Will they declare me bankrupt

4f02 · 21 June 2018 at 10:21AM

Ok warts n all summary

I owe £23k im paid £1900pm and after my board and debts paid , loans and credit cards ive around £90 spare .ive a partner i live with, its been mainly gambling debt and im seeking help so dont judge me.ive tried to negotiate smaller payments but creditors arent playing ball.stepchange online gives me BR as an option.

Ive no assets to lose, i cant tell partner she will leave me , believe me i know her..i know all the implications of BR been there many years ago.

My question is if i file for BR will it be granted ? I cant sleep etc for worry abd i know this is all my doing etc but i wsnt to not waste £700 if they are bound to say no.

Any help?

ToxtethO'Grady · 21 June 2018 at 1:29PM

As long as you pay the fee your BR will go ahead, you'll probably get a restriction and that can last for 2-15 years.

That means you're classed as an undischarged bankrupt for the term of the restriction BUT your debts are still written off when your BR is approved.

Are you getting help with your gambling? The OR will not allow any expenses around this and will likely want information from you on a regular basis

National_Debtline · 21 June 2018 at 2:31PM

Hi 4f02

It's really good to hear you're seeking help with your gambling. That has to be your priority, otherwise no debt option will be truly effective. I can see no reason why you will be turned down for bankruptcy if you are insolvent. That means you can't afford to pay your debts as they fall due, and you don't have enough assets to sell and pay them off.

When you look at your income and outgoings make sure you take into account all your normal outgoings before considering what is left over for your debts. It is the amount that is left for your debts that will determine your best debt option.

I would urge you to speak to one of the free debt advice agencies before going ahead with bankruptcy, just to make sure you have considered all of your options and you are confident bankruptcy is the best one.

Best wishes

Susie
@natdebtline

4f02 · 22 June 2018 at 4:32AM

Thank you for the replies, im just starting out on this journey, im gonna have a good hard look at it, im up to date with all payments but its gonna be a struggle each month to have any sort of life but its of my creation and i need to face up to that.yous are right about the gambling that is the number one priority or nothing will work.

So peeps if i work it out that after board and debts are paid only £90pm is left ive not taken into account pocket money , dentists, clothing ...a life , there is every chance i can be made bankrupt?

philnicandevan · 22 June 2018 at 8:26AM

4f02 wrote: »

Thank you for the replies, im just starting out on this journey, im gonna have a good hard look at it, im up to date with all payments but its gonna be a struggle each month to have any sort of life but its of my creation and i need to face up to that.yous are right about the gambling that is the number one priority or nothing will work.

So peeps if i work it out that after board and debts are paid only £90pm is left ive not taken into account pocket money , dentists, clothing ...a life , there is every chance i can be made bankrupt?

Take a little time have a read here....A guy some time ago in a very similar situation to you

https://forums.moneysavingexpert.com/showthread.php?t=1802595&highlight=gambling+diary

National_Debtline · 22 June 2018 at 9:48AM

4f02 wrote: »

Thank you for the replies, im just starting out on this journey, im gonna have a good hard look at it, im up to date with all payments but its gonna be a struggle each month to have any sort of life but its of my creation and i need to face up to that.yous are right about the gambling that is the number one priority or nothing will work.

So peeps if i work it out that after board and debts are paid only £90pm is left ive not taken into account pocket money , dentists, clothing ...a life , there is every chance i can be made bankrupt?

Hi again 4f02

Start by completing a statement of affairs (SOA). That shows all your income and normal outgoings. You can then see what is left over for your debts. If the money left over does not cover the minimum repayments, bankruptcy could be an option. But as I mentioned before, it may not be your only option, so it is best to seek some independent advice from one of the debt charities.

You can complete a SOA here http://www.stoozing.com/calculator/soa.php. You may want to post it back on the Debt Free Wannabe board for more advice on your options.

Susie
@natdebtline

4f02 · 22 June 2018 at 8:29PM

Thanks ND it says im -183

Came out with an offer sheet to my creditors of 767 ...was slightly higher than i thought.i worked it out as 721.

Ive no assets or house and dont want anymore credit and i dont have any fear of the stigma.

If BR would a ipa be as high?

maxmycardagain · 22 June 2018 at 10:18PM

tell em

let them worry

Will they declare me bankrupt

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