Deciding whether to go Bankrupt...

lisa.89

Thanks, I agree, I will not be paying out these fees. I have looked at the examples of fhe forms previously posted and think I can do most of it. When we come to it and have queries on the forms, do the charities offer to look over the completed forms before you go to court?

Thanks.x

Maizy

Not sure whether they can look over the forms (all help we got was over the phone) but they can answer any queries on the forms I believe and so can the forum so you have a couple of options.

CAB I believe can help with filling out the forms but they are worse than they look to be honest. Once we got our heads around setting some time aside, we just got on with it over a few days, a bit at a time but in plenty of time for the hearing. Keep a spare set of forms just in case you need to re-copy any pages.

You will be just fine, just keep thinking about yourself and family and what is best for your future and why you are doing this. There comes a time when you know there is no going back and forward is the only way. This will give you strength to tackle any issues that arise although you seem to be doing pretty good right now anyhow. Get as much info from the charity and once you have their recommendation, this should also move you a few steps forward. Good luck.

debtinfo

if you have had a business, then the best charity to speak to is business debtline rather than CAB or CCCS as they specialise in that area

lisa.89

cashkid wrote: »

Hi, Your situation is very like mine.

In July last year having taken advice from Citizen's Advice Bureau and CCCS (to go bankrupt) I began getting my paperwork in order so I was ready to go bankrupt if necessary. (I didn't WANT to) I tried a DMP but repayment period was too high (17yrs). My rental properties took all my cash and savings and more through non paying tenants. I went bankrupt last year and the mortgage company continually harrassed me and have now repossessed my two rental properties but I am still in my home for now. Hope this helps. I did all the forms myself. Pretty straight forward.Don't leave anything out or it won't be considered in your bankruptcy. Some people want money to help you. Stick to well known charities for advice. DON'T NEED TO PAY ANYONE. IT COST ME £700 in total which I had to borrow from a relative (£125 COURT FEE £575 O.R. FEE). Hope this helps.

Hi, Did you have to class rentals as a business?

Thanks

lisa.89

Hi,

Thanks for all your advice to date. Can I just clarify what happens once you are made BR? Do you see judge, get form signed then have the meeting with OR, who will then look at your income & expenditure. If an IPA is decided by OR, how do you pay into this each month?? I know you get NT tax code and they take the tax towards BR (Is this for one year only?), do they also take money put your wages or is it yours responsibility to make a payment each month (as we do with IVA by direct debit).

Also, if you have an unexpected expense i.e washing machine breakdown, can you make a reduced payment if you provide a receipt???

Many thanks
Lisa x

Vikipollard

Just a thought, but it might be worth looking through your IVA proposal as mine says that my IP will retain funds to petition for BR if the IVA fails.

Not saying yours will say that, but it might be worth talking the phraseology (if that's a real word..?) in the paperwork through with one of the free charities.

lisa.89

Vikipollard wrote: »

Just a thought, but it might be worth looking through your IVA proposal as mine says that my IP will retain funds to petition for BR if the IVA fails.

Not saying yours will say that, but it might be worth talking the phraseology (if that's a real word..?) in the paperwork through with one of the free charities.

Oh, thanks, will check it out.

So what you mean is fees paid into IVA could come back to us towards BR??

Thanks x