Bankruptcy help !!

BankruptcyJay

Good evening everyone I'm hoping I can get advice on a few questions.

12 months ago my GF of 10 years left me and married another man. I was asked to leave our joint mortgage home and my daughter ( I have regular good access).

Any ways.. The ex and her new husband hasn't paid a penny on the mortgage and the repossession order was passed this Tuesday on the house.

I have a lot of debt and I am being crippled I can't afford to live I lie here now without a penny to my name I have little food and fuel..but I have to survive until I get paid on Thursday.

QUESTION 1.

I live with my mate and pay rent to him. I am planning on stop paying ALL non essential debts. I will only pay rent, maintenance, car insurance and a new £10 pm sim only phone plan.

Is this a good idea to enable me to afford food fuel and save up for bankruptcy fees?

QUESTION 2.

I earn 1060 per month and following the repossession of my house I will owe approx 35k split over around 8 companies.

Is there anyway I would be refused bankruptcy for any reason?

QUESTION 3.

I am concerned about getting a bank account are there many options Appart from the co op cash minder or Barclays account listed?

QUESTION 4.

Renting a property in the future will I be able too being declared bankrupt?

QUESTION 5.
If i declare bankrupt before my house is sold and I became responsible for a massive deficit what will happen to that debt?

QUESTION 6.
Bankruptcy will allow me to have income to by more healthy food do more things in life but I'm concerned because I will have more disposable income once bankrupt they will take if off me for 3 years?

Any help on the above or any concerns I could of missed please please help me.

I am in a desperate situation and this poverty and struggle in life has gone on long enough.

Thanks :T

Mouse1812

BankruptcyJay wrote: »

QUESTION 1.

I live with my mate and pay rent to him. I am planning on stop paying ALL non essential debts. I will only pay rent, maintenance, car insurance and a new £10 pm sim only phone plan.

Is this a good idea to enable me to afford food fuel and save up for bankruptcy fees?

Yes, perfectly acceptable plan

QUESTION 2.

I earn 1060 per month and following the repossession of my house I will owe approx 35k split over around 8 companies.

Is there anyway I would be refused bankruptcy for any reason?

Very unlikely - but you must take advice from one of the debt charities first, see the stickies

QUESTION 3.

I am concerned about getting a bank account are there many options Appart from the co op cash minder or Barclays account listed?

Not that I know of, get the co op one ASAP

QUESTION 4.

Renting a property in the future will I be able too being declared bankrupt?

Yes, but it may be more difficult if agent do credit checks. Some landlords do not care.

QUESTION 5.
If i declare bankrupt before my house is sold and I became responsible for a massive deficit what will happen to that debt?

It will fall into your bankruptcy, even if years later. Do not however sign anything for mortgage company after bankruptcy.

QUESTION 6.
Bankruptcy will allow me to have income to by more healthy food do more things in life but I'm concerned because I will have more disposable income once bankrupt they will take if off me for 3 years?

You will be allowed enough to live, just make sure you put down everything possible and be prepared to argue your case. Three years will fly by.

Thanks

Hopefully that will help for now, sure others will chip in soon

BankruptcyJay

Thanks very much :-).. Anyone else have views or experiences that'd be great.

September_2012

Hi Jay, please keep checking back. Your situation is very similar to mine before I declared myself bankrupt. I am 5 months in now and will share a bit about my experience so far, I think its best the clever people advise you first on who to contact etc and give appropriate advise.

Going br is very easy when done with the support of the very kind people on this forum.

The only thing I will say at this point is br was the right move for me and I wish I had done it sooner.

tigerfeet2006

Hi and Welcome to the Bankruptcy (BR) Board. The Magnificent Mr. Mouse has answered your questions and there is not really anything to add to what he has said.Your 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 others for your own piece of mind. Your BR could be refused if you have not sought advice.

* 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.

We often ask you to post your SOA so we can see if you have included what you need to:-
MSE SOA Calculator - Click here
Select the MSE format at the end. Copy and paste onto your thread.

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
TF...x

National_Debtline

Hello there. Here's a link to our bankruptcy fact sheet, really hope you find it useful!

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=01_bankruptcy


Given the information you have provided, I can see no reason as to why a bankruptcy application would be refused. It is vital to seek further advice prior to making a final decision, As Tigerfeet has mentioned you will need to demonstrate that you've sought advice prior to petitioning.

Best wishes,

David @ NDL