Shall we go bankrupt?

Rosey321

:rotfl: hee hee - i had visions of flipcharts too when i wrote that post!

frodo_baggins_2

Hi
I recently went Bankrupt and the support I got on here was tremendous,wish you well, it will be a tremendous relief to you and your wife. 1 thing i'd like to know is why do you have to explain yourself's to your wife's family, whats it got do do with them anyway, you're not asking them to do anything for you, my family was fantastic about it, not 1 of them gave me a grilling as you put it, that maybe was because of 2 reasons, 1 i'd had 2 strokes in 15 months or it might have been if they had said something I would have told them it's none of their buisness.

I'm really sorry if that sounds harsh towards your wife's family but they should be supporting you both,not giving you a hard time and if it was me wouldn't be doing a presentation to them, I just came out with it 1 night what i was planning to do,they were all fine about it. Hopefully i've not offended you,i was just giving you my opinion.

sparrabeth

Hi

Welcome And well done for contacting NDL - the hardest thing is to talk about the situation you're in for the first time.

One point though - when I went BR I wasn't exempt from the £150 court fee even though I receive Child Tax Credit. I think the NDL guy may have got himself mixed up.

On the guidance notes for the EX160, it says that you are only exempt if you receive Working Tax Credit without also receiving CTC.

Have tried to get the link but there seems to be a problem with the HMCS site.

You may be able to claim remission of some or part of the fee, but it is based on whether or not it would cause you financial hardship. You have to list your essential outgoings, and for the purposes of the EX160, these are mortgage/rent, utilities, council tax, food & childcare. NOTHING else.

My application for remission was rejected even though I only had a £40 surplus as they view it as "stop paying for/buying everything else to save the fee".
xxx

Rosey321

frodo_baggins wrote: »

Hi
I recently went Bankrupt and the support I got on here was tremendous,wish you well, it will be a tremendous relief to you and your wife. 1 thing i'd like to know is why do you have to explain yourself's to your wife's family, whats it got do do with them anyway, you're not asking them to do anything for you,

Many thanks for support - I think partially the issue may be that they have been so brilliant with us and bailed us out many times before - literally to the tune of thousands of pounds, thinking we could beat our problem. I think that by going BR, they might literally see that their efforts to save us have been in vain and that their help to us needn't ever have occurred.
At the time of lending, they pretty much said that it was out of inheritance money - however of recent times, they have begun to struggle more themselves and I think could have done with the money that they lent us in the first place after all! Their other daughter is getting married next year and they can do little to help financially whereas with us they paid the whole wedding six years ago. They feel bad, and in turn my wife and I feel awful about this.
I think at least in the future we will be able to repay some debt this way. I read something about including family debts into bankruptcy but I don't really understand how that works?

direstraites

Telling both sets of parents for me about the br was the worse part of the whole thing :eek:
At 37 i was scared shitless my dad was gonna go mad(sounds daft doesnt it) but in the end both sets of parents were nothing short of great,supportive and they understood.
We was offered money to get us out of the mess(they have it) but declined as why should they pay out the money they had saved all there lives for our mistakes?
Hope the meeting goes well :A

dalip

Hi
If you include the money you borrowed from parents into your bc it just means the debt will be written off like the rest. If you get an IPA or have assets any money generated from that,once the OR has taken his fee,will be evenly distributed between your creditors(including your parents) so they may get some money back that way. I personally would not put family members down.Thats my own opinion, i would just try to repay them with some of the surplus you may have afterwards. I suppose you could do both!.Good luck

devonsdreamer

Rosey321 wrote: »

We tried to open a post office account today in readiment but they told us they don't actually do those kinds of accounts any more - certainly not the kind wages get paid into. I think that just leaves us with Co-op (I was pretty much told that Barclays would not be an option because I have a 1k overdraft on a different Barclays account which would be swallowed up by BR, therefore they might not want to know me!)
.

Hello,
Not sure if this will help you I owed barclays when I went Bankrupt and afterwards I was able to open a basic account, I had to do a paper application as the computer didnt like me.

All the best for the future

Rosey321

Well, we had chat today - and it all went well. I don't think they knew the full extent of our problems, and they also know now that we really have done our research and are fully supportive (which I know they always would have been). My Sis-in-laws o/h has been a diamond too - he spent hours trawling through the websites looking for advice and has helped allieviate her fears too. I know they all only reacted because they care. It feels great now to know that we can proceed with their full support. As for my side of the family, my brother has been brilliant too looking into all kinds of possibilities, consequences, solutions etc. I still need to tell my Mum and Dad too but I know they'll support too.

One quick question - my mum and dad in-law have promised to put down the 6 month deposit on a credit card (another great relief) as long as we hand them back the money within the next couple of weeks once we have sold the car. Just wondering about timings and what to tell the OR. I have gathered it will be OK to use car money for advanced rent. However, will it still be OK to give money to in-laws as long as we can prove they paid the rent. I gather as long as we have a record of all things. all should be OK. Or should we ask for the cheque for the car to be made out straight to them? (or would that be deemed as 'giving away an asset'?

Another question ,I have been mentally doing an IPA in my head in which I have been listing rent as a monthly expenditure. However, obviously it won't be a monthly cost because of paying 6 months upfront, but we probably will need to put the same figure aside each month so that we can stump up another 6 months rent on renewal.
Would it be reasonable therefore to include rent on a sort of 'hypothetical' basis and bank the figure monthly towards the next rent lump sum . How does it work? I'm sure loads of people may have come across this before?

dalip

When i did mine. I did for all bills, rent say £60 a wk times by 52 then divide by 12,same with rates(we only pay 10 mths) total yearly amount then divide by 12 ect ect.Even if you pay 6mths rent in advance you still have to allow for it in your allownces so whatever the wkly amount is times it by 52 then divide by 12.

As far as what you are saying about the car i would hold fire until one of the experts comes along as not sure of the implcations.

dodecanese

Hi Rosey
Regarding family- the worst response I got regarding my bankruptcy was from my mum- it hurt at the time but shes very old school,and thought Id end up in the workhouse or something. My stepdad is very conservative(literally)- a true blue, hang em and flog em-I was dreading him finding out. Altho he's a bit of a "Daily Mail" reader type who's never put a foot wrong finanicially, he was brilliant, and said he would send anyone who was horrible to me off with a flea in their ear.