Bankruptcy details please

EdwardB

I have a lot of debt and had this insane idea that I would be able to pay it back one day but I have come to the realisation that I never will, save a lottery win and that will be difficult as they priced themselves out of the market.

SO, I have trawled all the debt sites but none of them seem to tell me upfront EXACTLY what all the steps are, what the Trustee or OR or whoever needs and everything else.

I saw on a forum the other day that you have to give some sort of financial statement to your creditors.

I find that obscene. It is one thing to give it to the insolvency people but I have a few creditors who I detest, two of whom got CCJ's and one even paid the huge sum of £66 to get it computer stamped so a bunch of thugs with a criminal record can demand money with menaces and still get nothing.

Is there some sort of guide that gives you examples of all bits you will be sent and examples of how to fill them out?

If anyone on here can give me some advice, what to do BEFORE you do it, lessons learnt etc, I would be most grateful.

Johnsmith2016

Post up a SOA so people can look st your situation and advise better.
Speak with step change to see what your options are, bankcrupty, Iva, DRO etc.
You can now do the bankcruptcy online and pay in chunks until you have the fee.
I got a free appointment with my local citizens advice debt advisor who filled all my forms in correcty.
They asked for 2y bank statements I only had bits and pieces so they said it didn't matter as they can request them directly if needed, they just spoke through all my debts via a telephone interview that last ten mins - then I heard nothing else for 12 months before being discharged. Best thing I did, very simple and less stressful than I imagined at the time .

Johnsmith2016

The financial statement is to the official receiver only - your statement of affairs listing all debts. Is any of it from gambling?

Flyright

The Official Receiver will send out a report to all your creditors showing your overall financial position in terns of total assets and liabilities. Creditors will have an opportunity to contact the Official Receiver if they have any concerns or comments.

luvchocolate

Read all the stickies including the welcome post, lots of information on there, I also read the I.S site.
Read all this ..call one of the debt free charities, them come back here with any questions.

EdwardB

Johnsmith2016 wrote: »

Post up a SOA so people can look st your situation and advise better.
Speak with step change to see what your options are, bankcrupty, Iva, DRO etc.
You can now do the bankcruptcy online and pay in chunks until you have the fee.
I got a free appointment with my local citizens advice debt advisor who filled all my forms in correcty.
They asked for 2y bank statements I only had bits and pieces so they said it didn't matter as they can request them directly if needed, they just spoke through all my debts via a telephone interview that last ten mins - then I heard nothing else for 12 months before being discharged. Best thing I did, very simple and less stressful than I imagined at the time .

I do not see how an SOA will help.

If I am reluctant to provide people who it can be reasonably argued have a legitmate right to see a statement, I am not going to be happy to air my laundry in public.

I just wanted a step by step guide so I am prepare.

My bank gives me statements for 3 years, I have downloaded them several time.

Debt is something I take very seriously, for me it is like honour and even if I find the money I have a real problem with doing this.

Yes I can see the relief but there is still the stigma.

Johnsmith2016

Well that's your call.

The reason for the SOA - as it will effect the advise you will get - what some consider a large debt is not that bad compared to others etc
If for example it's 20k then a DRO may be best . If you have assets then a IVA may best . If you have no assets and owe much more than 20k then bankcruptcy may be best.

debt_doctor

Hi,
As Johnsmith said, an SOA gives the information for us to be able to help you. No one knows who you are on here.


If you really want to know everything relevant before you might choose to become BR then information is required.


Will you get an IPA? How much will it be if you get one? These are all important points to consider.


DD