Considering BR

hanes

This drives me up the wall....

tigerfeet2006

What is driving you up the wall? How can we help further? Do you need help with your SoA?

hanes

Sorry I don't wish to put my finances here. I just need to know where to start the process. I know I cannot afford to meet my commitments as I have considered IVA

I just need to know the pitfall as Im confused whereby I will be left with £300-400 a month but I will need this money due to childcare etc

and I though the whole point of BR was to wipe the slate clean so to speak?

alastairq

hanes wrote: »

This drives me up the wall....

Hi..the most important thing to do when considering the BR route, is to do your research from this site, and its stickies.

And ask questions.....[regardless of whether you think they might be silly, or not]..

We don't 'judge' anyone who is looking at BR, or has had dealings with it.

Some of us jump all over anyone who tries to be judgemental, too.

Once you have done your research, asked questions, etc..then it is time to prepare your life to cope with BR...[the practical side, that is]

You have to understand, Bankruptcy is probably the most powerful legal action an individual can take.

The petition will only be granted if the Judge is satisfied the individual is fully aware of the implications of Bankruptcy, and the rights and duties enshrined in the petition.

It is not a magic, 'debt-free' button.

And each individual case has differences.

This is where this site is useful, for particular advice.

But beware, there are many commercial undertakings out there who would dearly love to take a potential BR's money off them,for profit, under the guise of 'helping' the potential BR through what they portray as a legal maze.

The process is straightforward..don't be mislead by half truths and mis-heard so-called advice.

tigerfeet2006

That is fair enough. You are allowed to put childcare costs down as an expense. If you don't want to put figures down pop up a list of how many adults, how many children and ages and the areas you want to claim for.

National_Debtline

michael1983l wrote: »

Interesting, that must be a recent ammendment, when I took advice off national debtline about 2 - 3 years ago they told me 12 months is usual and it only extends to 36 months in specific circumstances.

There has also been evidence of people being discharged from bankrupsy within 3 months on here because they had no available income to pay.

Hello there.

Our advisers should be letting our clients know that an income payment agreement would be 36 months. If you feel that you were misadvised please accept my profuse apologies. Our money advisers have a significant amount of training in and around the topic of bankruptcy - and specificly the implications and effects. We're always keen to ensure our clients recieve the very best service, if you have any constructive feedback I would be really keen to learn your thoughts.

The issue of gambling and suchlike is more than likely to cause a 'bankruptcy restriction undertaking' - which *could* in effect last up to fifteen years. There is a useful section discussing these within our fact sheet:
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=01_bankruptcy

As tigerfeet2006 has mentioned it would be vital for you to list your childcare costs as an eseential outgoing within your financial statement.

Best wishes,

David.

alastairq

Interesting, that must be a recent amendment, when I took advice off national debtline about 2 - 3 years ago they told me 12 months is usual and it only extends to 36 months in specific circumstances.

There has also been evidence of people being discharged from bankruptcy within 3 months on here because they had no available income to pay.
I strongly suspect some element of misunderstanding here, about what was said?

NDL probably didn't get it wrong at all.

12 months is usual for Automatic Discharge.

The 'specific circumstances' are not special one's, the reference is to surplus-based IPA/IPO..... application of which requires a surplus to be identified. Not everyone has a surplus...and lasts for 3 years from date-of-agreement or Order.

And yes, some people have received Early Discharge, where the bankruptcy has been easy and simple to deal with.

{ED requires the OR to apply to a Court. This involves time and money.... both of which may be in short supply at various IS offices]

Form what was posted, it seem NDL answered all the questions accurately and specifically?

Well done, NDL?

tigerfeet2006

This is a fantastic resource to help calculate things. It's on the Look Here First sticky.

https://forums.moneysavingexpert.com/discussion/4224493

hanes

tigerfeet2006 wrote: »

This is a fantastic resource to help calculate things. It's on the Look Here First sticky.

https://forums.moneysavingexpert.com/discussion/4224493

I tried the calculator it states my outgoings are more than incoming which is true since my partner and I split.

it says that I am not suitable for bankruptcy?

Thrifty_Pixie

hanes wrote: »

it says that I am not suitable for bankruptcy?

unfortunately difficult to comment or advise on this with the little financial details you are happy to divulge here