Please Help - Week away from..

liver09

:(Bankrupcy.

Please can someone help advise my situation I have been CAB not really give me any real advice.

• I have lost my property owe £9000 in Mortgage and as it is in Negative equity they I now owe £25000 short fall im told.
• Owe £15000 in CC debt
• £3000 in various other things utilities etc.
• I had £4k in savings which when my dad died I went to Australia for 3 months to visit family and try and get my head straight. Now I am told they will look at that and wont allow me to be bankrupt? (A friend told me)

I have been unemployed for over a year after made redundant twice and was caring for my father with Cancer. Now he has died I have nothing left, I am sleeping on friends sofas/spare rooms.

I set up a ltd company to get some work myself and managed to get £6000 but this needs to be taxed etc and if I go Bankrupt then I can t own the LTD company so im stuffed!

No car, still going to interviews (I have 2 this week) I am NOT signing on I just hoped I would find work. I have put off Bankrupcy for so many reasons but now will just do it.

Questions

• If I get one of these jobs, Can I have a bank to pay wages in?
• Wil they take my wages to pay the debt so im back square 1?
• I need a car for the job so How do I get one over £3k without them taking it?
• Will they take the 2k I have left in my bank I have been holding onto to eat and pay people to live with them?
• How can I then get a flat to live in as Bankrupt?

Sorry but I just dont know what to do for the best. I am so depressed, I even tried gambling to win money which was stupid. I am on pills from the doctor and my life is in the toilet.
If i get one of these jobs there is so much to sort and get right if i dont then not sure what to do.

PippaGirl_2

I will answer some of questions as best I can. Firstly you asked about what the OR would think of your trip to Oz. Had you been spending money knowing you were planning to go BR to hide/use it quickly they wouldn't like it but I take it at the time BR wasn't in your plans and you were just visiting family so though they will question you about it I would think that would be accepted with no problem.

Bank account. Barclays do a basic bank account which you can open and use, you get a debit card with it and can set up direct debits and standing orders.
You will need to complete a statement of affairs which details you incomings and outgoings and if there is a surplas you will get an IPA after which you pay the OR for 36 months any surplas income.
The normal amount allowed for a car value is £1000 but in some circumstances they have allowed up to £2000. You would nee to prove that you need a car before you are allowed to keep it and be allowed the expenses to run one. You wouldn't be allowed to own a car of value of £3000 during your bankruptcy which is normally a year.
The OR normally allows you to keep cash/savings that equal one months expensesoutgoings and they would ask for the rest. However if you prove you need it for deposits/rent in advance etc they allow you to keep it. I would recommend finding a flat to rent before you go BR so you will know what expenses you have, use your savings to do that.
HTH

Lou67

I certainly agree about getting accommodation first. When me and hubby went BR, we got a private let home first while our credit record was still good.

Sadly, you will have to give up the Ltd company I believe. Also, have you tried your local housing peeps for emergency housing? If you can get a social housing flat, or house, it will be better than private: (long term and cheaper...)

tigerfeet2006

Give one of the other debt charities a ring and have a chat so you are completley clear about what you should be doing. Business Debtline might be a good idea.

Main recommended sources of help:

• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre
• Business Debtline - Website: Business Debtline Telephone: 0800 197 6026

If I were you I would postpone going BR untill you understand it better and you have some basic things in place before doing it.

mothmus

If I get one of these jobs, Can I have a bank to pay wages in?

Yes, but it can only be a basic bank account. No overdraft.

Wil they take my wages to pay the debt so im back square 1?

They will look at your statement of affairs, any surplus income after your normal living expenses would go to the OR until you are discharged after 12 months.

I need a car for the job so How do I get one over £3k without them taking it?

Best get a used car valued no more than £1000. Until you are discharged.

Will they take the 2k I have left in my bank I have been holding onto to eat and pay people to live with them?

Your bank account will be frozen and any money left will go to the OR. You are allowed to withdraw this money before bankruptcy. Be careful because you will need to show what you did with it. Normal living expenses is fine 

How can I then get a flat to live in as Bankrupt?

Best to get one before bankruptcy, it's impossible after unless someone you know takes on the tennancy agreement as your guarantor. 

JCS1

mothmus said:

If I get one of these jobs, Can I have a bank to pay wages in?

Yes, but it can only be a basic bank account. No overdraft.

Wil they take my wages to pay the debt so im back square 1?

They will look at your statement of affairs, any surplus income after your normal living expenses would go to the OR until you are discharged after 12 months.

I need a car for the job so How do I get one over £3k without them taking it?

Best get a used car valued no more than £1000. Until you are discharged.

Will they take the 2k I have left in my bank I have been holding onto to eat and pay people to live with them?

Your bank account will be frozen and any money left will go to the OR. You are allowed to withdraw this money before bankruptcy. Be careful because you will need to show what you did with it. Normal living expenses is fine 

How can I then get a flat to live in as Bankrupt?

Best to get one before bankruptcy, it's impossible after unless someone you know takes on the tennancy agreement as your guarantor. 

The post you are answering is from 2012!  Also, there are some things you have stated which are incorrect, but given the age of the post I won't comment further.

sourcrates

Don`t think the OP is coming back to update us unfortunately.