my OH has decided to file for bankruptcy

missmonroe

we had a CAB meeting yesterday and bankruptcy was suggested. he had thought about this before, and now it seems like the good option.

Seeing as we both know that filing for bankruptcy is imminent, how can we best prepare for it and its effects?

Any links advice would be greatly appreciated. thank you

philnicandamy

http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/guidetobankruptcy.pdf

Conor_3

missmonroe wrote: »

we had a CAB meeting yesterday and bankruptcy was suggested. he had thought about this before, and now it seems like the good option.

Seeing as we both know that filing for bankruptcy is imminent, how can we best prepare for it and its effects?

Any links advice would be greatly appreciated. thank you

I assume its only your OH that's banking?

Ensure you have your own seperate bank account and that all "living expenses" are set to come out of that and wages/benefits paid into it. Draw up a list of who he owes with balances, account numbers and addresses which you'll need for the OR forms. Also do a SoA (See sticky on Debt Free Wannabee board) for him. Cancel all his payments to creditors. Save up £600 to cover the fees plus a weeks living money should accounts get frozen.

DO NOT have him sign over the car or anything else like that he owns as it will be seen for what it is and doesn't go down that well with them.

Buy a bottle of Champagne and put it on ice for after the event.;)

missmonroe

thank you for your replies, the whole process is pretty daunting, and im due to give birth to our first baby in 6 weeks. He owns his flat, he doesnt have a car, i moved out and came back to live with my dad when we found out i was pregnant, so he could decorate the flat to sell it, but he has decided not to now. Hes so sick of the stress he just wants to get rid of the place.

When would be the right time to file for bankruptcy? because obviously having a baby is stressful enough. i have been reading other topics, and have gathered that talking to national debtline and cccs is a must, before filing for bankruptcy.

were just a bit worried about what will happen when the flat gets taken from him,and how long does this take after being declared bankrupt?
What are landlords like renting out to bankcrupt people?

My OH is a bricklayer and works for a company but is 'self employed' he has a tax return form to fill out which he is hoping to recieve about £2000 from. is it better to do this before or after bankruptcy?

i am also dealthy worried that he will be refused banckruptcy as in his budget plan his 'eats,drinks and smokes' for a month amounted to £443

what can we do to ensure that this doesnt happen?

so sorry for all the questions, i will keep browsing the boards and gather as much info as possible. then its just a case of relaying all this information to the OH!

dalip

Calm down you have enough to worry about and you are doing that baby any good by worrying. I eat,drink and smoke and i went bc no problem. His food can come out of his living expenses but his drink and smokes will have to come from his surplus income.

LL are generally ok as long as they get their rent but be warned you may need a guarentor or 6 mts rent in advance and check for a bc clause in the tenancy.Many on this forum have chosen to rent first(due to credit checks)then declare bc. What he is decides to do is his choice. If he gets the money before bc he can use it towards his fees,moving ect if he gets it after bc the OR will almost certainly grab it.

Your partner must seek proper legal advice as they do sometimes ask in court and again in the OR interview. BC have been dissallowed in the past because people have not sought proper advice.Just noticed you have been to cab that is sufficient .Any more questions ask away.D

missmonroe

Its been a week since we had teh Citizens Advice meeting and he hasnt done one single thing to get on the road to bankruptcy and out on the other side. i dont think he knows where to start.

I dont have any experience of this either, is there anyway that someone could provide a step by step of what happens?

From reading on here the first thing i gather that he has to do is call all creditors and tell them that he is going bankrupt, and stop all payments to them?

i really dont know what would happen after that? He has a flat (mortgage) is it advisable to look for somewhere to rent now? and stop all payements on the flat also?

Any help is greatly appreciated as im stressed out my nut and i swear this baby will come early.

Summer1969

I can only give you advice re what I have done so far. When I had the meetings and decided I was going BR, I cancelled the DDs to my creditors, (not the mortgage I hasten to add). I didn't ring them, don't want any more stress than necessary! So that enabled us to put the BR fee money to one side, I then filled out the BR forms, made sure all the other DDs that came out of my account, now come out of OH's account as obviously my account will be frozen after BR, and I have made a Court date, which is in 2 weeks. I have had a couple of 0870 numbers come up and a few letters saying I have missed a payment, but I ignore the calls and have filed the letters away, just need to stay strong for another couple of weeks. I am sure someone else will be along, if not tonight, then in the morning, to help you re the property.

missmonroe

thank you summer

The plan for this evening is to call the National Debtline and the CCCS, and see what information they can give us, i hope they are helpful. As the woman at CAB was a doddering old lady and couldnt work the computer, and didnt really offer any advice other than hand us 2 booklets.

Do we call/send letter to all creditors to let them know he is going BK, or is it advisable to read up and find out more about the process of Bankruptcy first.

i really havent got a clue where to start. we have 6 weeks till baby is here, i am hoping we can be in rented accomodation soon after She arrives in August, does this sound 'doable'? or completly unrealistic?

Thank you so much for your help, this forum is a godsend.

Summer1969

missmonroe wrote: »

thank you summer

The plan for this evening is to call the National Debtline and the CCCS, and see what information they can give us, i hope they are helpful. As the woman at CAB was a doddering old lady and couldnt work the computer, and didnt really offer any advice other than hand us 2 booklets.

Do we call/send letter to all creditors to let them know he is going BK, or is it advisable to read up and find out more about the process of Bankruptcy first.

i really havent got a clue where to start. we have 6 weeks till baby is here, i am hoping we can be in rented accomodation soon after She arrives in August, does this sound 'doable'? or completly unrealistic?

Thank you so much for your help, this forum is a godsend.

Well the first lady I saw at the CAB was really nice but made an appointment for us to see a Debt Specialist as she could only give us so much advice. The Debt Specialist was fab, she was very impressed with my knowledge on bankruptcy, I told her about this place! :rotfl: I would wait til you have spoken to the CCCS and/or NDL and had a good read up on Bankruptcy first. Get as much info as you can. Then when you have made your decision, then cancel your DDs to the creditors and put away as much as you can, into your account, you will need BR fee at the very least, let alone rent deposit etc. Personally, I would not tell the creditors what is happening, but that is up to you. Then print off the forms, start filling them in and ring up and make a Court date.

Re the property, we are selling our flat at the mo, which will probably take months at this rate, :rolleyes: so can't really give you any advice re the renting, but hopefully, someone can help you out with that on here.

Keep posting! xx

missmonroe

i know what you mean on the selling the flat front OH thinks its a lost cause because of falling house prices etc and just easier to get it repossesed. I will get OH to ask about arranging a meeting with a local Debt Specialist. i will post and let you know how it goes on the phone tonight. thanks for your reply, we dont feel so alone in all this mess.

Summer1969

missmonroe wrote: »

i know what you mean on the selling the flat front OH thinks its a lost cause because of falling house prices etc and just easier to get it repossesed. I will get OH to ask about arranging a meeting with a local Debt Specialist. i will post and let you know how it goes on the phone tonight. thanks for your reply, we dont feel so alone in all this mess.

Well we still (at the mo) have equity in our flat, so we are hoping that the OR won't force a sale, I mean, I assume he/she will want something out of it, so it wouldn't make any financial sense to drop the price too much. We were selling anyway, so if it goes quickly or not, makes no difference to us as we were going into rented anyway. We like the idea of not having a mortgage for quite a while!

Do ask all the questions you need to when you speak to the CCCS etc, make a note of them as they pop up in your head. And you are not alone. In my first post on my Court date thread on here, there is a link of my very first thread, if you read my first post, you will see what a state I was in! But because of support on here and advice from the CCCS and CAB, I have come a long way and you and OH will to. Just keep asking on here. xx