Going Bankrupt where to start

josieann83

Hi everyone,

Ok so me and the husband are splitting up and due to the scale of our debts and negative equity in the house have took the decision to apply for bankruptcy. We have no idea where to start so any help is appreciated.

Ineedaname

Hi Josieann and welcome to you.

First things first, read the sticky thread at the top of the board and then contact one of the debt charities listed therein. They'll help you go through all your income and expenditure to decide if BR is the best option for you.

Any speicifc questions crop up, just ask on the forum.

fermi

As said above, here: Look here first - Bankruptcy Help: Important topics, factsheets and links

Particularly paying attention on where to get free impartial advice.

Then ask us as many questions as you need.

josieann83

Thanks. i've registered with CCCS.

I know Bankruptcy will be our only option. We are breaking up but only have about £10,000 worth of equity in our home at a push and about £40,000 worth of debt. We are behind on everything due to me loosing my job, I now plan to go to university full time and move in with parents. He will be moving in with parents for now and although he works his income is only £12,000.

NeverAgain_2

The official line and the forms is here:

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/Bankruptcy/DG_187338

josieann83

Thanks, do we have to pay some fees?

NeverAgain_2

...Thanks, do we have to pay some fees?...

Yes - details on the first page of the link I posted earlier.

Quoting:

Bankruptcy fees you need to pay
The court will not consider your bankruptcy petition if you can’t pay the bankruptcy fees. These fees are:
£450 to cover the cost of managing your bankruptcy
£150 to cover your court costs, you may not have to pay this fee if you are on income support - court staff can advise you

Tupperware_Queen

Hi Josie and welcome to the forum.

Sorry to hear of your personal situation, I think you will find many of us on here in similar circumstances. There are lots of friendly folk about, so ask away - I know that when your mind is in a muddle you sometimes can't see the wood for the trees!