Advice please

RL07

Hi all, after years of trying to avoid bankruptcy myself and the wife are going to take the plunge, weve had enough of the worry and trying to make ends meet but i have a couple of questions could we do a joint bankruptcy or has it got to be done separately, also im in negative equity and in the middle of remortgaging, we will still be in negative equity and the small amount of cash back will cover the Br costs, how would the official reciever see this and would it be a problem, thanks to everyone on here.

Richard_S

RL07 wrote: »

Hi all, after years of trying to avoid bankruptcy myself and the wife are going to take the plunge, weve had enough of the worry and trying to make ends meet but i have a couple of questions could we do a joint bankruptcy or has it got to be done separately, also im in negative equity and in the middle of remortgaging, we will still be in negative equity and the small amount of cash back will cover the Br costs, how would the official reciever see this and would it be a problem, thanks to everyone on here.

Hi RL,

You have to declare bankruptcy individually and that means two sets of fees. The Official Receiver will sometimes allow a joint interview when a couple both declare bankruptcy at the same time. If you are on a low income or benefits then the Courtt Fees will be waived; that's a saving of £135 (I think)each.

You're not doing anything wrong by remortgaging because you obviously intend paying the mortgage so its not a case of taking out a loan with no reasonable chance of being able to repay it. As for the cash back, the fees have to be paid somehow, and some people have actually withdrawn cash from a credit card and had no problems. I don't think the O.R would have any problems at all with you doing this.

In general, when somebody posts for the first time on here, then the following is worth bearing in mind if you haven't already done it.

Your first port of call should be to contact one of the Debt Charities; 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 you’re advised that bankruptcy is the most suitable solution to your financial problems then we can offer the best support and anecdotal advice that you’ll find anywhere on the Web.

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

Just remember, as desperate as you may feel at the moment, we have all experienced what you are going through at the moment and with the right support and advice things will improve. It’s not an easy route to take but it is a route that will put you back in control of your life rather than just reacting to events.

This is a pro forma response but it's an essential starting point.

Any other questions please post again,

Kind regards

Richard

seven2seven

Myself and Wife both went BR 2 weeks ago. You have to file seperately and suffer 2 lots of fees. If you are claiming a benefit then you should be able to pay the reduced amount (ring the Court and ask). The 2 of us were seen by the Judge at the same time and our OR interviews will be seperate (on the phone) , mine at 10.a.m. and her at 11.a.m..

We had to draw money from CC to pay for ours so will let you know on that as our interviews are on 2nd October.

Good Luck with everything , but the main thing is , seek professional advice .

debt_doctor

Hi, im a little confused asto the reason for the re mortgage ? was it just to raise the BR fee 's or for some other reason. I assume you would like to keep the house ( assuming you can afford the repayments ).

Sorry for all the questions, id just like a clearer picture

Best wishes

DD

RL07

Hi DD the reason for the remortgage is to get the mortgage and secured loan into 1 payment with a bit of spare cash approx £2000, im up to date with mortgage payments but only just with all the unsecured debt we have and basically we cant go on living the way we are its going to put us both in an early box.

debt_doctor

Hi, no real problem with the way you are paying for the fees.

The costs are £150 court fee ( waived or reduced for low income ) and £335.00 deposit, both are per person.

Remember the OR has up to 3 years to realise an interest in your property. Will it still be in negative equity then ?

Best,

DD

Richard_S

debt_doctor wrote: »

Hi, no real problem with the way you are paying for the fees.

The costs are £150 court fee ( waived or reduced for low income ) and £335.00 deposit, both are per person.

Remember the OR has up to 3 years to realise an interest in your property. Will it still be in negative equity then ?

Best,

DD

Hi debt doctor,

I'd assumed the O.P would have purchased the O.R's B.I for the nominal £1, but that's a dangerous assumption to make. If they don't then the three year rule will apply.:eek: :eek:

RL07, are you familiar with B.I and purchasing the O.R's interest??

RL07

Hi is it down to me to buy out the BI from the OR or has it got to be a family member, or is it the OR who decides whether or not they will allow it, thanks for the help

Richard_S

RL07 wrote: »

Hi is it down to me to buy out the BI from the OR or has it got to be a family member, or is it the OR who decides whether or not they will allow it, thanks for the help

Hi RL07,

You purchase the B.I yourself; we've almost completed ours, we had to pay 2 x £1 plus the O.R's legal fees. Another person can purchase the B.I for you but there'd be no point.

Richard