All Forums  archive  bankruptcy postbag for july  Finally facing up to reality

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by AFCHomerJ[/i] [br]Hi all For far too long now I have been blithely ignoring letters. If I do not know the number calling I never answer the phone. And I have finally decided enough is enough. I have spoken to an IVA specialist who has informed me that my only real option is bankruptcy. Tis hardly a surprise to be honest. I have barely paid a penny towards my debts for a considerable period of time, and it was only a recent order to attend court over a CCJ (or face 14 days in Pentonville!) which made me finally wake up and realise I need to sort this out. N0 disposable income, and over £115k in unsecured debts. I suppose I could blame the banks that were willing to lend me so much money - but my heart is not in it. I did not have to apply, or gamble, or lose my job, or ruin my marriage. So, BR it is then, I have so many questions, concerns and worries I barely know where to start. I am hoping to get a call from a BR specialist tomorrow which may answer some of them, but a second opinion can only be useful, right? For example, if one of my creditors declares me BR, do I still have to pay the court fees? It would be so much easier if I did not have to find that £500. How will my employer react? Do I even tell them? I am not in a profession or industry where disclosure is required, so I think maybe I shouldn't. But then I hear that my tax code will be modified - so surely they'll find out anyway! I don't think they'll care particularly, but I have no idea how to even broach the subject. What are acceptable allowances? What are reasonable expenses? I do not own a car, or any antiques or valuables. I used to own a property with my ex-wife, but that was 5 years ago. There may have been equity in the property - but I never really helped with the mortgage, and I left her with a huge chunk of debts anyway. But I still have concerns that she may be affected, and I cannot have that as my kide live there. According to my IVA specialist I have -£15 per month in disposable income and that includes no debt payments! My sister, somewhat foolishly, took out a loan on my behalf earlier this year, and I am paying her back quite well. On the understanding if I dont I'll be dead anyway. But do I declare that? Or do I maximise my allowances elsewhere, and then economise so that I have the money to pay her? After maintenance for my kidds, that is my number one priority. It's so hard. I want to be honest with the OR, but I cannot let my sister down. It would not be hard to find me as I live next door! There are so many thoughts running around in my head at the moment I am dizzy - I need this to stop. But I cannot sacrifice my sister to make it happen. Perhaps I can convince my employer to give me a pay rise - delivered in a brown envelope once a month! Anyway, thanks for listening. Tis a relief to talk to someone. Homer x [/quote]   Check here to include your profile signature.