Trying to cope with this!

Basil_Brush_5

Hi all,

I have read a lot of the advice about Bankruptcy on the posts and also as much as I can get from other useful documents etc. I stand as many others with the problem of going BK. I have not run up debts etc I made a deal with the devil (or Cruella Devil) I received an invoice for over 100K in the form of liabilities. Very stupid I know and the soliciters are in contact with each other now, I do not have anything like this amount. I have a little saved from my MOD pension which will pay the soliciters fees. I have had enough of the tit-for-tat thats been going on and am now considering going down the BK route.

I am in private renting accom and have little in the form of things that anyone could sell and gain much from. I know they can/will look at all my income and outgoings and what is left will go to 'Cruella', I do however have a few questions if anyone can help.

If I go BK my aim is to give as little as possible to this person, although making sure that I give all possible help and assistance to the OR in order to come to a resolution. My first question is:

1. I (individual) will go BK, my wife being on little, infrequent and temporary wage, how is this worked out? she needs the car to go to work and drop the kids off. It is me that this person wishes to gain from and not the remainder of the family?

2. For a number of years we have put a small amount of money into the children's savings - will this stop and can the OR take money from their and my wife's account?

3. Does the OR take into account cost of living rises throughout the period of time of the BK or would I be required to inform him/her so that adjustments may be made?

4. Am I able to set aside monies for holidays in the future e.g. we go on UK holidays every year does this mean I will not be able to take the family on holiday until the BK is over?

Many thanks for looking and if you can give any info it is greatly appreciated.

Basil

less2303

1. Your wife would be expected to contribute to your household expenses, based on her wage. It depends on the value of the car, and what it is used for, if it is not a neccessity, then it may well have to go, or at best be replaced with one of a lesser value.

2. Your childrens and wife's saving cannot be touched.

3. If your income and expenditure changes during BR, if you have an IPA you would need to inform the OR.

4. Some OR's will allow you to set aside a monthly amount for Holidays, others wont! All you can do is list it and hope for the best.

Basil_Brush_5

Many thanks,

I don't think the car would be a problem as my wife has a War disability Pension and we live out of town not on any bus route, the car is not worth that much anyway so we can't down size any lower! What about continue paying into the children's savings as normal?

Cheers Basil

less2303

I'm afraid further contributions to the childens savings wont be allowed as already stated.

Basil_Brush_5

Hi and many thanks for the advice so far. I spoke to the legal people today who are organising a meeting to see if we can come to some agreement. I told them my concerns etc and they have given me some options before BR. My concern is that I think that although BK will stick for some time the BK will give the other party no more than 10K estimate. However if their demand is a lot more which I am not willing to pay, can I still apply for BK before their proceedings happen. e.g if they sue me for the money and I am requred to go to court?

As I mentioned before my aim is to give them as little as possible, its not as if I have spent their money etc I have been trapped into a liability case which i cannot get out of! I sory if this sounds like I am not the cuilty party but I think that its the other party thats bitter and twisted!

Many thanks

Basil

Basil_Brush_5

Is there a figure of value on household items which the OR will consider to take and sell? We don't have anything on HP etc and nothing I would consider they would get if they took it away. An example is our leather settee which is about three years old and about £2000 new.

Regards
Basil

Basil_Brush_5

Hi again,

How would the OR work out my income or more specifically taking into account my wife's income as I will be the one going BK? I have read that they will expect my wife to contribute to the housekeeping, which I think is fair enough however she is on a low wage (only a few hours a week) and this is only temp work which could end very shortly?

Heres my situ with income:

1. I have a regular wage.

2. I have a Pension comming in from the MOD.

3. My wife has a War Disability Pension.

4. My wife has a temp low and inconsistant wage.

5. We have Child Benefit and Child Tax Credit.

Many thanks

Basil

tight_jock

Hi Basil

Our children`s bonds are allowed .:T

I think I have seen a figure of about £60 per month being allowed for holidays somewhere. But if not, as Toots says, it`s only a year or less if you get an early discharge.

Benefits, whilst income , should not be touched as far as I know.

Re personal possessions ; Unless you have a Picasso under the stairs then you stand to lose little or nothing of your personal stuff. Property and cars are the main items which will be assessed. The OR very, very rarely visits your home so all assets are listed on the petition.:T

Basil_Brush_5

Cheers Tight Jock,

The Picasso was looking a bit dusty anyway and there's a brew stain on the front of it! Although I have not started the BK yet we booked the holiday for this year and going to pay very soon, we took out insurance so if we did have to cancel we should get somthing back, anyway as you say its only a year.

Many thanks

Basil