Some questions that I am struggling to find answers to

dextersmum_2

sorry I got confused with another post about your income and equity.
Personally id suspend the BR until you are properly sorted, i changed my dates about 6 times , you just ring the court and they will change the date or cancel what ever suits.
I would not make that petition until i had exhausted all options in particular for you.

Banking
Options re the house , are you planning to keep it, because your struggle with renting as a bankrupt .
Car
Salarys
Am i likley to get a IPA
Is there any other options that are better for me.

dextersmum_2

The SE tax you would pay goes to the OR, agents, moonbeaver, they will determine what you pay. If it is in the current financial year. Which we are nearly out of.

What do you think the equity is.

Do you have any charging orders on the proeprty , do both you and your wife have all the joint debts, is your wife likley to get a CCJ , are you both owing to the council tax , i ask that as it all key to whether you both go bankrupt . Personally i think it is better to go seperate , and see how the land lies with the OR etc.

thegrape

Hi Dextersmum

Im really confused. I have spent the last 4 months looking at options and weighing up the pro's and con's. I am VERY aware of the implications, it is the finer details that I wanted to understand.

luvchocolate

As said you do not seem very prepared please do not pay anyone to help speak to one of the debt charities and take advice from them for free. get your basic bank account up and running the more prepared you are the better you will cope x

thegrape

Thanks Luvchocolate - Im really confused why people are saying I am not prepared. I have read as much as I can about it, and the only bits I am unsure of relate to the finer details, the unknowns.

thegrape

BTW - I totally understand the implications - that is why I am asking these questions.

dextersmum_2

Hay - i am only trying to help- ive been though it and work in debt remedy.

I think you are not organised enough to go BR next friday , there is is to much at risk with the: banking facilities , car, salary and a person you have or are prepared to pay to take with you to the court who wont do anything just sit with you in the waiting area and will do nothing after that.

Unless you are at risk of a committal to prison for non payment of council tax or fines etc, or are about to have a final charging order placed on the property then i would delay it until you have sorted it all out and fully understand the worst case scenarios.

Bankruptcy is ok if you are fully prepared. You say its the finer questions , these are the bread and butter of bankruptcy not the finer details.

1. you need to have a bank account in place, only co op and barclays may allow you one. barlcays take to long.


Id start by giving more of a breakdow of your cirs.

I.e a income and expediture
Property value
Assets inc cars and tools
income

Its better for us to be brutal now then try and mop it up after the event.

BR is prob the toughest thing i ever experienced and it took me about 4 years to reach that conclusion , - i got a lot wrong before hand , but i made sure i got BR right.

thegrape

I am sorry and I understand you are trying to help.

I have gone through all options and spoken to charities - the only option is BR.

The bank question is whether to set up a BR basic account before or after - it has mixed answers on the forum

I have gone through all my income and expenditure in very fine detail. I did this with the charity and an IP, they both say that this is the only option

I also have a full valuation of my house and understand the implications and what will happen

I am in this position due to my company being liquidated so I do understand the seriousness

I have spoken to many many people about this and am making my final decision(even though I don't really have an alternative) so I am taking it VERY seriously.

Thanks for the help, and I appreciate that you have been there yourself, maybe I am misinterpreting your tone, or you do not realise how much research I have done so far

dextersmum_2

Im sorry if i sounded harsh , it was not intended. I did get a bit mixed up with a similar post as well.

Up to Sept 2012 you could get a bank account with co op providing you had no debts with them when you declared bankruptcy , from Sept they changed that practice, they no longer offer that facility, they only allow customers to continue if they had an account pre bankruptcy.
Barclays do a account but it is very limited . And again i dont know if it is for new customers.

How would you manage without a banking facility.

Id ring co op tommorow as you can do it by telephone.
Also find out who your credit union is and open up a budgeting account with them, that allows salary payments and bills to be paid.

Banrkrupts are treated quite harshly by the banks and insurance companies so simple stuff is actually a nightmare, so please dont go bankrupt with out a account sorted.

You must get permission of the bank to use it after bankruptcy, the majoirty would say no and close the account immediately. you a re not allowed to withdraw money if they so no, after being declared bankrupt , the officical receiver effectively is then in control of your finances, but it is the banks powers to say yes or no and 99.9% will say no.

I was at a meeting with the office of fair trade and they confirmed also the postion with the CO-OP


This site is excellent because you have really experienced debt practioners on here including official receivers , it is IMO more quiet at a weekend, but regardless of what you have been told , i would put in in the forum just to recheck.

A lot of debt agencies get it wrong, Step Change formerly known as CCCS are pretty good as are national debt line.

You mentioned you need to save for SE tax, if that for future earnings because anything owed to HMRC will go in the BR pot.

your beneficial intrest the OR will want that raised and paid to them - do you know what the amount is ie the equity.

hope that helps

dextersmum_2

Step Change is the only charity that has a dedicated insolvency team.
Insolvency is highly complicated so maybe run stuff through them, they would def not suggest BR without a more or less guaranted banking facilities.