I'm considering bankruptcy and need some help.....

NoMoney_2

Hey guys,

My name is John and I'm 27. I've got debts of about 10k and I'm about £1500 in arrears. I'm not currently working at the moment and I've moved back with my parents in Clacton On Sea. There's not that much work in Clacton and I'd like to move back to London soon anyway, so I was thinking about bankruptcy as I heard, after a year all your debts are wiped clean, so you become debt free....

I've got a few questions I hope you can answer...

I've heard it costs about £500 to go bankrupt, but if I get a legal aid solicitor I can get it done for free?

So I go bankrupt, then after a year I'm debt free. What happens in the year from contacting the courts or whoever to a years time?

If I go bankrupt, can I still claim back my bank charges if I owe that bank loads of money?

Can I get a bank account in the year or do I have to wait until after that year for me to open a bank account? (I saw on another thread the list of what accounts I can have)

If I get a job in the year, how does that work?

Also, if I go on a TV quiz show and win say £5000, do I have to give it to the debt people?

Thanks Guys,

John

philnicandamy

Hiya John welcome........first its £150 court fee and £345 OR fees for bankruptcy PER PERSON you might be able to get a reduction on the court fee depending on your circunstances....bank charges are difficult i'd say you wouldnt be entitled to any refunds in charges as once the BR order is signed in court the official receiver takes control of all your financial matters so the money belongs to them

You can open a "basic" bank account...you wont have a cheque book or an O/D....any change in your financial circumstances (new job etc) you have to tell the OR while undischarged within 21 days...theres a sticky at the front of this forum about bank accounts for bankrupts

you really need to contact one of the free debt helplines in my sig below...one of the questions the court asks is if you've had any professional advice....we dont count i'm afraid!

NoMoney_2

Well I rang the national debt line and they're sending me a pack.
When I spoke to an agent we both agreed that bankruptcy is probably my best option.

What does OR stand for?

Also If I can't afford to pay my debt people, how am I gonna afford the 495? Surely If I could afford that, I wouldn't be in this predicament!

philnicandamy

well meantime anything your not sure about.....ask away & everyone here will try & help best they can for you

NoMoney_2

Thanks

Can I open a bank account within the year?

BTW, the national debtline actually recommended this site!

philnicandamy

NoMoney wrote: »

Well I rang the national debt line and they're sending me a pack.
When I spoke to an agent we both agreed that bankruptcy is probably my best option.

What does OR stand for? The Official receiver.......

have a read here http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/guidetobankruptcy.pdf

Also If I can't afford to pay my debt people, how am I gonna afford the 495? Surely If I could afford that, I wouldn't be in this predicament!

usually the debt helplines will tell you to stop payments to all your creditors apart from priority debts rent/water rates/gas/elec if your still struggling to find the fees the debtline pack should contain a list of utilities trust funds that "might" be able to help with the costs....no guarantee though as they've stopped paying many people due to increased rates of BR....I agree though its mad to have to pay money to declare yourself BR!!

betterlatethannever

NoMoney wrote: »

Thanks

Can I open a bank account within the year?

BTW, the national debtline actually recommended this site!

They did:eek: :eek: good on them. Prehaps getting there own back on us because we always send people there:D

You can open a basic co-op or Barclays account before BR and keep it right through. It has no extra facilities such as Overdraft etcs.

philnicandamy

NoMoney wrote: »

Thanks

Can I open a bank account within the year?

BTW, the national debtline actually recommended this site!

You can open a "basic" account while bankrupt.....you wont be able to open a full account with chequebook overdraft etc as these are credit checked and the bankruptcy will stay on your credit files for 6yrs anyhow.......

http://forums.moneysavingexpert.com/showthread.html?t=474254

marste

(Also, if I go on a TV quiz show and win say £5000, do I have to give it to the debt people?)

I love it... lol... that's a classic!!! Don't go on DEAL OR NO DEAL the official receiver might be the banker

NoMoney_2

I was thinking Golden Balls actually

marste

well no money ( or should I call you Mr. Beckham ) I haven't giggled so much today as when I saw that sentence... I love it!! nice try! Good luck to you I hope you get on your gameshow and win.