Bankruptcy advice

TheGardener

Although I would agree with some of your sentiments - TBH - BR is a very big sledgehammer to crack a very small £13k nut.

However, re your bank accounts. The Banks - not the OR decide if they want to freeze your account but most do. However, it can take a couple of weeks for the info to filter back to the banks. If you have a basic account (no OD facility etc) then even if the account is frozen, it will only be temporary assuming its a BR friendly bank. Barclays basic or Nationwide flex direct (with zero OD ) are good ones to try. Most folk just make sure they have drawn out enough cash to tide them over and put it on the BR forms as 'cash in hand' for everyday living costs.

ToxtethO'Grady

If you are not 'technically' insolvent...


You have assets that can clear your debt or your income surplus is calculated to pay your debts within 3 years.


So for instance the OR would not allow 4 mobile contracts so you have £200 straightaway.


If you are paying maintenance for 3 children the OR will say you shouldn't be paying their mobile contracts, if you are doing that. The OR will look at what you 'legally' have to pay and will use the CMS child maintenance calculator.


If you post your SOA we can give advice or suggestions on where the OR may look or if BR is a bit of sledgehammer to crack a nut.

Mrtoast

What do you mean by SOA?



State of affairs?

fatbelly

Statement of affairs - calculator here. Please format for mse

http://www.stoozing.com/calculator/soa.php

I guess they did not recommend a DRO because you have too much surplus income. The criteria are:

•Must not be a homeowner,

• Debts less than £20,000,

• Can have a car worth up to £1000,

• No other assets of more than £1000,

• Must have £50 or less left at month end, after all essential payments have been made (not inc debt repayments),

• Cannot have had a DRO in last 6 years.

That's a shame because you don't even have to list your bank accounts (provided they're not overdrawn) in a DRO whereas you do in bankruptcy