bankruptcy

ukboy

Hi just about to declare myself bankrupt as have racked up over £25000 of debts through cost of living and bad dmp advice yes i know it is mainly my fault but would just like to know what are the chances of being accepted bankrupt as do not want to acquire £460 just to be told to go away thanks in advance :-)

Debt_Free_Chick

Very good, provided you have not been knowingly reckless i.e. borrowed money with the intention of spending it frivorously and declaring bankrupt simply to escape the debt.

have a look at previous posts ... there have been a number on bankruptcy, some with personal experience and others with useful links. Don't wish to be rude, but there seems little point in trotting it all out again

Have a look down the list of posts on list Board (and go on to page 2), but post back if you don't find what you're looking for.

ukboy

Hi dfc looked on page 2 and only found the post life after bankruptcy i can hand on heart say it was not recklessly done just acquired two very good kids and found it extremely hard to pay back went to harrington brooks and got stuffed by high interest and late payment charges i dont blame the banks just harrington brooks and after 3 months i still dont have all of my statements back which i sent to them ,i went to the cab who advised me to go to shaws insolvency which i did they sent out their legal bloke to my house who gave me a whisper (dont bother with the iva i was advised to do by shaws but just to go and declare myself bankrupt) he explained that if i failed on the iva i would end up there anyway so i took his advise last week and went to court to pick up my papers they look daunting but i am getting there just didnt want to get a slap in the face by an OR if i got the money together i have been idiotic borrowing the money but i have not been reckless :-)

bandito22ess22

Can't find this 'page 2' can you add a link.

Thanks.

fatbelly

My guess is if Shaws didn't think there would be a problem, there won't be. The questions on the main form are pretty transparent and you'll soon realise if there are going to be problems (e.g.did you acquire any of this debt through gambling? Have you disposed of property below market value in the last five years?) The debtor's petition is a bit tough, however, and my local court says just to bring it in and they'll go through it on the day.

If you're on a lowish income you might get it for £310 but best to get the whole £460 ready (in cash) unless you're at income support level.

When's your hearing?

ukboy

Still filling forms and trying to acquire up to date balances at present only had the forms for one week now.

Pat__3

UKboy. You will find alot of help re-bankruptcy on the following link:-


www.debtquestions.co.uk


The whole website is about helping people in debt and how to get out off debt with very good advice, plus information on Bankruptcy re their expert Simon Wiggins.

ukboy

thanks will have a look now

Pat__3

ukboy wrote:

thanks will have a look now

Good Luck UKboy.

RandyRos

Hi UKboy
my husband and I are in the same situation as you. same amount of debts, accrued through living expenses, 3 kids and unstable jobs (he works with pigs, lost jobs thru employers going out of business re;foot and mouth & swine fever). I cannot work as I have suffered depression for the last 11years, which has only now just been diagnosed as Manic Depression. we have the same amount of debt. we went for an IVA, but it was refused (creditors said we couldnt even afford the lower payment), so he is going to file for his own bankruptcy.
he is employed, so i was worried about his wages getting frozen by the Official Receiver, but the CAB told us to have his wages put into my account, so they cannot be touched by the court. They were so helpful and understanding, I felt much better after I came out. We now have to see thier financial advisor in 3 weeks (they are VERY busy with people being in debt-no small part being down to Blair, dont get me started!) and she will help us to fill in the bankruptcy form and legal aid for court fees.
If you havent already been to the CAB, please go. It will take a weight off your mind, I'm sure. It did with us.
Are the debts all in your name? Do you work? If yes to both of these, I suggest getting your wages paid into someone elses bank account (wife, mum etc) so they cannot be touched. This is what were were advised. It's terrifying enough going into bankruptcy, without worrying about if your kids will have enough to eat!
anyway, I wish you the best of luck with this. i'd be interested in how things go for you. i have a friend who declared himself bankrupt when he was with his first wife, and he said it was the best thing he ever did.
hth

RandyRos

oh, and i used this site to help me........
http://www.help.co.uk/faqs2.asp?cat=ConsumerBankruptcy&detail=5
you can phone them for free advice (well, for the price of a local call anyway)