bankruptcy

[wales01man]

Hi
I have had answers for previous questions thankyou
Now having looked at my debts which total 17K plus including a ccj foe 4k being paid at £4 per month and the fact that debt collectors have found my new address i feel bankruptcy might be best my reasons
Im sick of all the letters abd the hassle that may follow

one ccj already i cant be arsed with more

im on bebefits cos im disabled this is forever

My other half will explode if bailiffs turn up he knows of all the debt has 60k but has not been found here yet he only claims carers allowance for me is now retitred at 55 with a tiny pension

We have both been through the financial mess and are happy now on what we have got EACHOTHER thats all we need

We tried in bussiness worked hard and failed now we are on bebefits we paid in for

bankruptcy seems the way out a short term of hassle then no worry

would welcome views on this and peoples own experiences

thanks

[labman]

Re: bankruptcy

Bankruptcy should only ever be considered as an absolute last resort. I suggest you pay a visit to your local CAB or phone Payplan or CCCS. They will be able to advise.

[SpringerSpaniel]

Re: bankruptcy

You can also discuss your situation with the Bankruptcy Association, a self help and user friendly group for people with serious financial difficulties Click

[TUTTSI]

Re: bankruptcy

It is worth noting that even In bankruptcy the official receiver can take stuff belonging to you to pay the debts for instance if you have premium bonds, savings accounts and pensions they will just take it and this could include your home if if you own this if there is any chance the debts can be paid from this if there is any equity. Unless you are in a rental. The other thing to note that bankruptcy will stop you from having a credit card or bank account with an overdraft. You will probably have to have an in depth interview with the official receiver as well. They will could also take vehicles belonging to you.

You will not be able to in bankruptcy be able to take a loan, get a mortgage but the upside the debts will be written off.

At the end of the day as you say you have each other and that to me is a very good thing as going through bankruptcy is definately a very hard thing to do but as long as you have a roof over your head they cannot get blood out of a stone and that is in a way a sensible way to look at this.

Let us know how you get on and good luck.

Hi
I have had answers for previous questions thankyou
Now having looked at my debts which total 17K plus including a ccj foe 4k being paid at £4 per month and the fact that debt collectors have found my new address i feel bankruptcy might be best my reasons
Im sick of all the letters abd the hassle that may follow

one ccj already i cant be arsed with more

im on bebefits cos im disabled this is forever

My other half will explode if bailiffs turn up he knows of all the debt has 60k but has not been found here yet he only claims carers allowance for me is now retitred at 55 with a tiny pension

We have both been through the financial mess and are happy now on what we have got EACHOTHER thats all we need

We tried in bussiness worked hard and failed now we are on bebefits we paid in for

bankruptcy seems the way out a short term of hassle then no worry

would welcome views on this and peoples own experiences

thanks

[SpringerSpaniel]

Re: bankruptcy

If the total is only £17K, there may be other options such a debt management plan or an IVA.

[SpringerSpaniel]

Re: bankruptcy

Are creditors threatening to make you bankrupt or are you considering petitioning for your own bankruptcy ?

[TUTTSI]

Re: bankruptcy

Reading the posters information she/he is on a disability has little other income and don't think there is any excess income which would benefit being able to enter such a plan, although I stand to be corrected.

I agree it is always a good idea to look at all options, the poster should complete this Income and expenditure sheet to see if there is any milage in debt management before going any further http://www.legalbeagles.info/forums/...ad.php?t=19592 as bankruptcy is extremely onerous but in the posters defence is now on a disability and they just want a peaceful life and I fully understand that.

An IVA you need to be able to agree a reasonable figure to make payments to all your creditors and you have to have I believe have at least 75% in agreement and if one large creditor said no then it would be the bankruptcy route anyway, IVA's are not as cut and dried tbvh. It really is down to whether paying if possible say £250 month in a pot to all your creditors is going to satisfy them (68 months to pay everything - they will want this in a shorter period) and if say they owned their home which was fully paid they may make them sell it to pay the debts. An IVA is as onerous as bankruptycy in many ways as well. I feel sure that the poster has considered this option and probably cannot afford to make such an offer out of disability and limited income.

I wonder if there are any specific rules for disabilities?

If the total is only £17K, there may be other options such a debt management plan or an IVA.

[SpringerSpaniel]

Re: bankruptcy

Welshman, you may be able to take action against creditors and/or DCAs for harrasment, there are some other posts on this which explain what to do in this situation.

[wales01man]

Re: bankruptcy

Thanks everybody but with debts together of around80k no way out with any payment options monthly disposable income nil unless we strave sit in the cold and dark bankrupcy is maybe best option we have no assets a pension so small and benefits only my health phsically is bad awaiting 2 major ops and a possibility of never walking again my other half is so peed of he would explode despite my name on here im the wife my husband goes mad when letters arrive and wants to call the idiots but ii say no the ccj im paying will take 95 years to clear i dont think ill lve to be 147

[TUTTSI]

Re: bankruptcy

My decision for the bankruptcy route would depend on whether the house you live in owned or rented and who owns it you100% or 50%/50%?

For instance if they have nothing to take if say the house is fully owned but in your partners name or that you are in rented and you have no assets.

If however you own your house and even if your partner has 50% equity they will want your 50% equity out of the house and it is possible that your partner will be given the oportuinity to buy your equity.

When you say you have no assetts I am assuming then you live in rented?

Please consider these points and because of your disability you should seek some professional help from a laywer or CAB before embarking on a route of bankruptcy in case there is something that can be done.

I know how you feel and sypathise with you but honestly my advice is to still seek out other remedies before making a final decision.

Also, now you are saying all your debts are £80k when earlier you talked about £17K is the balance of £63k connected to your mortgage?

Thanks everybody but with debts together of around80k no way out with any payment options monthly disposable income nil unless we strave sit in the cold and dark bankrupcy is maybe best option we have no assets a pension so small and benefits only my health phsically is bad awaiting 2 major ops and a possibility of never walking again my other half is so peed of he would explode despite my name on here im the wife my husband goes mad when letters arrive and wants to call the idiots but ii say no the ccj im paying will take 95 years to clear i dont think ill lve to be 147

[labman]

Re: bankruptcy

Agree with Tuttsi, but I would phone the group mentioned in Post 3 by Springer, they really are excellent, and if anyone can suggest a way to avoid this, they will.

If your husband doesn't know about the gravity of your debts, have you thought down the line, and how you will explain having to go to court and meetings with the Official Receiver. You would have to tell him about this I think.

I would not even consider a 'normal' advice service such as CAB or my own charity for this, I think you need specialist help. It has to be worth a phone call. :beagle:

[SpringerSpaniel]

Re: bankruptcy

Does the £80K include a mortgage on your home ?

[lindalou]

Re: bankruptcy

Hello
I am so sorry to red about your predicament, I am new to this forum but from what I have seen you are in excellent hands here.
Can I ask a few questions, you say that some creditors have not found you at your new address,(is that correct)?
Does this mean then that you have recently moved and are now in rented accommodation, or am I reading too much into this?
You say that you were in business. Are some of these debts from that business?
If so was this an incorporated company or just a family business, in other words was there limited liability in place.
Were any of the loans secured?
LL

[wales01man]

Re: bankruptcy

My debts are 17k my husbands are the 50 plus we both know the extent of all the debts. We live in rented have a mobility car so can be no loss there only houshold goods nothing like 50 inch plasma ours is 22 inch tele part of my debt is mortgage shoertfall his debts are from a failed business bank cards and utilities mainly only important thing to say is we live together always have in a housing assiciation house in my name his creditors do not have his address we have been careful there we have a list of all the debts but he has no contact with his cr

the loans were not secured the most owed is to bank which he gyaranteed none secured in rented house with housing association third place since our house repossed in 2009 his name noy on any paperwork to do with any his business was a pub which he waked away from when it went downhill debts about 15k from that rest personal and business nearly 30k from the ltd co business accout he guaranteed pub was in his name ltd co was dissolved in 2009

[lindalou]

Re: bankruptcy

HI as Laban says I think you need professional advise here but, for what it is worth.
I would separate your husband’s debts from your own.
I presume that your debts are down to credit card and unsecured borrowing and are being pursued by DCAs.
You could write to these inclosing an income and expenditure analysis and showing that you have no disposable income, and due to your condition requesting that they write of the debts.
These types of request has been known to be effective, although admittedly more often when it is the original creditor, importantly it may enforce the indication that they are chasing an uncollectable debt and encourage them to pass the debt back to the OC, and you never know it may even work.
You are not required to mention your husband at all in this and you benefits from your illness are not part of any disposable income as far as they are concerned.
If and when your husband’s creditors catch up you can deal with them in the appropriate manner.
LL