Bankruptcy- Newbie

56puddles

A quick update in case others are following progress.

Yesterday morning, I received confirmation from the insolvency service that my BR application had been accepted with the two documents attached to the email. It took 24 hours to be accepted as a bankrupt and I was surprised at the speed /turnaround.

This afternoon, I have received an email from the insolvency case officer with a further flurry of document attachments of which I have responded to the need /request to retain my vehicle. I will review the other documents carefully this evening when time allows. The first attachment was to the new bank requesting that they unfreeze my account. I've just logged into the account and could move around freely, so a good thing. 

Ironically, today I received a new statement from one of my credit cards as well as a text message from the same, so bit the bullet and spoke with them, explaining that I had progressed with bankruptcy and quoted my case number, which appears to have smoothed the way forward for them. I will contact the other credit card company and do the same and get ready to answer insolvency case officer when they want to speak with me. I guess, this'll be the next stomach churner to get through.

luvchocolate

It can take a few weeks for the O.R to contact your creditors so if you hear from them before just quote your BR reference no 

56puddles

Hi All,
A small update with a couple questions to follow.
OR made contact shortly after BR accepted and first round of questions emailed in to me with replies returned a few days later. I have it in my mid that I read the OR has 28 days (?) to accept SOA budgets submitted and if not disagreed with, the submitted figures are the basis of the BR - is that correct?
Separately, I have a concern regarding the first couple months of BR and spending any monies. For instance, various amounts were submitted for monthly allowances such as clothes, car running costs and future service /maintenance, dental charges, etc. How does one not spend these sums each month without being penalised for having more than £20.00 in the bank account at any one month?  Are people expected to run their accounts down to almost zero with no provision for anticipated future costs.
I am interested to hear and learn from the wise, who've already been through the eye of needle - thanks. 

Sonic101

Hi there 
First, as I understand it, they will not be checking your bank accounts unless that have good reason too be suspicious about something. 

Second, if your income and expenditure has been approved and you have money sitting in the account earmarked for things such as clothes, car repairs, etc., it’s possible/likely that you will  be spending this money in lump sums - i.e, going on a big shopping trip a couple of times a year rather than every month. And you wouldn’t be paying the garage x amount per month for car repairs, or paying the dentist for x among per month for a root canal. 

56puddles

Sonic101 said:

Hi there 
First, as I understand it, they will not be checking your bank accounts unless that have good reason too be suspicious about something. 

Second, if your income and expenditure has been approved and you have money sitting in the account earmarked for things such as clothes, car repairs, etc., it’s possible/likely that you will  be spending this money in lump sums - i.e, going on a big shopping trip a couple of times a year rather than every month. And you wouldn’t be paying the garage x amount per month for car repairs, or paying the dentist for x among per month for a root canal. 

I know it may possibly sound ridiculous, both my wife and I want to try and ensure we don everything correctly and the last thing we would like is to have a prolonged 3-year stint.  I should have referred previously to the IP (not the OR) and I have yet to have the dreaded (?) 60-90 minute telephone call and am sure further questions will arise before the phone call. As everyone knows on here, the BR process makes for anxious times, irrespective of how each has found themselves in their respective situations. 
Needless to write, I've been very grateful to the comments, help and encouragement I've received here. Thanks Sonic101

Sonic101

It’s only natural that you’re nervous - you’re on the home straight now but I can imagine that you want to be certain you’ve covered all bases. I’m likely to be going bankrupt and my anxiety is through the roof. I’m on my own with no-one to talk to about it, and have found this forum really useful. 

56puddles

To my surprise and relief, I received an email confirming that I would not be required to have a lengthy telephone conversation (or meeting).  Accompanying the email were instructions to read the attached documents, sign where appropriate and return within a specified time period, which amounts to good news... such as it might be going bankrupt. 
Now, I move forward managing the £'s and staying on-track with the budget, while waiting for 12 months to tick around and then a further 3 months to have my name removed from the bankruptcy register.
Needless to write, I remain on the forum, just not as active asking questions... but, hopefully giving encouragement to others that are working through the process - it's not easy and is stressful; hang in there and you'll pull through.
I also thank the contributors for their patience and time to answer the queries, which have probably been asked many time... but, thank you nevertheless.

luvchocolate

Great news..relax and bide your time. 
Remember upon discharge to check your status on the I.S site and print of a copy showing discharge. 
As you are aware this is there for 3 months..this is about the time to check all your credit files. 

56puddles

I thought I was just working through the months to come out the other side, when I received a text message via the IS informing me that I had an email awaiting a response from me.

The IS wish to speak on the telephone (5-10 minutes).

'You were informed that as part of the bankruptcy process, if you are working or have other non-state benefit income, you may have to make monthly payments towards your bankruptcy from surplus income now you are no longer making creditor repayments.'

I am just slightly confused by the statement above as I clearly stated I was working (payslips, etc.), but have no 'other' non-state benefit.

The email continues that the IS is continuing to assess my income and expenditure as entered on my BR application.

Is this usual?  The order made for BR was given in April this year, so I'm getting on for 3 months into the order.

Any advise or insights would be gratefully received.

Thanks... more puddles

luvchocolate

I'm no expert but I would contact them saying your income has not changed since you declared..if that's the case. 
As you know you have to notify them of any changes