help and advise on going bankrupt

stressfromdebt

Hi,

please help me and my partner are in £30,000 worth of debt. we have no assets to sell.

we are currently in a IVA however this is not working and now thinking of declaring ourselves bankrupt. But we need advise.

what and how do we do this?

also i work for a company that are regulated by the FSA (financial service authority) and dont know where i stand in keeping my job if i am bankrupt.

please please advise...

Thankyou

shameless-about-money

The FSA have no problem with bankruptcy itself but your employer might.

First of all you need to check your contract of employment records to see if it has a clause re bankruptcy.

If there is it might be worthwhile trusting someone at work whom is in management and having a long talk.

Where bankruptcy is concerned you may be able to do an IVA - £30K is a manageable debt if two of you are working.

gettingitsorted

The best way forward is for you to contact one of these non fee charging companies

https://www.payplan.com
https://www.cccs.co.uk
https://www.insolvancy.gov.uk

or your local CAB

Glitter

stressfromdebt wrote: »

Hi,

please help me and my partner are in £30,000 worth of debt. we have no assets to sell.

we are currently in a IVA however this is not working and now thinking of declaring ourselves bankrupt. But we need advise.

what and how do we do this?

also i work for a company that are regulated by the FSA (financial service authority) and dont know where i stand in keeping my job if i am bankrupt.

please please advise...

Thankyou

I understand your situation and wonder myself about the job side of things.. I too have a friend who is an similar situation..... help

stressfromdebt

Hi,

i found out that the FSA are not to concerned if i declear myself bankrupt has its not due to any fraud issues. my company will monitor my situation tho which im not concerned about has my debt is due to stupidity and over spending.

what i would like is some help in where and what happens when declearing bankruptcy also how long will i be bankrupt for?

Can any one help with these questions?

wherediditallgo

stressfromdebt wrote: »

Hi,

i found out that the FSA are not to concerned if i declear myself bankrupt has its not due to any fraud issues. my company will monitor my situation tho which im not concerned about has my debt is due to stupidity and over spending.

what i would like is some help in where and what happens when declearing bankruptcy also how long will i be bankrupt for?

Can any one help with these questions?

Unless your bankruptcy was a particularly difficult one, you'd be bankrupt for a year at most, but your credit file would be affected for 6 years. Depending on your income & outgoings, an IPA may be put in place which would basically commit you to making payments towards the cost of your bankruptcy for 3 years. There's a lot of stuff to be taken into consideration though, so your best bet is to telephone organisations like CCCS, National Debtline or PayPlan, who'll give you advice free of charge. You can also request that an information pack on bankruptcy be sent to you in the post. Bankruptcy is by no means an easy option, so use the free services to find out about the options available to you.

Please don't be tempted to contact companies that offer consolidation loans, IVAs etc at a fee - IVAs run for 5 years & they could end up costing you a lot of money. There is plenty of free advice out there, including on this site.

Assuming you decide to go ahead with bankruptcy, you will need to contact the local bankruptcy court for your area. You can find out where that is from one of the free advice services or from here . I strongly advise you to ring the court to find out what their procedure is - with some, you have to book a hearing date & there might be a long waiting time, but with others you can turn up on the day. Don't be afraid to raise any questions you have with them.

shameless-about-money

Glitter wrote: »

I understand your situation and wonder myself about the job side of things.. I too have a friend who is an similar situation..... help

When bankruptcy is a possibility and you are worried about your job the first place to look is your Contract of Employment. If a bankruptcy is going to affect you personally it will be there.

stressfromdebt

thanks for the advise on this one. I have found out that my job will be safe.But the company will just keep an eye on me for some time to make sure that i dont go into debt again. (after the hell im in i doubt that will happen again)

I am currently in a IVA with Accuma and cannot afford to carry on with the payments so bankruptcy is the only option i feel is left.

there are lots of questions i have, just dont know where to start with it all. Im so confused.

Firstly....
1. How long from going to court and seeing the judge, do i know im bankrupt.

2. Do i have to pay any money after im bankrupt that is of an attachment of earnings and how much is this usually and how long for?

any advise please.

gettingitsorted

stressfromdebt wrote: »

thanks for the advise on this one. I have found out that my job will be safe.But the company will just keep an eye on me for some time to make sure that i dont go into debt again. (after the hell im in i doubt that will happen again)

I am currently in a IVA with Accuma and cannot afford to carry on with the payments so bankruptcy is the only option i feel is left.

there are lots of questions i have, just dont know where to start with it all. Im so confused.

Firstly....
1. How long from going to court and seeing the judge, do i know im bankrupt.

2. Do i have to pay any money after im bankrupt that is of an attachment of earnings and how much is this usually and how long for?

any advise please.

Hi Stress,


1.The moment the judge stamps the paperwork you are bankrupt ,which is straight away the day you go to court.

2. whether you are given an IPA depends on how much surplus income you have left a month after living expenses these orders usually last 36 months .

stressfromdebt

Thank you for replying so fast.

1. once i have filled in the necessary forms, do i just take them and the cash to the court and depending how my court works whether i have to book an appointment or just turn up will it all be over from then.

2. Also the OR why does he have to call /when does he call. When the judge has already filled the paperwork. Im a little confused.

Sorry for all the questions, i know majority of the process just a few grey areas.

gettingitsorted

stressfromdebt wrote: »

Thank you for replying so fast.

1. once i have filled in the necessary forms, do i just take them and the cash to the court and depending how my court works whether i have to book an appointment or just turn up will it all be over from then.

2. Also the OR why does he have to call /when does he call. When the judge has already filled the paperwork. Im a little confused.

Sorry for all the questions, i know majority of the process just a few grey areas.

Just ask away thats what we are here for:D

1.yes thats the procedure.

2. i will leave that one for some else to answer as im not sure