how do i go bankrupt

moneysaver12

im am now in a situation where i just can't make the payments anymore on my debts, iam in private rented and that is taking a lot of my money as i have to pay a lot towards it, what will happen with my house with it been private rented, what will happen to my bank account i am in my overdraft and it is big, also how do i go bankrupt

tigerfeet2006

The first thing you need to do is to phone one of the free debt charities in my signature. They will go through you finances with you and tell you what your best options are. If they say BR is the best option then come back here and we can help with all the support and advice you need. You will be asked by the Judge if you have taken proffesional advice so it is best to get that sorted first.

If you can keep up repayments on your house when you don't have any debts you should be able to stay or you could look for cheaper accomodation.

Your bank will freeze your account and it will be included in your BR. You will have to open a new account. See the sticky on the front page about bank accounts for BR.

Welcome to the board.

meech78

check out the www.insolvency.gov.uk website and you can look at the forms on going BR...as TF advised, call CCCS or get down to your local CAB, both will help with your forms if that is what you decide to do.
Good luck hon and well done for taking the first step! :beer:

moneysaver12

thank you for your help, i will ring the cccs tomorrow

moneysaver12

wanted to find out how much it costs to go bankrupt and what happens if you are on benifits

fermi

moneysaver12 wrote: »

wanted to find out how much it costs to go bankrupt and what happens if you are on benifits

£335 fee to the OR (must always be paid) + £150 Court fee (you can be exempt in certain circumstances).

There is an official booklet about the exemptions for the £150 here:

http://www.hmcourts-service.gov.uk/courtfinder/forms/ex160a_e1007.pdf

If you are on either:

• Income-Support or
• Income-Based Jobseeker’s Allowance or
• State Pension Guarantee Credit or
• Working Tax Credit with no element of Child Tax Credit

Then it is quite simple.

Otherwise it gets a bit complicated. The court can advise.

moneysaver12

thank you, also iam a student and want to train to be a teacher will the bankrupt affect this

meech78

i don't think it will affect you being a teacher...mind you, you can't train to be an MP!!:rotfl:

tigerfeet2006

moneysaver12 wrote: »

thank you, also iam a student and want to train to be a teacher will the bankrupt affect this

My DH is a teacher and is going BR, so that won't be a problem.

moneysaver12

thats good that i won't affect teacher training. I have got an appointment with cccs on thursday, they recommened that i opened another bank account so i phoned the co-op for the base account and they went through the application and said that its been refered, and that they have neither accepted or declined me, ive to phone in 48 hours for a decsion, has anyone else had this when apply for this account

meech78

fingers crossed for you hon~!! hope you get the bank account and that thursdays meeting goes ok for you!!:beer: