Is there nothing I can do

Broken_hearted

spurs501 wrote: »

Out of interest, everyone is saying the OP is better off going bankrupt because he has "nothing to lose"?

At what point would it be better NOT to go bankrupt then?

i.e: If he DID have a property would he be better off trying to work his way through it? Does it depend on how much equity in his house? Would he DEFINATELY lose his house if he went bankrupt?

Sorry for all the questions but the subject has intrigued me.

Thanks.

At the point where you lose more than you gain.

fermi

badmark wrote: »

One of my problems is that the house I live in is the "family" house, and its up for sale, my father owns it but i will be getting £200000 on the sale, if I go bankrupt when I get the money Ill have to declare it and that will obviously be an asset.

:eek: Was that amount a typo? Did you mean £200,000 £20,000 or £2000 ???

Tirian

Bankruptcy is not over and done with the moment the court order comes through - the bankruptcy restrictions will remain for a year. If during that year you come into a significant sum of money, such as the £200,000 you mention, then your creditors will have a claim on that and your bankruptcy administrator will be obliged to distribute to them accordingly. If the court deems that you ran up the debt recklessly (e.g. taking on more credit when you already knew that you would be unable to repay) then the restrictions could last even longer.

There's no way that anyone here (or anywhere) is going to be able to tell you what is the best course of action in your circumstances with the limited information that you have given. Your best option is to call somewhere like CCCS and go through a full assessment of your situation - including the £200k you're likely to receive - and get a recommendation from a trained adviser. Or talk to CAB. Alternatively, with a £200k windfall in the pipeline, you might be better off overall going to a financial adviser and getting some wider advice (since if you get £200k and pay off £70k outstanding debts you'll have a not inconsiderable £130k at your disposal ... a sum that it will be well worth paying for some quality advice about how to use).

Tirian

plumduff-2

Dont go BR with £200k coming to you.. You have a most generous father, why is he giving you this money (being nosey...)

Phone CCCS, I htink maybe DMP with a view to doing full and final settlements when you get the dosh..

fistfullofdollars

£200k? I'd sit on the sale of the house. Take a few pain in the bum phonecalls off DCAs and then once the £200k was clear and in my bank account (high interest of course!) contact all creditors for full and finals.

Is the sale of the house likely to be soon?

badmark

You lot are bloody brill, it is £200,000 my father is doing it not for me but so the estate goes down as he cant take it with him (and if he could he would) I think i'll take the threats,letters, etc wait till the sale goes through then buy a house having not gone bankrupt and negotiate from a position of power with my creditors, as all the stuff is not secured whats the worst they can do ? Thanks again everyone

badmark

Its up for £550k weve had some offers and one nurd who said he would buy it but didnt have the money.... so
M

plumduff-2

Do the full and final offers before you buy a house, but research how to go about it first.. Dont want any creditors getting shirty and putting a charging order on any property you buy before you manage to pay them off..

firesidemaid

sorry to be the one to mention this, but do you think you have now got your spending under control now?

are you able to budget and live within your means once you have set yourdelf straight?

good luck x

badmark

whoops, whats a charging order ? all the debts are unsecured can they put some kind of attachment on any prop I buy? I was going to try and buy a house (wreck) for £160000 and pay off as many as possible. good advice re f and fs though, cant they alter them after they make an offer and are they negotiable?