Welcome to the Bankruptcy Board - Part 2

IF

dojoman

Morning IF Morning all

Can`t believe it but 3 months today and my 6 years is up Cannot believe how quickly the time has gone by....

IF

dojoman wrote: »

Morning IF Morning all

Can`t believe it but 3 months today and my 6 years is up Cannot believe how quickly the time has gone by....

Hiya Dojo, brilliant news :beer:

dojoman

Morning folks

IF

Hiya all :hello:

Curlygirl35

Hi I'm considering bankruptcy as I have over £50k in unsecured debt. Nearly all of the debts are from 10 years ago when I got depressed and started buying things to make me happy. Anyway I was paying through a dmp and they calculated that my debt will be clear in 2187. I want to go bankrupt as my income situation hasn't improved much in order for me to make a big reduction in my debts. But there are few things that scare about bankruptcy and I wondered if anyone could help. I've spoken at length with an advisor from stepchange who gave me a lot of really useful Info. But there are questions I wanted to ask but couldn't. So here goes: I have a hire purchase agreement for my car it was a cheap car 5500 but because of my poor credit scare the Interest rate is high so u pay back roughly £175 per month. My first Question if I don't declare This to an OR during bankruptcy how will they find out? I need the car for work and school runs and the info said I will only be allowed £1000 for a car and I don't want to do get a cheap car cos I drive to Wessex from Kent for work on occasions and u don't want old car that will break down. My second question is:

My bank accounts don't have overdrafts and I don't owe money to any. Can I keep my bank accounts or only declare one? I know this looks like I'm considering fraud but I don't want my life to be completely ruined. i would be grateful for any advice

dojoman

Curlygirl35 wrote: »

Hi I'm considering bankruptcy as I have over £50k in unsecured debt. Nearly all of the debts are from 10 years ago when I got depressed and started buying things to make me happy. Anyway I was paying through a dmp and they calculated that my debt will be clear in 2187. I want to go bankrupt as my income situation hasn't improved much in order for me to make a big reduction in my debts. But there are few things that scare about bankruptcy and I wondered if anyone could help. I've spoken at length with an advisor from stepchange who gave me a lot of really useful Info. But there are questions I wanted to ask but couldn't. So here goes: I have a hire purchase agreement for my car it was a cheap car 5500 but because of my poor credit scare the Interest rate is high so u pay back roughly £175 per month. My first Question if I don't declare This to an OR during bankruptcy how will they find out? I need the car for work and school runs and the info said I will only be allowed £1000 for a car and I don't want to do get a cheap car cos I drive to Wessex from Kent for work on occasions and u don't want old car that will break down. My second question is:

My bank accounts don't have overdrafts and I don't owe money to any. Can I keep my bank accounts or only declare one? I know this looks like I'm considering fraud but I don't want my life to be completely ruined. i would be grateful for any advice

Firstly, post this on the main forum, you will get more answers. If you lie to the OR you could at worst end up in gaol. You HAVE to be honest in all aspects unless you are breaking the law, the OR can get ANY info about you from different sources, if you go in to BR with this attitude you are heading for serious trouble.

dojoman

Morning all

IF

Morning from me too :hello:

IF

Welcome to the Bankruptcy (BR) Board.

Hello and Welcome, Many of the posters on here have been through bankruptcy. They will be able to help, advise and also offer you support. We do have posters who have/do work for the OR and Debt charities too.

Written by Fermi our board guide:-

"Many people find that debt and bankruptcy is the cause or result of a period of great distress and anxiety in their lives. For some this can reach a stage where it is difficult to cope. So I would remind you that The Samaritans are available to help you through your troubles if the emotional side threatens to become overwhelming."
The Samaritans - Click here

Helpful Links and Information.

To post your question go to the top left hand side of BR board, opposite the page numbers and press the "New Thread" button as shown below:

And type in the Title to your thread. If your post doesn’t get answered straight away please don’t lose heart, it’s often due to not being a 100% sure we would be giving the correct answer. If you find your post is not answered and it’s on page 2, please ‘bump’ your post back up the board.

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.

* Blue text on MSE usually signifies hyperlinks, click on the blue links below *

Please do read these threads and other threads on the BR Board, remember knowledge is power :beer:

For ‘essential’ BR info the ‘Look here first’ sticky by Fermi.

BR Friendly Bank Accounts ~ [Updated Sep 2012 re: Co-op Cashminder withdrawal]

BR Abbreviations

Beware of advice via PM.

Assorted letters to creditors

Reasons for your BR - 6.28

Charities who help with BR Fees

BR friendly home insurance thread

CABmoney Bankruptcy Payment Order Calculator

The IS Official Guide to Bankruptcy

Bankruptcy NDL Guide

Basic Bankruptcy Advice & Guide NED CAB

Diary of a broken gambler

IVA & DRO Board

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