Gone bankrupt at last

scootw1

Mike, can I have a number please?

Finally declared on Thursday. The day went well.

Arrived at the county court at 10.15. handed over papers and fees and signed the three copies. The then phoned through to the main court where the judge was. A trip across town by about 11.00 I was in with the judge. He was very nice, not condescending in any way whatsoever. He said he assumed it was someething I had thoguht about for a while and had I sought professional advice. I said yes and told him i tried the IVA route but it didn't work out. He seemed impressed with that. Next, he looked at the clock and said he was granting the petition, wished me all the best for the future then told to follow the usher back out and go back to the county court with my papers. back at the court, waited 25 minutes for the OR to call. She just wanted confimation of my details, name, address, bank account details etc. I said I had about £400 cash in hand. "Is that your wages?" she asked. I said yes and she said they had no interest in that or my account. Said I would get a form through in a few days to set up a phone interview. Went back to my bank and they said the account would be fine, all DDs intact and as soon as they had written confirmation of the bankruptcy they would reactivate the account. The lady in there was very sympathetic, even said she came very close once herself. Came out of there feeling very relieved.

All in all, a very good day and a very good outcome. Just the interview to go now and the IPA and that's it. I will post again when I have had that to let you all know how it went.

A word of advice to everyone going bankrupt. Have something to drink to hand as my throat went really dry probably due to nerves.

Thanks to all on this site for their help.

tight_jock

Welcome to our world scoot

Glad to hear it all went smoothly. The OR interview by phone is mainly to confirm the details on the forms. Then if it`s pretty straightforward it will all go quiet while they do their investigations.

Here`s to the rest of your life :beer:

shameless-about-money

Well done Scoot!

All over now

scootw1

How long before the interview and the IPA usually?

plumduff-2

Hi Scoot,

Well done and the best of luck.... The time between court and the OR interview differs from OR to OR office... in ours it is about 4 weeks...

plumduff-2

BTW - how much disposable income did you have on the forms...?

scootw1

I ended up with £490 as i just had a pay rise. Council tax, rent and water go up in April so will be a bit less then but will have to re-submit forms (I would guess)

plumduff-2

Oh dear... did you follow the advice - as much as possible from DHUK...? re the expenditure items...?

scootw1

Yeah, as follows:

245.39 Rent
220 Housekeeping
52 Gas + Electric
18 Water
30 Telephone
90 Travel
40 Clothing
52 Council tax
30 Medical/Dental
20 Optical
10 Haircuts
20 Incidentals
60 Birthdays/Christmas/holdiays
11 TV licence
20 Dry cleaning/laundry
40 Student loan repayment
= 958.39

salary = 1449
-958.39
= £490.61

the problem is that my payrise this month took me from 1361 to 1449 thus affecting IPA bigtime. It may balance out a bit better after increases in expenditure next month

plumduff-2

Well if it does go dow, anytime during the 3 years, make sure you submit a new I&E to the OR.. you may get a reduction...

With surplus income of £490... you should be looking at an IPA of £323 or 66%... so would at least leave you with some of this...

scootw1

plumduff-2 wrote:

Well if it does go dow, anytime during the 3 years, make sure you submit a new I&E to the OR.. you may get a reduction...

With surplus income of £490... you should be looking at an IPA of £323 or 66%... so would at least leave you with some of this...

Well, I can see rent going up by at least £10 a month, Council tax by another £20 and water a few quid so that could bring the surplus down to about £455 but of course the yearly payrise will be due after April (The one I had this month was Agenda for Change)