Help needed with Court hearing next week

journey_2

Hi All,
I have a court hearing set for next tuesday. I had my own business which unfortunately got into financial problems resulting in my bank withdrawing the overdraft facility and leaving me £20K in debt to them. I have also got around £30k of debt that built up from using credit cards to float the business (big mistake but I was desperately trying to keep the business going). I was running the business before I met my wife and none of the debt is hers.
My main concern regarding bankruptcy is the fact that there appears to be no set formula for working out beneficial interest. My wife was already living in the house before we met. In fact, it`s her childhood home. She bought it from her parents 11 years ago and I only started to contribute to the mortgage 3 years ago when my business had failed and I got a job elsewhere. Can anyone give me any advice as to how they feel it`s likely to go regarding my `beneficial interest` in the property?

Something else I`m unsure of is what amount to put down as my earnings as my job is one where I get a basic wage and then earn commission on top. As such I don`t know from one month to the next what I`ll be bringing home. How does that work when I am asked to submit my incomings and outgoings? Do I `have` to include my wife`s finances as well or is that something that can be left out and if I did so, would the official receiver look badly on me?

Finally, when I go to the court next tuesday can anyone give me advice as to what I`m supposed to take with me as there was no info in the letter I received and when I rang the court they were less than helpful. I don`t want to turn up with nothing and look like I`m not interested. I want to get this sorted out and be able to know where I stand and if there`s anything I should take along (expenses form etc etc ) then I will do so.

Obviously, the bank has totally screwed me over with unbelievable charges over the past 6 years ( around £15K of charges built up between Interest, £30 a time for bouncing cheques/DD`s and a really sneaky £10 a time fee for asking my business advisor if they should bounce a payment or let it go through 0 which they always then bounced of course). They even took £1000 out of my account without my permission and only informed me of the fact a few months later. With the reclaiming of bank charges being put on hold for 12 months I guess there`s nothing I can do but it seems unfair as I reckon I`d have a strong case for reclaiming the bulk of the amount that they claim I owe them.

Anyway, sorry for the ramble. I`m just getting worried as the court date gets closer and would really appreciate any advice that you guys (and girls) could give me.

Thanks,
Journey

jellycat40

Hi Journey

All sounds so familiar to me. I went BR last May last year and now discharged! I had similar circs to you.

I was living in the house of my ex husband and paying the mortgage but as the house was in his name the OR was not interested. The house was our matrimonial home but the OR was not able to touch it because it was not mine.

You do not have to declare what your partner has as income at all.

You need to take the form with you, the fee and I took a narrative of the circumstances that had resulted in the petition. This just helped with the OR interview that followed. You will also need to have your bank cards, credit cards etc as you will have to surrender these.

The Co Op is very good at giving basic accounts for BR's.

The question of your wages - the OR will want your last 6 months payslips and they will work out an average for you. They will then decide what you will pay if anything to your creditors. None of this will be decided at court this will come about 2 weeks later when you have your detailed interview with the OR. You will probably get a face to face rather than a telephone interview because you have a business involved.

Don't worry the court folk are generally really nice and helpful and the OR office is there to help you as well as the creditors. They were very informative to me and not at all judgemental. I owed 130k.

Good luck with it.

Regards Louise

backontheup

If they were to persue a BI line with your partners property, they are likely to calculate it on any equity that may have built up since you started to pay a part of the mortgage.

But I am also in this position, and because the mortgage has nothing to do with me and I have never contributed towards it, the OR didnt ask me any further questions about it.