informed that i need to go bankrupt

pabinlove

hi this is my first post so hello to everybody :j now for the unhappy bit, been advised by the cab that its in our best interests to go bankrupt, but this is the totally confusing bit not really sure what happens now . feel like in deep water with a life belt in the distance just need to get to it, always have worked hard but been out of work for three months with a ripped muscle the wife is on maternaty leave and with 3 children now might not go back to work, so got into trouble and kept putting things off now wish i had not, but when bankruptcy is spoken why do i feel embarrased . so any help is most greatful, will i lose everything that i have worked hard to get i just don't know and scared that i have let my family down so badly, sorry to go on and on hope you can advise me alittle many thanks for reading

bubbles0169

hi welcome and big hugs to you and your family
someone with experiance will be along after to advise you

pabinlove

thank you for your hug very much needed at the mo!

Waspeze

Hi ya :hello:

First off you need to phone the court to get the forms, you can fill them in online but this will also give you the chance to ask what their "booking" procedure is.. some courts have a drop in service, others you may have to book a month in advance so best to know this early to save any delays later on.

Waspeze

oooh.. meant to ask, what are the sort of things that you think you might lose?

philnicandamy

Its not the worst thing in the world to happen..it feels like it at the moment though, everyone here has been through what you have one way or another but your in safe hands here!

meantime have a read here

http://www.insolvency.gov.uk/bankruptcy/whatisbankruptcy.htm

ANYTHING you need ask away

Phil

PS..Welcome!!

pabinlove

not sure really people say anything of value we both have a car for school runs and for work not good ones both are over 10 years old and not worth much er tv's computer er furniture and things really don't know what i would class as value, the house is council rented so not that, so confused

philnicandamy

usually Anything of high value....for example plasma tv's sportscars or a couple of old masters under the stairs, tv's chairs etc wont normally be touched, as long as your rent etc is up to date your house will be fine as well

Cars are pretty difficult you would need to declare both & make a case to the official receiver as to why they are needed.
Have a read here

http://bankruptcy.informe.com/viewtopic.php?t=72

Waspeze

pabinlove wrote: »

not sure really people say anything of value we both have a car for school runs and for work not good ones both are over 10 years old and not worth much er tv's computer er furniture and things really don't know what i would class as value, the house is council rented so not that, so confused

First off the OR (official receiver who will be in charge of your "assets") is not interested in normal household goods, If you have a 50 inch plasma tv or a picasso then they'll be taken, a normal tv, computer etc will not be touched

As for your cars, you'll need to prove that they are essential.. they are not supposed to make this decision based on value but my OR said that i could keep mine due to commuting to work and he said it wasn't worth them coming to collect it!


Edit: Phil beat me to it

Waspeze

One thing to mention, if it's both of you going BR you will need to pay £495 each unfortunately (though if you're both on benefits this will be £345 each)

Really annoying as you go BR when things are at their worst financially and they expect you to be able to pay

pabinlove

not got much in the way of high end price items bog standard really, well thats a problem lifted thought i would lose everything that we have. been reading some links and are very helpful though i would be alone on this many thanks