What to do?

bajanwoman

I am currently in around £50,000 worth of debt for various things eg, credit cards, loans, catalogue etc and am considering bankruptcy but I don't want to do this until next year. I am aware that there are many things that you cannot do whilst bankrupt and you have to live on the money allocated to you by the courts. I also have more than one bank account but only one which is really in use. Do I have to declare this considering I am not using it anyway and what are the things you cannot do whilst a bankrupt eg. borrow money from family/friends etc?

I am also planning to move to the caribbean within the next 3 years, what happens if I do not go bankrupt and effectively leave the debts outstanding, does anyone know?

lynzpower

Welcome

How come you dont want to go BR till next year ?

Lynz
x

bajanwoman

I am saving to visit my partner abroad in May 2007 for his 40th birthday and I know that this will never happen if I go ahead with BR right now. I know its the case of what is more important, but the debts won't go away regardless if I go away or not.

fatbelly

I don't think there are 'many things that you cannot do whilst bankrupt'. Just you can't

- Take out credit of more than £500 without telling the lender you are bankrupt.
- Use a new business name without revealing the name you were made bankrupt under.
- Act as a director of a company without permission.
- Act as an Insolvency Practitioner.

You have to declare all your bank accounts.

Bankruptcy might not be suitable for you. If you wanted to post a statement of Affairs, we would be able to give better advice.

Xbigman

So you are 50k in debt but still planning to go abroad. And you plan to move abroad permanently in three years and want to know what happens if you simply don't pay. Clearly you don't give a fig about clearing your debts and are just using this forum to put off the day this all comes home to roost.

No help from me I'm afraid.
Regards



X

lynzpower

I suggest you have a look into doing a SOA.

You can read how to do one with a read of southernscousers sticky - "first time posters"

sandralovescats

bajanwoman wrote:

I am currently in around £50,000 worth of debt for various things eg, credit cards, loans, catalogue etc and am considering bankruptcy but I don't want to do this until next year. I am aware that there are many things that you cannot do whilst bankrupt and you have to live on the money allocated to you by the courts. I also have more than one bank account but only one which is really in use. Do I have to declare this considering I am not using it anyway and what are the things you cannot do whilst a bankrupt eg. borrow money from family/friends etc?

I am also planning to move to the caribbean within the next 3 years, what happens if I do not go bankrupt and effectively leave the debts outstanding, does anyone know?

Your question is really "how do I escape paying my debts?"


No you do not live on money allocated by the Court!

The OR will do a SoA for you, which will then leave you with a disposable income. A percentage of this disposable income is then payable every month for 36 on an IPA. The percentage starts at around 50%. You have to have £100 disposable income before an IPA is given, and the payment would be £50per month for 36 months.

All of your bank accounts must be declared, whether they are dormant or not. If you have nothing to hide, why do you not want to disclose them?

You want to go bankrupt and then still borrow money from family and friends?

You want to disappear to another country to avoid paying anything towards your debts?

You can still be made bankrupt without your being in the country - it is done whether you are here to attend the court or not.

I know I am going bankrupt myself because I have no choice in the matter, but it seems to me that you just want to run away from your debt problem and not face up to it.

sandralovescats

bajanwoman wrote:

I am saving to visit my partner abroad in May 2007 for his 40th birthday and I know that this will never happen if I go ahead with BR right now. I know its the case of what is more important, but the debts won't go away regardless if I go away or not.

Considering the amount of your debt, bankruptcy may leave you with more spare cash than you have right now. You need to do an SoA asap.

bajanwoman

Thanks to all that responded, however, it appears that some of you have got the end of the stick, or maybe I have written this down wrongly.

I do wish to pay my debts off before I leave the country as I do not wish any debts to follow me, especially when I come back to visit. I also do not wish my children to receive any letters about me for outstanding debts.

Also in relation to going abroad in May 07, myself and my partner are planning to get married, therefore, this is the reason for my trip. (He is aware of my debts, however, is unable to assist as the currency for barbados is alot less than the pound).

When I asked about leaving the country without settling my debts, this was because I wanted to know about the worse case scenarios as to what could happen.

Ideally, I do not wish to go bankrupt, but I cannot see how I could pay this amount of money within the timespan of 3-5 years max.

sandralovescats

Bajanwoman I quote -

"I am also planning to move to the caribbean within the next 3 years, what happens if I do not go bankrupt and effectively leave the debts outstanding, does anyone know?"


I don't see how any of us got the wrong end of the stick, do you?

lynzpower

bajanwoman wrote:

Thanks to all that responded, however, it appears that some of you have got the end of the stick, or maybe I have written this down wrongly.

I do wish to pay my debts off before I leave the country as I do not wish any debts to follow me, especially when I come back to visit. I also do not wish my children to receive any letters about me for outstanding debts.

Also in relation to going abroad in May 07, myself and my partner are planning to get married, therefore, this is the reason for my trip. (He is aware of my debts, however, is unable to assist as the currency for barbados is alot less than the pound).

When I asked about leaving the country without settling my debts, this was because I wanted to know about the worse case scenarios as to what could happen.

Ideally, I do not wish to go bankrupt, but I cannot see how I could pay this amount of money within the timespan of 3-5 years max.

you migt think this is impossble, but plenty of people on here are doing just that. Yes debt can be overwhelming, but once we've seen your SOA, we cn see from there what is possible and what is not. You might be surprised