The Bankruptcy & Supporters Club - Part 2

vinylmusic

As a sole trader doing home visit computer maintainance going bankrupt, is it possible to continue working?
It would be very difficult to continue working without a bank account. Is there a solution to that

Does going bankrupt mean having bailiffs coming to recover what they can from posessions? If so, what can they take and what cant they?

Are there any better alternatives to bankruptcy?

Thanks in advance for any answers.

---

Don't take life too seriously. You'll never get out of it alive.

berkybean

Hi all

This seems like a good place to introduce myself.

I went bankrupt in August 2004 after losing my job. I was barely managing with my debt when I was working, so when I lost my job I was forced to deal with my debt. At the time, I had no assets to speak of and was renting a flat.

I was discharged about 17 months ago now and it was such a weight off my mind. In the end, it was about £27,000 worth that was wiped out and I've been able to build my life back again.

I'm here on this site because I want to learn from the mistakes I made and to support others that are going through the same thing.

Vinylmusic - you should be able to open another basic bank account.

tight_jock

Brokeandbothered wrote:

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!

Don`t panic.

Get all your forms filled in the best of your ability and then print them off. If you have made any errors or not signed a bit then the court office will sort it all out when you present your papers at the office.


All the best for Friday.
TJ

Mike_St_Helens

walidkhayat wrote:

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

All the info on your credit file, including your dischargedbankruptcy will be on your credit file for 6 years at least. I very much doubt any lender will offer you a credit facility for the near future, so Id put the idea of borrowing firmly at the back of my mind.

The best thing you can do, is run a decent bank account, and develop a relationship wuith that bank... so in the future they may put theor trust in you and lend to you.

Please be careful not to take any unecessary credit....

It may sound harsh but thats the way things are for a while im afraid.

Mike.

tight_jock

tammyfshr wrote:

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?

CONGRATULATIONS

THE REST OF YOUR LIFE STARTS HERE

:beer:

Mike_St_Helens

tammyfshr wrote:

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?

hey there....

WELL DONE for passing ... BEEP BEEP !!

You were given your number in the old thread hun.. 33

Mike_St_Helens

vinylmusic wrote:

As a sole trader doing home visit computer maintainance going bankrupt, is it possible to continue working?
It would be very difficult to continue working without a bank account. Is there a solution to that

Does going bankrupt mean having bailiffs coming to recover what they can from posessions? If so, what can they take and what cant they?

Are there any better alternatives to bankruptcy?

Thanks in advance for any answers.

---

Hi there, there should be no issues with you continuing to work.. how else are you to earn and get back on your feet... Dont worry

You can get a basic account, some banks if you dont have borrowings with them dont even have a problem with the big B...

NO bailiffs come whatso ever, unless you have a picasso or the likes inyour lounge !!

There are loads of other options, all depends on what you want, how severe your situation is and what you think of the procedures and how you will feel....

Try post a statement of your affairs, ie income, loand, cards, borrowings, outgoings etc etc... then people will be able possibly to point you in the right direction...

Hope that helps a bit, there are loads and loads of people here able to offer great advice, as long as you provide the facts.. we will try put your mind at rest. It aint that bad at all...

Mike

tight_jock

vinylmusic wrote:

As a sole trader doing home visit computer maintainance going bankrupt, is it possible to continue working?
It would be very difficult to continue working without a bank account. Is there a solution to that

Does going bankrupt mean having bailiffs coming to recover what they can from posessions? If so, what can they take and what cant they?

Are there any better alternatives to bankruptcy?

Thanks in advance for any answers.

---

Welcome to our world!!!!!

Yes you can continue trading but there are restrictions. Not sure whether you will be allowed to keep a business account - others on here will be able to help with that one.

You will not have the bailiffs or anyone coming round to inspect or remove any possessions. A list of your assets will be compiled from information supplied by you . On that basis , any valuable assets ( That Rembrandt you`ve got under the stairs for example!!!!) may be taken for sale. Usually a car of high value or the home are the main assets required.

DMP or IVA arrangements may be more suited to you, but you will need to get advice first.

I suggest you contact CAB, CCCS Payplan or similar to get FREE professional advice. This will be asked about by the judge if you go bankrupt.

Hope this is of some use

Mike_St_Helens

berkybean wrote:

Hi all

This seems like a good place to introduce myself.

I went bankrupt in August 2004 after losing my job. I was barely managing with my debt when I was working, so when I lost my job I was forced to deal with my debt. At the time, I had no assets to speak of and was renting a flat.

I was discharged about 17 months ago now and it was such a weight off my mind. In the end, it was about £27,000 worth that was wiped out and I've been able to build my life back again.

I'm here on this site because I want to learn from the mistakes I made and to support others that are going through the same thing.

Vinylmusic - you should be able to open another basic bank account.

Why hello there....

Welcome to our world. Its a nice place here and we all have a lot to learn from our errors and each other.

Would you like to join our ever popular BCSC club ?? You get a free number and invites to very good virtual parties !

Please dont listen to Rich, Rog2 or Tight Jock when they ask you to put keys in the fruit bowl.. Ive no idea why they insist on this ritual....

tight_jock

Mike_St_Helens wrote:

You were given your number in the old thread hun.. 33

:rotfl: ARE YOU SURE !!!!!:rotfl: