Please offer advice on bankruptcy

arcon5

Okay... recently I filled in a CCCS (StepPlan) form listing debts, income, expenditure -- their expenditure list is quite comprehensive and brings a bottom line of £80 left over whereas the courts list is very basic and shows a bottom line of £190 left over.

Would this figure and the fact i've not tried a DMP be grounds to reject a bankruptcy petition? Or would an IPO be required?

CCCS didn't even seem to want to entertain the idea of BR saying a court may not accept a petition as this option is still available to me. But even if the £80 was put towards a DMP it would take 23 years to clear the debt... actually more because one of the debts will increase by another £7.5k by September as i'm unable to find anybody to take over a commercial lease.
So how is this a viable option?

Do judges ask what the debt charity advised? And if I say they advised an alternative would this affect my petition?

To be honest i've been researching this and other options for about 13 months now and feel it would be the best option for me. Just want a fresh start but now worried about whether it would be granted or not.

(I have no assets btw other than a car used for work and partially owned by my OH, although not sure how I would prove this as she put cash towards it).

Any advice please guys?

arcon5

I'm thinking about just going by the court tomorrow morning with the petition and seeing how it goes.. however now worried it would be rejected or loose my money?

tigerfeet2006

arcon5 wrote: »

Okay... recently I filled in a CCCS (StepPlan) form listing debts, income, expenditure -- their expenditure list is quite comprehensive and brings a bottom line of £80 left over whereas the courts list is very basic and shows a bottom line of £190 left over. With the court forms there is an extra box that you can put other things in. You also tend to lump things together on them. Why don't you pop up your SoA on here for someone to check for you. http://www.stoozing.com/msoc/soacalc.php
I have also known a couple of people to write out their own SoA and add it to the forms.

Would this figure and the fact i've not tried a DMP be grounds to reject a bankruptcy petition? Or would an IPO be required? Having not been in a DMP is not grounds for refusal. Being able to pay the debts as they fall due is. If you have £80 spare then that will go to the OR in an IPA for 36 months. This can be altered up, down or suspended (the suspended months count to the 36 months) if your circumstances change.

CCCS didn't even seem to want to entertain the idea of BR saying a court may not accept a petition as this option is still available to me. But even if the £80 was put towards a DMP it would take 23 years to clear the debt... actually more because one of the debts will increase by another £7.5k by September as i'm unable to find anybody to take over a commercial lease.
So how is this a viable option? It's not in my eyes. Have you spoken to National Debtline at all about your situation. Or Business Debtline if these are business debts. I would always say it is better to get a couple of opinions as this is a big step.

Do judges ask what the debt charity advised? And if I say they advised an alternative would this affect my petition? They may ask have you taken advice from anyone concerning BR and you just say "yes StepChange and NDL/BDL" Because you have taken advice.

To be honest i've been researching this and other options for about 13 months now and feel it would be the best option for me. Just want a fresh start but now worried about whether it would be granted or not.

(I have no assets btw other than a car used for work and partially owned by my OH, although not sure how I would prove this as she put cash towards it).

Any advice please guys?

Hope that helps.

National_Debtline

Hello there, from the information you have provided it appears that your total liability (including the £7.5 on the lease) could be over £30,000, is that correct? If so then, on the face of it, I can see no reason as to why bankruptcy would not be a vilable option at all. Given that there are business-related issues too it could be worth contact our sister organisation, Business Debtline, for their assistance. Their service is free, they are a charity too.

http://www.bdl.org.uk/

Best wishes,

David.