Applying for Bankruptcy
Mand2725
Posts: 1 Newbie
Hi all,
Im a single mum who works part time and ive decided to apply for bankruptcy due to a reduction in income but have a few things I'm concerned about Nd wondered if anyone can help me.
I had an iva for the last 3 years and haven't paid it for 4 month's, they are currently failing it at my request. I stupidly took out pay day loans whilst in my Iva and now my incomes been reduced I can't pay them. Therefore I'm applying for Bankruptcy, is the pay day loans classed as preferential payments? There is a question on the application stating have you made any preferential payments. If they are will my bankruptcy be refused or will I be in trouble.
I also got a ipad worth over £500 back im July on credit with my sky TV which I sold on a buy and sell site for £600. I wasn't planning on bankruptcy at this point and was in desperate need of money for rent/food. I pay a small monthly amount for the ipad with my sky TV. Do I declare this as an asset I've sold worth I over £500? And again will I be in trouble?
I'm really upset and worried as bankruptcy is not something I ever thought I would be facing. My debt began when my partner left me whilst I was pregnant with our second child I'n a house I couldn't afford. Life since then has been a constant struggle.
I owe around £19,000 and really just want mine and my children lives to have a fresh start. I paid into one iva for 2 years then failed it. Then the second iva for 3 years and failed it. So I've actually paid a full five years but with two different companies.
Any advice would be gladly received
Im a single mum who works part time and ive decided to apply for bankruptcy due to a reduction in income but have a few things I'm concerned about Nd wondered if anyone can help me.
I had an iva for the last 3 years and haven't paid it for 4 month's, they are currently failing it at my request. I stupidly took out pay day loans whilst in my Iva and now my incomes been reduced I can't pay them. Therefore I'm applying for Bankruptcy, is the pay day loans classed as preferential payments? There is a question on the application stating have you made any preferential payments. If they are will my bankruptcy be refused or will I be in trouble.
I also got a ipad worth over £500 back im July on credit with my sky TV which I sold on a buy and sell site for £600. I wasn't planning on bankruptcy at this point and was in desperate need of money for rent/food. I pay a small monthly amount for the ipad with my sky TV. Do I declare this as an asset I've sold worth I over £500? And again will I be in trouble?
I'm really upset and worried as bankruptcy is not something I ever thought I would be facing. My debt began when my partner left me whilst I was pregnant with our second child I'n a house I couldn't afford. Life since then has been a constant struggle.
I owe around £19,000 and really just want mine and my children lives to have a fresh start. I paid into one iva for 2 years then failed it. Then the second iva for 3 years and failed it. So I've actually paid a full five years but with two different companies.
Any advice would be gladly received
0
Comments
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Hi and welcome.
Couple of things that will help us advise you are:
1. How much is your debt in total (remember to include utility bill arrears etc) If the total is below £20K, a Debt relief order is cheaper and may be better for you?
2. Can you do an SOA and post it on the board - there is one here that has a facility to format to post on this board at the end.
The Official Receiver in bankruptcy is not interested in gadgets or household items. They are looking for cars worth more than £1000, jewellery, antiques, property and other significant assets.
No - based on what you have said, you wont get into trouble for preferential payments.
If you are serious and have taken advice and decided BR is the way to go - you can stop paying pretty much everything but if you rent privately, you should carry on paying your rent. You will need to pay the BR fee (£680) so save what you would have paid debts with to pay this.
It will take any creditors at least a month or two to start trying for CCJ's etc.
Start reading all the sticky posts at the top of this board and get yourself organised.0
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