Can anyone give me a bit of help?

ljwatkins1306

I an 29 years old, married with a 6-year old boy and I need some help!

I am in about £40K debt with cards and loans, and my husband has £15K on 2 cards and 2 loans.
None of this is secured.

We have a mortgage in joint names which is £102K and the house is worth £128K.
Car has no finance and worth no more that £2K.

My husband is working but I have recently been fired from my job - so very little income coming in.

I was fired from my job for writing cheques to myself. Not to have a flash lifestyle or keep up with the Jones' but keep our heads above water - pay all the minimums every month and the direct debits & bills.
Over the last four years I have taken about 70K - please don't judge, I have done this in sheer desparation.
I am on police bail while they investigate - but that is a different matter I guess.

My husband had no idea about any of this - debt, me stealing etc. until about 2 weeks ago.

My employer has served me with a statutory demand, basically filing for my bankrupty, based on the sum of about £24K.

I think bankruptcy is the way I will have to go anyway and I understand they take my assets but will they take my husbands and little boys posessions? I couldn't bear that.
And can anyone give me an idea of what will happen to the house?
We were going to put it up for sale anyway to try and clear some debts but not sure if that is in our interests any more?

I feel like i'm banging my head against a brick wall everyday all day.

I have a solicitor but he's not helping with the personal feelings and questions I have.

Richard_S

Hi ljw,

If you are declared bankrupt then its only your assets and share of the equity in the property that the O.R will look to realise; your husband and son's possessions are not at risk.

Assuming that a more realistic valuation of the house is £125k that is £23k of equity and your Beneficial Interest being 50% of that is £11.5k. Your husband, other family member or a friend will be given the opportunity to purchase that B.I from the O.R. If you can't raise the money they will probably put a charging order on the house; they can sue for repossession but only do this as a last resort.

Please don't feel embarrassed about asking more questions or just having a good old whinge; we've all used this site to let off steam and seek reassurance.

Regards

Richard

ljwatkins1306

Thanks Richard. I know it sounds shallow but would they take the TV, DVD player etc..
What will they leave us with? Mainly concerned about the affect on my little boy and his standard of living.

I have read somewhere that sometimes they let you stay in the house for up to a year while you sort yourself, especially with having a child. Do you know anything about this?

Richard_S

ljwatkins1306 wrote: »

Thanks Richard. I know it sounds shallow but would they take the TV, DVD player etc..
What will they leave us with? Mainly concerned about the affect on my little boy and his standard of living.

I have read somewhere that sometimes they let you stay in the house for up to a year while you sort yourself, especially with having a child. Do you know anything about this?

Hi ljw,

It doesn't sound shallow at all; inevitably its the small things in life that can mean the most. The O.R isn't interested in normal household goods unless they're top of the range and worth thousands of pounds. Even then, the O.R couldn't touch them unless they were in your name.

The O.R will give you a year to raise whatever B.I has been agreed on but getting to the point of reaching agreement after you've eventually been declared bankrupt could be at least another six months. If they take the ultimate sanction of repossession that in itself can take another six months, so you've no immediate concerns.

You may have done something that others will criticise you for but I wouldn't be too hard on yourself, your family are far more important than your past indiscretions.

Richard

backontheup

Hi LJ

Dont beat yourself up anymore. The worst has happened - you just have to deal with the consequences now.

When you go bankrupt (as it really does sound like a when rather than an if) they will only be interested in your assets. It is highly unlikely that anyone will come round to take possessions.

The secret is out now, and you can start moving on. Keep strong - the BR will seem reletively painless compared to the other awful stuff that you have had to deal with.

Good luck

ljwatkins1306

The support I have had from this website in the last half an hour is more than I have had from anyone in the last three weeks and for that I am so grateful.
x

Richard_S

ljwatkins1306 wrote: »

The support I have had from this website in the last half an hour is more than I have had from anyone in the last three weeks and for that I am so grateful.
x

Hi ljw,

You may well get some harsh comments posted on here by others; it has got bad enough at times to drive people away from this site. If that happens the link below will take you to a site that's run by bankrupts where there is no chance of that happening. Lots of people who post here post on that site as well.

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

Regards

Richard

Spirit_2

I am sorry that you are in this position, but you are not the first and wont be the last. You know that what you have done is wrong and you will have to face the music; but facing the music is hard and in facing increased financial pressure and a possible prosecution you and your husband are going to need some support beyond a solicitor. This will all take a toll on you both; do you have friends or family you can talk to?

If you have, then think about telling them about this as soon as you can - just as you have done on here - owning up, being honest. They may be upset and shock may make them angry at first but will come round. If possible try not to discuss it in front of your little boy he will worry and cannot change anything.

Visit the Old Style boards to see how far you can make your income go.
Good Luck for you and your husband and I am sending you a (hug).

gratton20

Hi,

First of all let me say that I am sure you will gain a lot of support and help here, I did and so have many others. You may find a few "trolls" now and again, people who post unhelpful or nasty messages just because they can, they get pleasure from stiring up trouble or causing distress .. its their thing but its generally not personal ... so dont stress about it

Ask anything you want to know, if it sounds silly - it isnt - ask anyway.

Personally I do not feel that it is my place to comment on anyones actions or mistakes, I am not perfect, no-one is, and it would be arrogant to say the least, to attempt to be judgemental.

Good luck in getting your financial / legal affairs sorted out, I am sure there really will be light at the end of the tunnel.

tigerfeet2006

((((((((((hugs)))))))))))

Please don't strees to much about the BR. In the scheme of things it is the least of your worries. Anything you need to ask please do and we will do all we can to help you.

Make sure you follow the link in Richards post, it's a great group.

rog2

Hi ljw - the thing about THIS forum that sets it apart from most, is that the majority of posters, here, have either been through bankruptcy, contemplating bankruptcy or are about to go through bankruptcy.
So the advice that you get is, in most cases, based on personal experience - it is not text-book, and we don't pretend to be professionals - we will, invariably, suggest to anyone, contemplating bankruptcy like yourself, that they seek professional advice from one of the established debt counselling charities, such as CAB, CCCS or National Debtline - indeed there are people from both CAB and CCCS who regularily post on this board.
So if it's genuine advice, or just support, you want - ask away.