bankruptcy

newfunk

Bet nothing is said! They aint interested in the likes of you and I! Everything will be ok...

ukboy

I hope not anyway matey!!!! and besides the only reall asset i have is a £600 car they can have it if they want but the bus would cost me £10 per day to get to work so i dont think that is viable for them to do.Thanks for everyones kind and well meaning words though it has helped me a great deal and another good reason for it is that i can now help others in my position if they need any advice :-)

desmonds

Having looked into bankruptcy recently I was under the impression that a personal pension cannot be touched.

A private pension has a maturity date which could be 10-20 yrs down the line so it's untouchable.

The OR i guess can only touch a pension if you are receving it i.e its paying out after maturity.

ISA's PEP's etc can be cashed in and the value at the time of surrender would be of interest to the OR.

The only investments that the OR cannot touch is a private pension.

I can't see why utility companies would want to cut you off if going BR especially if you'd not defaulted.

I don't think they are allowed to switch off anyway especially if kids are in the home.

Anyway, good advice to remove name from statement/direct debit just in case.

Opening another bank account again good advice and getting salary paid into someoe else's bank account.

Didn't know that going BR causes you to stop paying PAYE?

It seems that even OR get it wrong and BR is a lot open to interpretation.

It's good to know otherwise I would have just taken their word for it but now will question everything.

Debt-free-chick's advice is sound.

cheers

desmonds

fatbelly

It's been nearly a year since he last posted on this thread so he may well have been discharged by now.

beckythebear

Hi there

I am about to file for bankruptcy and move into rented accommodation.
I am worried however about rental agreements, I understand some rental companies have a clause in the agreement that if you go bankrupt they can evict you?
I need to obviously read their particular agreement, but I wondered if anyone had any experience of this?
And if we didnt inform our landlord would they be made aware of our bankruptcy, does the OR tell them?

Thanks

Becky

twinkle75

As a rule, the Receiver will only be interested in high value items or investments - antiques, cars, computers, pensions, investments, property etc. But almost everything, except basic items (bedding, clothes, basic kitchenware and cutlery) can be sold from under you.


My partner is considering bankruptcy, can they take items owned by me if we are living together? Is the burden of proof of ownership up to me?

Pobby

Friend of mine went bankrupt about a month ago.He was amazed at how easy and painless the process was.He had £60k worth of debts spread across credit cards and bank loans.He had been propping up an ailing business but was just incurring more debt.The judge was very pleasent and made the comment``this is a sign of the times``.His interview was OK with the OR,so no fears there.

He has now set up a bank account and has work.Every body{and that`s a few} I know who have gone down this route have all said that it is an incredible relief.

yellowhedgepig

I have approx £52,000 in debt plus the Inland Revenue chasing me for £3,600. I currently pay out each month £1,100 just to clear my bills and trust me I have nothing left over, the thought of this for another 20 years is almost unbearable. I own my own home with my wife in joint names and have £43k left on that plus I have a loan with a settlement figure of £46k secured on the property. This loan is in joint names also. I am near to completing a remortgage on my house for a total of £110,000. This will be enough to clear all my debt but will saddle me with a mortgage of nearly £900 a month for 17 years. This remortgage will be in my name only.
I am seriously considering bankruptcy but should I cancel this remortgage and try to borrow just enough to clear the main loan and then transfer the house into my wifes name to save the family home. Will that even work, any help would be greatly received

Jule$

Hi Yellowhedgepig,
Welcome to MSE. You might be better starting a new thread on this and post your "statement of affairs" and then the folks here can help you. If you look at the top of the forum it will tell you how to do this.
http://forums.moneysavingexpert.com/showthread.html?t=107280

The general rule is never secure any unsecured debt on your home - can you afford the £900 per month realistically? It's only £200 difference from what you are paying now, you need to put together a realistic budget detailing ever penny that you pay out.

Have you spoken to any of the free Debt Management companies - CCCS or Payplan or even the CAB? I would give one of these a call and see what advice they can give, they are brilliant. As you can see from my sig I am in big debt too but been with the CCCS for 2 years now and I have to say it was the best thing I ever did making that call.
When you ring initially they will make an appointment for you which may be a week or two away but gives you a chance to get everything together that they will need to help you.

I'm sure there will be more advice later, I have to go to work now.
Good Luck
Jules

Addicted2Chocolate

no transfering the home into wifes name prior to bankruptcy will not work. the OR will investigate, an Insolvency Practitioner will be appointed as Trustee and will go to court if necesary to restore position to as before (eg court would order property back into joint names then Trustee can force sale), and you could be prosecuted or subject to a Bankruptcy Restriction Order for 2-15 years.

yellowhedgepig wrote:

I have approx £52,000 in debt plus the Inland Revenue chasing me for £3,600. I currently pay out each month £1,100 just to clear my bills and trust me I have nothing left over, the thought of this for another 20 years is almost unbearable. I own my own home with my wife in joint names and have £43k left on that plus I have a loan with a settlement figure of £46k secured on the property. This loan is in joint names also. I am near to completing a remortgage on my house for a total of £110,000. This will be enough to clear all my debt but will saddle me with a mortgage of nearly £900 a month for 17 years. This remortgage will be in my name only.
I am seriously considering bankruptcy but should I cancel this remortgage and try to borrow just enough to clear the main loan and then transfer the house into my wifes name to save the family home. Will that even work, any help would be greatly received