Bankruptcy questions

Amethyst1968

I am £30,000 in debt with various credit card companies, bank overdrafts etc. I was paying £150 per month to a DMP for the last 2 years who were managing my debts, then decided to try for an IVA. This was turned down at the creditors meeting as my income is too low (I am a final year student). I was advised by the DMP co. to stop the payment for the IVA meeting month so I wouldn't have to pay twice if the IVA went through. As it didn't this put me 1 month behind on payments and two companies started phoning me and hassling me, threatening with CCJs. By this time the DMP co was back paying them on my behalf, but now they say they've received nothing from them, and want a statement of affairs from them, I told dmp who faxed this to them, then i got another letter from them saying it was going to court. I phoned them again, they said they hadn't received anything, dmp said they had faxed them. Round and round. Anyway, as a result of all this stress, I have pretty much decided to go bankrupt. Don't think i can take any more! Its making me ill and effecting my studies.
So a few questions:
1 Will someone come round to look at my assets and take any when i go br?
2 As my boyfriend has moved in with me, will they take any of his assets and how will my bankruptcy affect him, poor guy!
3 Will i be allowed to keep my laptop (I need it for work and uni).
4 I am training to be a health professional, will br affect this?
5 Will i lose my car (worth about 1k) and i need it for work in the community?
6 Will it affect my chances of being able to work abroad or emigrate?
7 What should i do about my direct debits that pay rent, bills etc. Should i transfer them to my boyfriend's account before br date, they are all up to date and i would hate to get into trouble with these too.



Thanks guys in advance
x

debt_doctor

Hi,

1) No
2) No. He should keep his financial affairs seperate from yours.
3) yes.
4) Prob. not. check your contract and make an annon call to your HR dept, or discuss with union rep if you have one.
5) No, so long as genuinely needed.
6)Possibly, you need to look in to this further.
7) Yes, you could do that.

Good luck, and go and see a debt charity first.

DD

tigerfeet2006

Hi and welcome to the board,

Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only. CCCS operate a system of telephone appointments that are designed to be flexible and don’t require you to attend an office based interview. At the CAB you will need to make an appointment with a specialist Financial Advisor; other advisors may not have the specialist knowledge you’ll need.

http://www.cccs.co.uk/

http://www.nationaldebtline.co.uk/

http://www.citizensadvice.org.uk/index.htm

If you’re advised that bankruptcy is the most suitable solution to your financial problems then we can offer the best support and anecdotal advice that you’ll find anywhere on the Web.

For more specific advice and support, in an environment that is managed by people with first hand experience of bankruptcy, and moderated to ensure that no deliberately inflammatory or abusive posts are made then please visit:

http://bankruptcysupportersclub.co.uk/default.aspx

Just remember, as desperate as you may feel at the moment, we have all experienced what you are going through at the moment and with the right support and advice things will improve. It’s not an easy route to take but it is a route that will put you back in control of your life rather than just reacting to events.

Amethyst1968

thanks for your advice guys, i am going to go to CAB tomorrow and aim for br soon! I'm going to do it asap while i still have my nerve!