered to my old address, but i have moved in my boyfriend. Will he have to be involved in my bankrupty?

Does my landlord have to know?
Does my current employer have to know i am bankrupt?

I am really scared about all of this but i need to sort it out for the sake of my child

Please help.

confused76

hi jojo, welcome to the board

i think the first thing you should do is speak to one of the free debt charities such as
www.nationaldebtline.co.uk
www.cccs.co.uk
www.citizensadvice.org.uk

they will look at your individual circumstances and provide you with your options.

there is some more information here about bankruptcy but br should only be a last resort so please take that advice
https://forums.moneysavingexpert.com/discussion/1056083

you will need to provide an up to date address on the br forms.

your landlord may be told by the official receiver, so i found it was better to be up front and explain myself. some tenancy agreements have a br clause in them so check yours out, but please don't panic. i don't think i have heard of anyone being turfed out by their LL because of the br

your employer won't be told but it depends what job you do, there may be a br clause in your employment contract so please check

i hope this has helped. it looks very daunting but you need that advice from a free debt charity and things will become clearer.

above all, congratulations on your pregnancy! please keep your cool because your health is more important.

take care x

IF

Hi Jojo and Welcome, You won’t lose your benefits. As long as you and your boyfriend have no financial links, bank accounts etc. he won’t be affected by your BR. Check your rental agreement and see if bankruptcy is mentioned, they ‘may’ contact your landlord as ‘some’ OR’s do. Is there a banruptcy clause in your job contract, if not then no. First thing make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another.

Please don’t do anything rash take your time and weigh up your options and read everything you can x


Please click on Blue links below.

For ‘essential’ BR info this is Fermi’s sticky - Click here

• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

More Debt charities also on Fermi’s link - Click here


And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.

Best wishes
If...x

IF

[STRIKE]Please press your spam buttons folks on post 2[/STRIKE] Thank you x

Edit: spam gone thank you all :T

jojo1829786

Thanks for your help.

I am just so worried, even worse now that i am pregnant.

Scared i'm going to be able to provided for my child is the worse feeling in the world and know its all my fault.

Are these charities able to meet me in person for help? I just find it hard talking about this over the phone, if that doesn't sound werid.

confused76

hi jojo

the CAB are face to face appointments, the other two deal over the phone. Have a look on the CAB website and see whether you need to make an appointment or there is a drop in assessment.

I know it is easy for me to say, but things will get better, take a few deep breaths and look up the CAB. We're always here to listen xxx

sugarbabe-47

Hi Jojo
I agree with Confused. I went to CAB and had a fantastic financial advisor who helped me every step of the way, and as a bonus he came to court too ( he wanted the experience and asked if I minded!! I was grateful that he attended with me )
CAB are busy and you may have to wait for an appointment but hang in there it is worth it. I had a letter from CAB to advice my pursuing debts that I was seeking assistance and that backed them off until I finally went B/R.
Please try to not worry and stress yourself out too much, and look after yourself. It WILL get easier and come here for any questions AND support - we all know how you feel, and you are NOT a failure
Take care
Sugar x