Attempting bankruptcy

moneymakestheworldgoround

I am heavily in debt, unable to work due to depression and bi-polar and have been struggling for the last year to get on top of things. Its not working.

I have decided to file for bankruptcy. Now I am wading my way through the bankruptcy board but I thought if I posted some questions, I could delete them as I find out the answers!

* Is it right to feel completely stupid and hate yourself ? I thought deciding on BR would be enlightening. When does that happen?

* Where can I find posts about why bankruptcy is refused? I am petrified I am going to end up in front of a firing squad.

* I understand I need £700 to go bankrupt. When is that needed? When I hand the forms in, or at the first meeting?

* Does anyone regret going BR? I understand that if I win the lottery in the following 12 months, you can pay back all the money you owed.

* After they agree the BR, I understand they can order an IPA. As I will be on benefits, what is the likely payment needed each month?

* Are most BRs for 12 months?

* I have all debt details and letters. I have all income and expenditure. I have all the paperwork I can think of. Any other tips for things I may have forgotten?

* Am I even posting in the right place??!!


Many thanks in advance

PippaGirl_2

moneymakestheworldgoround wrote: »

* Is it right to feel completely stupid and hate yourself ? I thought deciding on BR would be enlightening. When does that happen? I think shame is the most common emotion.

* Where can I find posts about why bankruptcy is refused? I am petrified I am going to end up in front of a firing squad. BR is rarely refused, most common reason would be not obtaining legal advice before hand. Judges like to know that you have sought proper advice as to what is best. To this end do go to the CAB, or phone National debtline to go through your situation and receive advice specific to you before making any decisions.

* I understand I need £700 to go bankrupt. When is that needed? When I hand the forms in, or at the first meeting? When you go BR at court. Each court is different, some you need appointments and some you just turn up so find out what your court's procedure is. You may be eligible for the £125 court fee remission in which case you would only need the £575 insolvency fees deposit.

* Does anyone regret going BR? I understand that if I win the lottery in the following 12 months, you can pay back all the money you owed. It is clear that one or two people do regret it, most don't. That's why you need proper legal advice first to make sure it is right for you. Most are incredibly relieved and know it had to be done.

* After they agree the BR, I understand they can order an IPA. As I will be on benefits, what is the likely payment needed each month? If your only income is benefits you are unlikely to have an IPA

* Are most BRs for 12 months? Yes. Some people are discharged early.

* I have all debt details and letters. I have all income and expenditure. I have all the paperwork I can think of. Any other tips for things I may have forgotten?

* Am I even posting in the right place??!! Might have been better to start your own new thread as it may well get missed here normally.


Many thanks in advance

Hope that helps.

moneymakestheworldgoround

Thank you PippaGirl. I appreciate you taking the time to reply.

I am so frightened and feel like I am on the edge of either a good decision or the worst.

I have spoken to the CCCS, my tenant support worker and CAB but to be honest, I didnt find them overly helpful. They could run through some information, but I didnt know what I didnt know ( if that makes sense!) so it was a short Q&A session. I had hoped someone would tell me what to do but obviously that doesnt happen! I hadnt anticipated the feeling of sadness and guilt that followed. I had hoped I might get a good night sleep but it was worse than before

I have tried, I have really tried, to get back on top of things and I know I have given 100% to clearing the debts. I would prefer to win the lottery next year and clear it all off sensibly but as I have stopped gambling of any description, that is unlikely to happen ! But if I marry a billionaire, I will go back and pay all the creditors in full :rotfl:

IF

Hi MMTWGR and Welcome to the Bankruptcy (BR) Board, Your doing the right thing and excuse this post for it not being too personal but it has all the links and information you will need. First step is to make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two for your own piece of mind. Your BR could be refused if you have not sought advice.

Also please contact Gamcare 0845 6000 133 Website:- www.gamcare.org.uk as getting help will be looked on favourable with the OR.

Amigas thread may help you too.

Amigas Thread - Click here

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *

Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• StepChange (formerly CCCS) - Website: StepChange Telephone: 0800 138 1111

Others:

• Business Debtline
  - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

Please don’t do anything rash take your time and weigh up your options and read everything you can.

For ‘essential’ BR info the ‘Look here first’ sticky by Fermi.

BR friendly home insurance thread.

BR Friendly Bank Accounts ~ [Updated Sep 2012 re: Co-op Cashminder withdrawal]

BR Abbreviations

Beth's Guide Reasons for your BR

Charities who help with BR Fees

Bankruptcy NDL Guide

Basic Bankruptcy Advice & Guide NED CAB

If you are new/old to this board and receive/see a comment that is not helpful or insensitive please don’t let it put you off posting, often these comments are made by people who don’t normally contribute to this board and don’t speak for us.

What to do if you get an insensitive or hurtful comment.


And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.

Best wishes
IF...x

debtinfo

moneymakestheworldgoround wrote: »

Thank you PippaGirl. I appreciate you taking the time to reply.

I am so frightened and feel like I am on the edge of either a good decision or the worst.

I have spoken to the CCCS, my tenant support worker and CAB but to be honest, I didnt find them overly helpful. They could run through some information, but I didnt know what I didnt know ( if that makes sense!) so it was a short Q&A session. I had hoped someone would tell me what to do but obviously that doesnt happen! I hadnt anticipated the feeling of sadness and guilt that followed. I had hoped I might get a good night sleep but it was worse than before

I have tried, I have really tried, to get back on top of things and I know I have given 100% to clearing the debts. I would prefer to win the lottery next year and clear it all off sensibly but as I have stopped gambling of any description, that is unlikely to happen ! But if I marry a billionaire, I will go back and pay all the creditors in full :rotfl:

Hi, possibly why you didnt find them as usfull as you thought is that whilst they can tell you your options and answer anq questions you have and possibly even make a recomendation, what they can do is decide for you which i sense might be what you were expecting. In the end you have to make the decision yourself, you asked about people who regreted it, and whilst there are some it is usually people who didnt feel comfortable from the start, and i use that word intentionally, whilst no one wants to go bankrupt it is the ones that are comfortable with the fact that they have made the decision and it is the best of the choices available that fair best throughout the process. So my advice is always as follows dont do the deed until you are happy with the decision, you may be at that point already it may take some more time, have a look at the forms and you will get an idea of the sort of questions you will be asked, dont be afraid to ask questions here or of the debt charities and you will get to apoint where you feel that you have enough info to make the decision yourself and be comfortable with the outcome

alastairq

hi.............as usual, sound sage advice from DI.

I would add, that, if a decision is made to petition for BR, it may be wise to take a step back.

Not...from the decision itself, but in order to get 'all your ducks in a row'...so to speak.

BR itself can be so much more tolerable if proper preparations are made beforehand.

Thus, the Court day simply becomes a part of the process.

It is worth moving your bank account to begin with..... organising a basic account [which is what is required during BR]....remembering that currently, only Barclays and Co-op are BR-tolerant....and Co-op's Cashminder needs to be opened before the BR date....


Sorting out where to live is another task best done pre-BR....
Once the decision is made, there really is no real rush to go to Court...as there is little or nothing creditors can do, since the debtor has already decided...not 'if', but 'when?'

moneymakestheworldgoround

Regards somewhere else to live, I am in rented accommodation. Can the landlord refuse to continue with the tenancy?

Sorry, the answer is probably in the links ifwisheswerehorses posted. I'll have a read.

Thanks to everyone for the advice so far.

mysterio_2

moneymakestheworldgoround wrote: »

Regards somewhere else to live, I am in rented accommodation. Can the landlord refuse to continue with the tenancy? its possible IF there's a bankruptcy clause in your tenancy agreement...usually unlikely though

Sorry, the answer is probably in the links ifwisheswerehorses posted. I'll have a read.

Thanks to everyone for the advice so far.

hope that helps

PippaGirl_2

Very rare, LL are normally more than happy to keep on a tenant who has always paid on time and who keeps the place up together.

moneymakestheworldgoround

Thank you. I am on really cheap rent, which is cheaper than housing association so I dont really want to lose the house.

Got the forms today - I had a panic attack in the court so this is going to be as difficult as I had anticipated. 3 day wait from handing forms in to getting interview so I need to work out how to get the £700 together now.

Still feeling guilty and on the brink of a breakdown, but there is possible light at the end of the tunnel for the first time in 4 years.

Deep breath

tiggerbodhi

moneymakestheworldgoround wrote: »

Got the forms today - I had a panic attack in the court so this is going to be as difficult as I had anticipated. 3 day wait from handing forms in to getting interview so I need to work out how to get the £700 together now.

Still feeling guilty and on the brink of a breakdown, but there is possible light at the end of the tunnel for the first time in 4 years.

Deep breath

Yes there is light at the end of the tunnel, don't feel guilty for having the courage and strength to do something to get your life back how you want it, not dictated by DCA's and Creditors, you will find that all the people you deal with at the courts and the OR's office very nice and will help you.

If you are not sure on filling out the forms please do not think you need to pay someone to help you, ask here, the CAB are very good at helping you, but the forms are pretty straight forward, read through them, make a "rough copy" so you can fill it in, change bits etc then copy to the one you present to court, you dont have to fill it in one go, do as much as you can, then stop rest, gather your thoughts and carry on, its a bit like a jigsaw puzzle, once you have a few pieces filled in the rest fall into place a lot easier.

The one thing is you are not alone, personally have been very open about being BR, have been surprised on how many people are interested or open up about their own situation or have been BR! its not for everyone to be open about it, if you do want to be private about it it is unlikely anyone will find out unless they go looking and if they criticise you for it are they people you want in your life?

Good luck and best wishes...:)