Can someone answer these questions

Annon

Hi

Just trying to figure what declaring bankrupt actually involves

Do I have to pay all my debts back even after being bankrupt if so how? And for how long?

Can I find out what will happen before the bankruptcy starts? I.e what is taken off me etc?

If I don't have any assets what happens?

Spoke with Barclays today who offer a basic account for people who are bankrupt should I open the account before or after the bankruptcy starts?

Are all contract mobiles stopped and the phone taken off of you?

rossireps

Annon wrote: »

Hi

Just trying to figure what declaring bankrupt actually involves

Do I have to pay all my debts back even after being bankrupt if so how? And for how long?

Can I find out what will happen before the bankruptcy starts? I.e what is taken off me etc?

If I don't have any assets what happens?

Spoke with Barclays today who offer a basic account for people who are bankrupt should I open the account before or after the bankruptcy starts?

Are all contract mobiles stopped and the phone taken off of you?

You dont actually pay your debts back but if working and have excess income after your monthly outgoings,you pay what they call an ipa.
before br nothing is taken off you.
if you dont have any assetts nothing happens.
open bank account now, i think
basically i went to court had the examiner interview and not much happened after that.
mobile phone i went payg and put the contract debt into br,they didnt ask for the phone back but it was 2yrs old by then.

dancingfairy

Hi. You need to phone one of the debt charities (National Debtline,StephChange, CAB, Payplan etc) and have a chat through your options with them. This is because the Official Receiver (OR) may ask you whether you have sought advice (MSE doesn't count ).
Going bankrupt is pretty straightforward - you turn up to court, hand over the money (700 pounds ish?), wait whilst they check your paperwork,wait whilst they decide whether you need to see the judge or not (some judges like to see everyone and wishthem luck, others don't it really seems to vary), wait whilst the papers are printed off and gohome.
Wait for initial phone call to book phone interview
Have phone interview where they will chat through briefly your reasons for going bankrupt, and what figures you have put down to live on(but you can get people's opinions on yourfigures before you go bankrupt).

The sticking points in general for people tend to be:
1) if you have a car
2) if you have a house (particularly if it has any equity)
3) any consequences for your future career - for example if you work in banking/law etc you may face problems.
Clearly none of these are insurmountable but these are areas you should check out before goingbankrupt.
Hopefully the sticky thread(s) should steer you in the right direction but if you have any questions just ask.
Best of Luck
df