Hello Everyone

debtinfo

Steve_C wrote: »

Again thank you.

My wife would prefer to list all the Outgoings separately. Rather than adding them together.

She feels that we should do this individually. She just thinks it will be easier if we are interviewed separately.

In other words I do mine.

And she does hers.

Would this be OK and as you said we could both explain all the details to the Official Receiver.

Steve

She can do but the OR will just add them together anyway as the OR will have both your forms, but if she wishes to she can, there is no proscribed way to do it, (ie neither way is wrong but together is how the OR will look at them)

skylight

Steve_C wrote: »

Also the fees will be £525 plus £175 for the court fees. It will take a while to save this up. You are aware that that amount is each? You may get remissions on the court fees if you are on a low income or particular benefits - http://england.shelter.org.uk/__data/assets/pdf_file/0018/119601/EX160A_Court_fees.pdf and http://www.mensaid.com/documents/fl/ex160a.pdf

Hope that helps a bit

Steve_C_4

Thanks again everyone.

We haven't looked at the living costs that are allowed.

We do have a daughter at University.

Are we allowed to continue to help her.

The main problem will be when she comes home for the summer break.

Although she'll be looking for a job but with the economic problems it may be difficult to get one

Having said all that it will take a few months to save up the B/R fees.

We will need to pay the court costs because our income goes over the criteria.

So I guess this summer we'll be do what we can to help.

But will we be allowed to when we are both bankrupt.

We both really appreciate the replies particularly this holiday weekend.

It's extremely kind of you.

Steve

Depth_Charge

Steve_C wrote: »

Thanks again everyone.

We haven't looked at the living costs that are allowed.

We do have a daughter at University.

Are we allowed to continue to help her.

The main problem will be when she comes home for the summer break.

Although she'll be looking for a job with the economic problems that may be difficult.

Having said all that it will take a few months to save up the B/R fees.

We will need to pay the court costs because our income goes over the criteria.

So I guess this summer we'll be do what we can to help.

But will we be allowed to when we are both bankrupt.

We both really appreciate the replies particularly this holiday weekend.

It's extremely kind of you.

Steve

If she is classed as non-dependent of you for example an adult who you no longer receive child benefit for then I cannot see the O/R making an expenditure allowance for her.

You can still support her but it will have to come out any of your spare monies if you see what I mean.

As far as the £175 court fees are concerned, are you sure, as you may be entitled to part remission, based on your circumstances of course.

Also there are charitable organisations that may help with bankruptcy fees, this includes the Royal British Legion if any of you meet the eligibility criteria

There are guideline figures for living and other allowances / costs etc, however these are not set in stone

You may also have to address your creditors and debts on a temporary basis while you raise the necessary fees to avoid any potential hassle and unwanted problems.

Are you absolutely sure that bankruptcy is the right option?

It is difficult to help you in some areas as we do not know your overall circumstances.

Steve_C_4

Hi Depth,

Yes we have taken all the advice from the CAB and B/R really is the best and only answer.

We have talked to our creditors and most have agreed to lower payments - so we can save up for the fees.

Yes, I guess we will have to keep helping our daughter as best we can.

The problem may be when we are B/R I thought any surplus income will have to go to the Official Receiver.

Our daughter is 19 and technically not dependent as she is a full time student. It's just when she is home during the breaks that we have to help.

I'm so glad you mentioned the court fees again, because both our hours are due to be cut back at work.

And this will reduce our income and allow us a remission on the fees.


Steve

fiveyearplan

Not sure if you realise but the BR fees are for each of you so x 2.

alastairq

Hi Steve.....

Do you have a mortgage?

If you have decided to [both?] petition for BR then really it is but a matter of time.

In which case, why are you still servicing unsecured [non-priority] debts?

As you may already realise, making token-gesture payments to non-priority creditors is done simply to demonstrate ...should the need arise...to a Court, that you still have an 'intention' of paying them.

[Token gesture payments can be something like one pound per month, per creditor.]

Since it appears you have decided BR is the way to go [not a good idea to tell creditors beforehand, they panic and get far too communicative]...then stop paying, organise new basic bank account, transfer essential DD's, etc for living expenditure, and put all the balance aside for the BR Court fees.


Essentially, [once the decision to go BR is decided]...start to organise your outgoings as if you are already BR?

PippaGirl_2

Yes, have to agree, once I did decided BR route I stopped paying any payments. Fortunately none of them had my phone number and for a long while I just ignored letters, then emailed them and said I was taking advice from CAB and then the deed was done. Fortunately for me, a charity paid my fees, it would have taken me years to save that amount given my incomings.

Steve_C_4

Thanks everyone.

@5 Year - yes we realise it is 2 sets of fees (which even with a reduction on the court fees will take a while to save up. I honestly don't think we could apply to any of the organisations who can help with the fees - because we do have an income. It wouldn't be fair on the people who need the help more than us).

@Alistair - I wasn't as clear as I should have been. We've been making low "token" payments for over 18 months. We've been very fortunate as yet no creditors have taken us to court. We haven't said to the creditors that we are planning B/R. It just seems that the creditors give us less pressure if we sent them something.

Thanks for the advice on the Bank Accounts - the CAB did suggest this. Our Bank is a creditor. And we now both have Coop Cashminders. I forget to ask them but do they do Joint Accounts?


@Pippa - Yes when we are nearer to saving the fees, we will stop the payments. As there really would be no point in continuing to pay. And it will help us raise the balance.


Another Question - Our house even on a low value does have around £8k of equity. There is only the mortgage no other secured loans. We do understand the house will be sold. We felt it better to allow the Official Receiver to do this. Although I think they appoint a "Trustee" to do it.

How long will they let us stay in the house - again our Daughter is not dependant. Although she does stay with us during University breaks and study leave.

I know in many ways it makes sense to sell the house. And rent a property before B/R because on reading other posts renting can be difficult after B/R because of the credit rating. We would of course keep all the paperwork and ensure the equity is paid to the OR.

Our worry is if it was felt we sold the house too cheaply (we wouldn't ever intent to do this). It would be sold via an estate agent. We don't know anyone (friends or family who would buy the house). In other words if the "best offer" was seen as too low - we feel it might get us into trouble

Also there is a very slight chance that my wife's aunt may be willing to pay the equity (many, many years ago we helped her with her financial problems).

If, and it's a big if she wants to and is able to help us again how long will the trustee give her to raise the equity.


Again thanks so much for all your help.


Steve