bankruptcy

viktory

Clearly bankruptcy works differently all over the country. For example, I did not have to go in front of a judge. After i had filed my papers I was told to come back in a few hours. I went to get some lunch, come back a couple f hours later and I was officially bankrupt.

I found the Official Receivor scary but only because a) he was so formal (as he is supposed to be) and b) because i felt ashamed. Although I had to hand over my bankcards and so on, there was nothing in the account and shortly after the meeting with the OR I actually got to keep my bank account.

I had to have a second meeting with the OR, the first was immediately after filing and the second a month or so later. In the intermin I was given a HUGE form to complete and take back with me. I completed it as thoroughly as possible so that when I had the meeting with the OR it was over in an hour. He didn't want lists of all my stuff, he was satsfied I had nothing of value. I live in rented accomodation & have no car etc. However, he did take my Premium Bond - worth £1!

Finally, my student loan was included on the petition.

One year (and a few months on) I have been discharged, found a good job and am getting my life back together. As I have said before, I will never again get a credit card or any debt at all.

Good luck!

m4rtininm4nc

Without wanting to push this thread off course, can any you advice me of how your bankruptcy was initiated?

Were you forced into it? or was it a decision you took yourself? Or were you advised to do that by the likes of CCCS?

rcosgrove

viktory wrote:

Clearly bankruptcy works differently all over the country. For example, I did not have to go in front of a judge. After i had filed my papers I was told to come back in a few hours. I went to get some lunch, come back a couple f hours later and I was officially bankrupt.

The petition has to be signed by a judge, so I guess it depends on whether the judge feels the need to interview you. Could also be a time factor, I was the first case of the day. If the judge had a backlog, they probably told you to go away and come back later.

Took about 15mins from the time I entered the judge's chamber.

I found the Official Receivor scary but only because a) he was so formal (as he is supposed to be) and b) because i felt ashamed. Although I had to hand over my bankcards and so on, there was nothing in the account and shortly after the meeting with the OR I actually got to keep my bank account.

I had an overdraft, so my primary account was frozen. But I still had to hand over all of my cards. I had to do some fast talking to get the Receiver to let me keep my card for my new Cashcard accout. Although he did remind me it was illegal for me to use it in an ATM machine.

I never met anyone from the Receiver's office. Everything was done over the phone.

Finally, my student loan was included on the petition.

Lucky SOB. You must have filed just before they stopped including them.

One year (and a few months on) I have been discharged, found a good job and am getting my life back together. As I have said before, I will never again get a credit card or any debt at all.

Get a credit card or two - helps build up your credit rating back up. But don't use them unless you really, REALLY have to.

m4rtininm4nc wrote:

Without wanting to push this thread off course, can any you advice me of how your bankruptcy was initiated? Were you forced into it? or was it a decision you took yourself? Or were you advised to do that by the likes of CCCS?

I filed voluntarily, but if I'd left it a fortnight later I wouldn't have been able to pay my rent. So I was forced into by circumstances, but not by creditors.

Filing was the only option I had left. My debts were to large to be covered by CCJs (judge agreed with this), my income wasn't high enough for me to pay back my creditors in a reasonable time frame - say within the next 15 years, and I didn't have any assest that could be used as the basis of an IVA. Before filing I checked out all of my options - 'ruptcy was the only one left to me.

ukboy

Thank you for all of your kind hearted responses even more determined to go through with it all now for my two kids sakes!! The only struggle i am having at present is raking up the £460 fees just had my car fail its mot so having to sort a new very cheap one out asap as need to get to work still thanks all once again :-)

yeovilmac

Hi UKBoy,

I'm in much the same position as you, waiting to go bankrupt, except that HM Customs And Excise are threatening to petition me, therefore saving me the fees.

Someone else will have to give you further advice but there are charities that will give you money towards the fees. I think if you are connected with the forces (Army, Navy, Air Force but not Ground Force), then you can get financial help towards the £460...

You'd be better waiting for someone with more knowledge on the subject than me though.

Good luck
Martin

pug_in_a_bed

viktory wrote:

Clearly bankruptcy works differently all over the country. For example, I did not have to go in front of a judge. After i had filed my papers I was told to come back in a few hours. I went to get some lunch, come back a couple f hours later and I was officially bankrupt.

mine was even faster. I waited about half hour for the clerk who then went into the judge while i waited outside biting my nails. He came out five minutes later and put me on the phone to the OR to sort out a time for the phone interview. And that was that.

ukboy

I know it is a long shot and probably rediculous to ask but if i asked my main creditor to bankrupt me then does anyone reckon they would do it as after all they would very soon get ther'ye money back?

rcosgrove

UKBoy,

I doubt your main creditor would bankrupt you if you asked them to, because creditors tend to get very little money back from a bankrupt. It's also expensive - at least £1,500.

However, they may be willing to work out a payment schedule if you tell them you might have to file for bankruptcy, as they stand a better chance of getting their money back.

if you haven't already, visit the Insolvency Service website. Its got a bunch of leaflets you can download about filing for bankruptcy.

RC

tanya_2

hi all /viktory/smam 21

Im, single, employed, tenant no assets (car, nor house) drowning in £22.000 debt. Attempted to pay through CCCS but according to them it will take me 16 years to clear it... Part of my debt is Student Loan
Viktory, Smam21 when did u file for yours so yr Student Loand was included? And if u dont mind me asking which part of the country was yrs filed in?

I dont think I can deal with increased amounts of stress as I just got ill with cancer and all those threatening letter are making me suicidal.

I also get pension, part work - part me contributions, and am not clear on when would OR claim my pension if they decide to take it? Would my employer have to know then?
Also does anyone know which banks take bancrupt customers, or can I open basic account prior to filling?
At the moment I have basic account no overdraft etc, just electron card and account that allows direct debits.

Desperately in need of advice, as trying to get to CAB in London is like winning a lottery (wishfull thinking) :-)

:wall:

Thanks for any info

T
x

johannamse

Hi Tanya,

What a worrying and extremely stressful time for you!

I don't know what to advise except stick your post in a thread of it's own and you will get lots of help.

You are not alone and have made a sensible and brave step posting on here and trying to sort the situation out.