Help anyone!

noemis74

I was just wondering if anybody could tell me, if the bank make you bankrupt do you have to pay any of the charges?

we recently owned our own business but have had to cease trading as we were not making enough money to live, i spoke to the cccs and after explaining our whole situation to them they thought that the best thing for us would be bankruptcy, at the moment both my husband and i are out of work, because of this we can get our court fee's wavered for the bankruptcy but not the official recievers fee, so we were just wondering if we got in touch with the bank and told them to make us bankrupt, would we still have to pay any of the fee's?????
Thanks in advance to anyone who answers.

PixiePie

Its very very unlikely the bank will petition for your banrupcy for the reasons that a) it costs them more than it costs you to do (it's £355 for the OR fee (plus the court fee if you have to pay this) for you to do it, and I've read anywhere from £1000 - £1500 for them to do it) and b) if you go BR they don't get any money back (well, they can via an IPA, but basically, they don't, or can't count on it). So it's a very bad thing for them and not something they are likely to do.

The usual ways suggested to raise the money are:

• Stop paying your debts to use the money to pay the fees (ie the minumum payments on a credit card/credit cards/loan/s). Obviously this is something you only want to be doing after you have totally decided and are 100% committed to going BR, as it totally mucks up your credit rating and can start the nasty letters/phonecalls after a bit etc
• Apply to one of the utilities boards for the fee. This is a very rare thing now it seems, but still an outside possiblity. I don't have the funky link thing that someone posts (Phil possibly?), but if you search for Severn Trent I think it is you might be able to find it. Alternatively, look on the National Debt Helpline website for BR fee info, and search on this forum for previous threads with the exact info on. Be warned this is not a guarantee and can take a bit of time to receive.
• Draw out cash on your Credit card etc to pay for it. Not the best obviously, but if you're desperate needs must
• Ask a close friend/family member to loan it/give it to you. If it's a loan then it might have to be paid back after discharge, but you will obviously know how friends/family will react etc.

Other than that, it's hard. It's something I have struggled with for about 4 months now - I don't qualify for any of the trusts due to my living situation, my family are not at all supportive, I have nothing left on any of my cards and stopped paying them ages ago, as I simply didn't have the money too. Very very luckily my MIL has now given my OH the money for me to do it, otherwise I have no idea how I would ever afford it. I suppose by putting the odd £10 by until I had saved enough, but realise how long that wold have taken. If this is the case for you, is it possible to go without something one week/month to help come up with the money? I know (really) how much easier said than done that is, but if it's at all possible...

Sorry I can't be any more help.

The_Madmouse

Your first port of call should be to contact one of the Debt Charities as previous posters suggested; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only. CCCS operate a system of telephone appointments that are designed to be flexible and don’t require you to attend an office based interview. At the CAB you will need to make an appointment with a specialist Financial Advisor; other advisors may not have the specialist knowledge you’ll need.

http://www.cccs.co.uk/
http://www.nationaldebtline.co.uk/
http://www.citizensadvice.org.uk/index.htm

If and only if you’re advised that bankruptcy is the most suitable solution to your financial problems then the guys & gals here will help any way they can, at the end of the day it's your choice.
For more specific advice and support, in an environment that is managed by people with first hand experience of bankruptcy, and moderated to ensure that no deliberately inflammatory or abusive posts are made then please visit:

http://bankruptcysupportersclub.co.uk/default.aspx

Its worth a note that some of the major utility companies offer a trust fund & in some cases may help with payments towards bankrupcy costs BUT they will insist you seek advice from one of the charitys listed above first otherwise they will throw the application out...some members posted here have had all their costs paid for this way some have been granted an ammount towards the cost..see how you go...bear in mind though it's just recently been announced as pixie said that most of the trusts now won't pay towards the costs of BR..but try as many as possible you may just be one of the lucky ones

have a look here....








http://www.edfenergytrust.org.uk/doc...ersDec06 .pdf

PixiePie

That's the post I meant, cheers Mad

limbolegs

noemis74 - was your business a ltd company - just wondering - your situation sounds similar to ours?

noemis74

limbolegs wrote: »

noemis74 - was your business a ltd company - just wondering - your situation sounds similar to ours?

No it wasn't, we were a partnership

debt_doctor

Hi if you are a business partnership you are treated as a single legal entity in bankruptcy, and therefore only have to pay one lot of fee's. ( £335 total)

I did this for 2 clients a couple of months ago. The forms are completly different but the end result the same.

Contact your local court for more details.

Best wishes