Help with Bankruptcy Costs

SPELLKASTER

due to circumstances beyond my control, i've decided that bankruptcy is my best option.

i've spoken to a number of different companies for overall advice who have said this is my best option.

i've been struggling to make payments on an iva since june last year and because of an unexpected increase in my outgoings, this is now not an affordable option.

plus the fact i currently suffer from severe depression, and as such i can't mentaly cope with my finances.

my mental health advocate at mind has also suggested bankruptcy to help relieve some of the stress.

its all proving to be so stressful and especially i am having problems with my neighbours which is adding to it!!

trouble is i cant afford the full cost of bankrupty; its going to be around £900 mark which is money i havent got spare!!

are their any charities which might be able to help me afford the costs??

i am not happy with all this debt and feel quite ashamed of my situation; i have tried to pay it off but now i cant!!

any help please (negative posts will be reported)

thank you

mysterio_2

read here

https://forums.moneysavingexpert.com/discussion/4279781

but NO guarantee they'll help with costs though..

you say earlier about IVA payments if this is failing could you not save the money from that towards bankruptcy? have you had any advice about bankruptcy IVA DRO etc from a professional charity? (CAB national debtline etc)

SPELLKASTER

unfortunately i am around £15K in debt, so a dro is out of the question for me.

i dont want the iva to fail because it give me protection from my creditors; this can carry on whilst i apply for bankruptcy.

thanks for the link will go and check it out!!

Tixy

If you make a definite decision that you are going to apply for bankrupty then there is no point continuing payments to your IVA or to any debts.

You say it gives you protection from your creditors but what do you think they will do between you stopping payments and applying for bankruptcy? Even if they take court action against you in that time then it will be covered by your bankruptcy.

Stop payments to the IVA and start saving those towards your bankruptcy - how long would it take to save the fee from your IVA payments? Perhaps you will be able to get some help from one of the charities listed that will help towards your fees on top of what you can save yourself by stopping the IVA payments.

fermi

Well, many courts now stick to the letter of the rules and require that you provide proof that your IVA has failed before they will grant a bankruptcy order. Not all though, so worth contacting yours to check.

If they do insist on proof of failure of the IVA then you will have no choice but to let it fail first.

SPELLKASTER

thanks for the above replies.

yes i will check with the local Court Service to see if the iva has to fail first before i apply for bankruptcy.

unfortunately some of those charities listed are not of any help to me because you have to be a previous member of the armed forces, etc etc.

so it looks like i might have to go into the cab to ask for their help or i will ask my mind advocate if they know of anyone!!

McKneff

You have to expect negative posts, and you cant dictate who posts what on a public forum.

Reporting a negative post does absolutely nothing. It has to be a lot more than 'negative' so threats dont go down well on here, specially when yu have asked for help. Please remember that in future.