Thinking I need to go bankrupt

freddy911

thewilf wrote: »

So if I stop paying all debts inc mortgage etc... and keep that money and at the end that adds up to the br fees and deposit and rent upfront for new rental property that's fine? Also the assessment of income for the ipo is reviewed, who decides whether this is up until discharged or until of ipo?
Cheers
Will

Yes spending the money on the things you suggest would be ok, an IPO is only forced through the court if you dont agree to the IPA the OR suggests. The OR decides if or not you have excess income to pay an IPA and has untill discharge to agree an IPA. After this time your free if the IPA is agreed or IPO forced through the court.

thewilf

The mortgage is in just my name but the reason im now thinking this is the only solution is my fiance does not want to get back together so i cannot afford the apartment and what we are agreein interms of a monthly payment to her for child support.

One thing is I have just sold my car with the iteration of buying something else as my old car was on the verge of needing massive repairs of almost the sale value. I was looking at putting this cash plus some of my own money towards another car, only about 1500 to 2500 on value. Is this going to be taken off of me when I go br or will they allow me this car so I can get back and forth to work and take my daughter out to park etc... for day?

Cheers for your help.

Will

tigerfeet2006

Is it essential for work? Do you actually need a car to get to work? Ie: there is not an easy bus route or it is not within an easy walk from home?

If so then I would stick with a car of around £1500. The general limit is £2k but better safe than sorry.

wownmenue

Hi
Due to unforseen circumstances I am going to be named as a trustee on money left by my grandmother to my grandaughters. As a bankrupt is this possible? Would I need to tell the O R and could he take the money. I will be a joint trustee. Any info would be a great help thanks.

thewilf

It is and it isn't. My normal job is on a bus route although it means getting into work an hour and a half early because of times an waiting an hour after I finish. Part of my job is a couple of times a month I have to go out and about for 2 days covering 200 miles doing surveys which I claim milage for. This isn't do able by bus so I need a car for that.

Also when should I go and file. I know after I move out but when with regards to payday?

Cheers

Will

thewilf

Sorry for posting again but forgot before. My ex is staying with her mum at the moment but when she gets her own place will want the furniture from the babies room. What will the OR view be on me needing to buy new furniture, cotbed, draws etc... be? Will they allow me money for this? I have furniture for me, it's just stuff for my daughter I will need?

Thank you everyone for your help and advice. I just hope I can advise like you guys when I am going through it to others in positions like me.

Cheers
Will

thewilf

One last stupid question I promise. If I have to stop paying everyone at same time while I'm here, mortgage and rent (its shared ownership) etc... that would include the payments to DG solicitors who would then reinstate the bailiffs warrant of execution and he would come knocking again? When the people I've stopped paying phone up and ask should I be honest and say I'm moving out shortly and declaring myself bankrupt?

Cheers will

thewilf

Sorry to bump this but the time my payments are due on ccj's is fast approaching.

Cheers will

geoffky

bump for you

NeverAgain_2

thewilf wrote: »

One last stupid question I promise. If I have to stop paying everyone at same time while I'm here, mortgage and rent (its shared ownership) etc... that would include the payments to DG solicitors who would then reinstate the bailiffs warrant of execution and he would come knocking again? When the people I've stopped paying phone up and ask should I be honest and say I'm moving out shortly and declaring myself bankrupt?

Cheers will

Probably best not to tell creditors of impending bankruptcy, apart from anything else, you cannot be absolutely certain you will be until the decision is made at court on the day.

But ultimately, it makes little difference, you cannot pay, bankrupt or not.

Assuming you've made the decision, best to get on with it.