So here goes...

Ineedaname

I would check the terms of agreement for the grant, if you have one. Generally grants are not loans so you shouldn't be liable for letting them know of the BR.

Children's savings accounts - as long as the kids' names are on the accounts then the OR should declare no interest. The bank may close the accounts and return the money to you though and you'll have to sort something else out for the kids savings.

As long as you haven't prioritised any one debt over another there shouldn't be any questions asked about repayments.

arrowarra

I have had my loan on a reduced payment but not any of the others debts. Is this going to be a big problem and stop me going br? I guess this would be seen as prioritising. Whatever happens we cant afford all of the debts. Could they decline BR on this basis or would it be that the term gets extended?!?

chrissie52

Hello

I do not have any knowledge of bankruptcy but wish you well in getting your lives back on track. Regarding your employment situation, I wonder whether ACAS would be able to help on that front? Just a thought, they are pretty good on employment matters. I don't know if this has any merit but thought I should mention it.
Take care

arrowarra

chrissie52 wrote: »

Hello

I do not have any knowledge of bankruptcy but wish you well in getting your lives back on track. Regarding your employment situation, I wonder whether ACAS would be able to help on that front? Just a thought, they are pretty good on employment matters. I don't know if this has any merit but thought I should mention it.
Take care

Thanks for the kind message - i will look into that!

alastairq

arrowarra wrote: »

I have had my loan on a reduced payment but not any of the others debts. Is this going to be a big problem and stop me going br? I guess this would be seen as prioritising. Whatever happens we cant afford all of the debts. Could they decline BR on this basis or would it be that the term gets extended?!?

Favouring creditors means, paying one a lot more, pro rata, than the others.

This can be avoided by simply ceasing to pay all creditors [with unsecured debt], then offering a token payment to each...paying them regardless of whether they like it or not.

This token payment usually amounts to no more than one pound each creditor [per account] per month.

This is a commonplace procedure, often negotiated by your chosen debt charity..[CAB, etc].

It is rare for folk petitioning for personal bankruptcy to be refused at Court.

However, no-one on here will definitely state it wont happen... because there will always be someone out there who is the exception that proves the rule.

Providing you can demonstrate that, after reasonable living expenses are deducted, you have insufficient income left to pay your creditors, then you are insolvent.

As long as you can show you have 'taken appropriate advice' [from one of the debt charities] then there is really no reason why a Judge would refuse to grant you Insolvency.

Regarding the 'favouring' of one creditor over another?

This would all be sorted out eventually by the OR..and may involve a favoured creditor having to pay back monies received!

arrowarra

alastairq wrote: »

Favouring creditors means, paying one a lot more, pro rata, than the others.

This can be avoided by simply ceasing to pay all creditors [with unsecured debt], then offering a token payment to each...paying them regardless of whether they like it or not.

This token payment usually amounts to no more than one pound each creditor [per account] per month.

This is a commonplace procedure, often negotiated by your chosen debt charity..[CAB, etc].

It is rare for folk petitioning for personal bankruptcy to be refused at Court.

However, no-one on here will definitely state it wont happen... because there will always be someone out there who is the exception that proves the rule.

Providing you can demonstrate that, after reasonable living expenses are deducted, you have insufficient income left to pay your creditors, then you are insolvent.

As long as you can show you have 'taken appropriate advice' [from one of the debt charities] then there is really no reason why a Judge would refuse to grant you Insolvency.

Regarding the 'favouring' of one creditor over another?

This would all be sorted out eventually by the OR..and may involve a favoured creditor having to pay back monies received!

Thanks, really appreciate the input!