help and advise on going bankrupt

definitelydrowning

Hi Stressfromdebt,

I am going through the process so may be able to help a bit. First of all have you spoken to Payplan, CCCS or CAB, if not you must do this asap as there may be other alternatives for you which would be better and would avoid BR.

The actual process is that you fill out the forms which can be obtained either from the court or you can fill them out on the insolvency website and just print them off (about 36 pages and you will need 3 copies). You will have to call your local county court to check if they deal with BR and if you need an appointment or just turn up on the day, beware there may be a long wait for appointments. When you go to court normally you will go through the papers with a clerk to check they are completed fully and correctly, then you see the judge who will decide if he will grant BR or not, he (oe she) will check that you have sought proper advice and fuly understand the implications of BR.

Once this is done the OR makes contact (maybe up to a week later) to check details on the form etc, their job is to ensure they get as much money for your creditors as possible. I am currently going through this part at the moment so am not too sure about this part, but take a look at the other threads for other peoples experiences as it differs a lot.

Throughout the process (either BR, IVA, DMP) stay around this forum as it provides an increadible amount of advice and support and has helped me so much with my own situation. Good luck.

stressfromdebt

thanks for the advise..

i have spoken to payplan firstly they helped with setting up a DMP which failed has the creditors kept pilling on the interest. I then called National Debt line who put me in touch with Accuma and i set up an IVA which again is not working out so BR is my last resort.

im so confused with it all i know the basics.
i feel stupid that im not understanding what happens after going to court.

this is where i need more advise....

gettingitsorted

stressfromdebt wrote: »

thanks for the advise..

i have spoken to payplan firstly they helped with setting up a DMP which failed has the creditors kept pilling on the interest. I then called National Debt line who put me in touch with Accuma and i set up an IVA which again is not working out so BR is my last resort.

im so confused with it all i know the basics.
i feel stupid that im not understanding what happens after going to court.

this is where i need more advise....

Hi stress if you have a read on here https://www.insolvency.gov.uk it should help you clarify the process

stressfromdebt

thanks will do.....

Richard_S

stressfromdebt wrote: »

thanks for the advise..

i have spoken to payplan firstly they helped with setting up a DMP which failed has the creditors kept pilling on the interest. I then called National Debt line who put me in touch with Accuma and i set up an IVA which again is not working out so BR is my last resort.

im so confused with it all i know the basics.
i feel stupid that im not understanding what happens after going to court.

this is where i need more advise....

Stress,

It really is straighforward, you make an appointment at court, fill in your forms beforehand, the clerk reviews them, the judge asks if you're aware of the implications and whether you've taken professional advice; he/she stamps yr docs, declares you bankrpt.

You wait for the O.R to contact you and either have an interview over the phone or a meeting if it's more involved, you explain how you arrived at this state of affairs, and then depending on whether you've got assets to dispose of, or earn more than your outgoings, it's pretty much all over and you get discharged after a year, before a year if you're a good boy/girl or later if you've been telling "fibs".

That's a summary, but what part are you unclear on??

Rich

gettingitsorted

stressfromdebt wrote: »

thanks will do.....

please ask away if you still cant get the answers you need

Richard_S

gettingitsorted wrote: »

please ask away if you still cant get the answers you need

GIS,

Will you please stop following me around; people will start to talk

Rich

gettingitsorted

Richard_S wrote: »

GIS,

Will you please stop following me around; people will start to talk

Rich

Im sorry Rich i just cant help it

stressfromdebt

thanks guys/gals.

I just need to know about the Income tax side of things...(what happens with this?) and also the OR my situation is very straight forward i just started off with Credit cards then loans to pay off credit cards and then used credit cards and then loans just got higher.

i have no assests, i live in a private rented accommodation and have a job which i only earn around £14,500 pa. my partner who i live with is also going to be part of this with me coz we have joint loans he earns around £15,000 so its not alot between us.

what can the OR do with this situation.

Am i just worring for the sake of it or what...

gettingitsorted

Rich did you see my reply to you on the bankruptcy or iva thread