Going BR what happens....

Leinner21

Hi, I am planning on filing BR due to huge debt. I have a small amount left to pay on my BR fee I am just waiting for pay day. I have never gone BR before & am extremely nervous!
I have an old banger of a car worth £100 will they take this off me? I also rent, will they take my tv and my child's Xbox etc? Also if they take my bank account how on earth will I pay my rent and it says I may not be able to open a new one!?
I'm so nervous with no idea what to expect
If anyone has go through this please could you explain what happens?

sourcrates

Hi,

Please do your research, no one wants your old car/tv or Xbox, as they are not worth anything second hand.

The OR will only take goods of significant value, not everyday household items.

Pre-planning is everything here, you should have a new basic bank account set up, as soon as you go bankrupt, best with a bankruptcy friendly bank, with whom you have no outstanding debt.

Process explained here :

https://www.gov.uk/government/publications/guide-to-bankruptcy/guide-to-bankruptcy

https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/bankruptcy-2/after-you-go-bankrupt/accessing-your-bank-account-after-going-bankrupt/

fatbelly

Have you taken advice on this? Roughly (ballpark figure) how much debt are you in?

Just as a side comment, I still don't understand why debt advice was not made part of the process when bankruptcy went online, to mirror the success that DROs have been.

At lease in the 'old days' a court employee would usually ask 'Have you taken advice on this?' Now you just fill out a form, pay and click.

Annie35

I found going BR a blessed relief, as do many others. Once youve applied you have a chat with the official receiver (OR) about a week later & usually thats that!

I recommend nationwide for a bank account, thou do it after your OR chat, i found that the best way.

You sound like you're in the 'beating yourself up' stage, don't apply that feeling to your SOA! You are allowed a decent lifestyle in BR so put something for haircuts, account for school uniform, put down something for a week in a caravan! Anything left over goes to the OR so it's important to make sure you've accounted for a basically good life!

If you want post your SOA here & everyone can help make sure you get through br quite unscathed.

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