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| T O P I C R E V I E W |
| blackcupra1 |
Posted - 07 July 2008 : 09:41:29
Hi there,
I am considering declaring myself bankrupt.
Basically due to a business collapse at the end of last year and a failed marriage i have been left with a substantial debt via C/cards and O/D's & loan...(i tried to do the right thing by paying for the ex and kids to stay in the family home, but ran out of any funds and means to support this)
I am at present employed (have a car, which is needed for my job & work will confirm this) and living in rented accom, tho have approx £35,000 debt and cannot afford to continue paying the various cards and loan off.
within the last week we have managed to complete the sale of the family home with the balance of the equity going to my ex (so she can start again with the kids and seeing as though i also lost a significant amount of the propery equity in the failed business).
There are many questions that i have and dont know where to start...any help and advice would be greatly appreciated as this is wearing me down.
Are there other options for me, or would bankrupt be the bext option?
Thank you
robert peters |
| 8 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 08 July 2008 : 15:37:41
Hi Robert,
Although it would make perfect sense to continue the car finance in this way, some OR offices have been known to insist that the BR cannot have an active finance agreement in their name. However, with supporting documentation (such as the letter from your employer), I'm sure you can argue to maintain the status quo.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| blackcupra1 |
Posted - 07 July 2008 : 13:28:35
Hi Julian, thanks for this...
It is unlikely that my employer will take over the HP but can put something in writing to confirm that they will re-imburse me in order to pay the Car loan..
Regarding the Utils...at present i am not in any arrears with anyone so im presuming i should be ok..
robert peters |
| JulianDonnelly |
Posted - 07 July 2008 : 13:22:10
Hi Robert,
If your employer is going to continue the payments, the OR may insist on the finance being put into the name of your employer. Make the OR aware of this arrangement and you should be able to keep the car.
Any arrears with utilities can be included and written off in your BR. However, it is likely the utility companies will place you on a pre-pay meter which is (a) expensive, and (b) a pain in the ....
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| blackcupra1 |
Posted - 07 July 2008 : 13:19:50
Thanks for this advice Julian... i will give each a call and hopefully move forward..
One question...my car is valued at aprox 7.5k on HP and in negative equity.. would the OR exclude this from my BR (my employer will continue the monthly payments in order for me to use it for work)
How would i stand in relation to all the utility companies..
Sorry for all the questions ...
robert peters |
| JulianDonnelly |
Posted - 07 July 2008 : 12:45:05
Hi Blackcupra1 and welcome to the forum.
I would advise discussing your situation with a reputable bankruptcy specialist. Brett England of England Jackman & Spacey does excellent work, as does Paul Johns of Reviva. You can contact them through their weblinks on the experts page.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| Suzanne |
Posted - 07 July 2008 : 10:25:01
You can get a lot of information on the internet now, and the Insolvency Service has a very informative site where you can even download forms and information booklets.
It is up to you whether you contact your creditors or not, or simply tell them when they call that you are petitioning for bankrutpcy.
As long as you have no arrears on your rent, and your landlord has no objection to you being bankrupt it should not make any difference.
You would be allowed to claim a vehicle up to around £3,000 as exempt because it is needed for work.
The only caution I would have is to make sure that the settlement to your wife of your half of the equity in your former home is as a result of a court order or that it is clear that it is because you had released your equity previously
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| blackcupra1 |
Posted - 07 July 2008 : 10:01:35
Hi Suzanne, thanks for the advice...
It now seems that im facing the BR route.
Is there anyone that i can speak to on this as i need to organise things as soon as is possible..
how do i stand regarding my rented accom, my car etc...
Is it worth me speaking to all creditors to advise of my situation..
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| Suzanne |
Posted - 07 July 2008 : 09:52:20
Hi blackcupra1
There are several options open to you such as a Debt Management Programme, Individual Voluntary Arrangement, and Bankruptcy.
The best thing to do would be to have an informal chat with an insolvency professional to discuss your individual circumstances and options.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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