Preparing for Bankruptcy

MrNiceGuy_007

Hello

I'm thinking of going BR - I owe 41K on credit cards, overdrafts, car finance and to HMRC Tax & NI.

Should of done this years ago because the depts are from 2011, sort of put my head in the sand.

I have several questions:

1. Ive downloaded the forms and just filling them out, I take it doing it yourself is cheaper then going through a company? Or is it worth letting a company deal with it?

2. I dont really want my boss to know however there's the issue of my bank being frozen.
So for instance; I'm paid on the 26th (monthly) and if I was to send off all the BR forms the next possible day. Would I be able to get BR'd and then open another account before my next payday?
To my boss it would just look like Ive switch accounts.

3. Once forms are sent how long does it take for them to bankrupt you?

4. I have a BMW worth £2600-£3000 nothing special and its 11 years old. I read that if the car is worth over £1500 they ask you to sell and get a cheaper one. My concern is I travel alot for work. Ive done 6000 miles this month so I need a car that can take it and is practical/safe to drive. £1500 will more than likely get me a car that needs money spent on garage repairs every month or blow up on the motorway. Do I have a valid argument?

5. I'm just at the start of a career change and have IT equipment (routers and switches) which are worth about £1800 in total. They are used for my certification studies. So its like a lab and I carry out network simulations and study then take exams every month or two months. Sort of an on going thing for many more years. Will they take those? That would seriously affect my study and work.

6. We have one TV worth £800(NEW) will they take that?

Its just my partner and I who live together in a rented house and have one car.

Thanks for reading

TheGardener

Hi
If you haven't already done so - read the sticky posts at the top of this board
DO NOT pay any company to do this for you - StepChange, National Debt Line etc have all the experts you need free of charge.
https://forums.moneysavingexpert.com/discussion/1056083
Open a basic bank account now before you go BR - read the stickie about bank accounts - you don't need to wait - you should ideally have transferred your salary to the new account before you go BR

You are BR the moment the judge stamps your form - the day you present your petition - when you do that depends on you really and how long it takes to get ready. Your petition will not be accepted if the Judge is not assured you have taken professional advice (from one of the charities ideally)

The car one is tricky - it's a £1000 not £1,500 but different posters have had different experiences.

The OR does not take 'goods' - they are not bailiffs. If the IT equipment is work/study related then there is no reason they would ask you to sell them. I doubt they would be interested in the TV.

You should do a Statement of accounts (SOA) and post it here so you can get everyone's advice on that.
Please read loads of the stikies first and make an appointment with Stepchange or DebtLines or CAB (If they have BR expertise in you local one - not all do)