The Bankruptcy & Supporters Club - Part 2

njc12

Phew there you all are!!! Had been trawling the DFW board all night looking for you!! Thank goodness thought my lifeline had disappeared!

Love the new home!!! Feel settled already!!!! :beer:

njc12 xx

tight_jock

njc12 wrote:

Phew there you all are!!! Had been trawling the DFW board all night looking for you!! Thank goodness thought my lifeline had disappeared!

Love the new home!!! Feel settled already!!!! :beer:

njc12 xx

Nice to see you`ve made it.

Not sure that everyone has yet as been a bit quiet since we moved in.

Phatmouse

Hi there, My partner is going bankrupt this year and I was looking for advice on where to start. I have a six week old baby so don't have time to trawl through the posts, so I was hoping someone could point me in the right direction. I contacted the ccc's 6 months ago and everyone has agreed to the £1 per month but that is now coming to an end, the total debt is £32'000+. How do we start, where do we get forms, where do they go, do we have to pay anything, how long will the bankruptcy last. To be honest it all just seems too much with the new baby and although we have done the right thing for the last six months we could very easily bury our heads in the sand now simply due to finding the time!
Any advice would be great, thanks

lou031205

Phatmouse wrote:

Hi there, My partner is going bankrupt this year and I was looking for advice on where to start. I have a six week old baby so don't have time to trawl through the posts, so I was hoping someone could point me in the right direction. I contacted the ccc's 6 months ago and everyone has agreed to the £1 per month but that is now coming to an end, the total debt is £32'000+. How do we start, where do we get forms, where do they go, do we have to pay anything, how long will the bankruptcy last. To be honest it all just seems too much with the new baby and although we have done the right thing for the last six months we could very easily bury our heads in the sand now simply due to finding the time!
Any advice would be great, thanks

Hi Phatmouse

Congratulations on your new arrival! First of all, any judge will want to know if you have sought professional advice. So, the best thing to do is to contact one of the no-profit organisations such as NationalDebtLine CCCS, or Citizens Advice and tell them your situation. They will be able to advise you, and you will be able to say 'yes' if asked about whether you sought professional advice.

If you can face it, these guys on the forum give great advice if they can see a statement of affairs (i.e. list of income, expenditure, debts - including total owed, apr, minimum repayment and length of loan etc.). There may be other solutions than bankruptcy, depending on your circumstances.

The forms can be obtained from your court, but it is easier to fill them out online via https://www.insolvency.gov.uk - this way you can go back to them in sections. Forms get submitted online, and then you take 3 print outs to the court with you (but check with your local crown court, because mine only wanted one).

You have to pay £325 official receiver deposit, and £150 court fee. If you are on a low income you can be exempted from the court fee (we were on an income of £20,600 with 1 child), but everyone has to pay the £325 deposit.

Bankruptcy lasts one year. Whether you have to make IPA payments (normally 3 years, agreed with your official receiver) depends on your income and expenditure. If you will have a surplus of over £100 after essential living costs, you will be expected to make payments, but normally only 50-70% of the surplus. i.e £300 surplus, £180 payment, £120 for you.

If you have more questions, let us know

Louisex

yfsdeb

Yes I am bankrupt and happier for it.
My life changed last september as I took a long hard look at my life and realised I was unhappy with my partner , my job and my debts !!
In the space of a fortnight I got a job ( I was previously self employed) found a house to rent and left my partner.
In November 2006 I was declared bankrupt- this was down to previous debt I had before meeting my partner of 6 years and carrying him when his business fell apart.
I spoke to CCCS and they were fantastic, the process was daunting but hey I am a survivor and I am happier, just me and my two boys. I am having problems keeping HSBC account open even though this has no credit on it and no overdraft facility.
I am living proof that you can get through these challenges and would love to talk to others in similar situation.
Heres to 2007:j :j

lou031205

Phatmouse wrote:

Hi there, My partner is going bankrupt this year and I was looking for advice on where to start. I have a six week old baby so don't have time to trawl through the posts, so I was hoping someone could point me in the right direction. I contacted the ccc's 6 months ago and everyone has agreed to the £1 per month but that is now coming to an end, the total debt is £32'000+. How do we start, where do we get forms, where do they go, do we have to pay anything, how long will the bankruptcy last. To be honest it all just seems too much with the new baby and although we have done the right thing for the last six months we could very easily bury our heads in the sand now simply due to finding the time!
Any advice would be great, thanks

Hi Phatmouse

Congratulations on your new arrival! First of all, any judge will want to know if you have sought professional advice. So, the best thing to do is to contact one of the no-profit organisations such as NationalDebtLine CCCS, or Citizens Advice and tell them your situation. They will be able to advise you, and you will be able to say 'yes' if asked about whether you sought professional advice.

If you can face it, these guys on the forum give great advice if they can see a statement of affairs (i.e. list of income, expenditure, debts - including total owed, apr, minimum repayment and length of loan etc.). There may be other solutions than bankruptcy, depending on your circumstances.

The forms can be obtained from your court, but it is easier to fill them out online via https://www.insolvency.gov.uk - this way you can go back to them in sections. Forms get submitted online, and then you take 3 print outs to the court with you (but check with your local crown court, because mine only wanted one).

You have to pay £325 official receiver deposit, and £150 court fee. If you are on a low income you can be exempted from the court fee (we were on an income of £20,600 with 1 child), but everyone has to pay the £325 deposit.

Bankruptcy lasts one year. Whether you have to make IPA payments (normally 3 years, agreed with your official receiver) depends on your income and expenditure. If you will have a surplus of over £100 after essential living costs, you will be expected to make payments, but normally only 50-70% of the surplus. i.e £300 surplus, £180 payment, £120 for you.

If you have more questions, let us know

Louisex

lou031205

Welcome to our home, yfsdeb. Great first post. Our BR date was 16/01/07, so not far behind you.

Louisex

walidkhayat

I made myself bankrupt in Aug 2005 and was discharged in March 2006. I had a bad credit history before and since my discharge i havebeen trying to gt credit to try and rebuild my history but no one will touch me I am at my tether and relly dont know what to do can anyone please help. Plus i could do with the cash for now

Brokeandbothered

Hi everyone!
It my big day on friday, so I'm finishing up my forms tonight, getting them submitted and printed. It's a day early, but I don't want the stress of the printer not working, or the internet connection going down, which it keeps doing at the mo. I just wanted to check that I have done everything. I have done the statement of affairs. I realise that I have to fill in the debtors petition and althoug I can't see that at the mo, I do have a hard copy from the courts, so I'm not panicking. I will have the funds on friday when I get paid. Is that it? Have I forgotten anything? I've waited almost 10 weeks for this date to arrive, and I just don't want to mess anything up!

tammyfshr

pass driving test on monday and became bankrupt today.its only halfway through the week and i feel knackered.can i have a number please?