All Forums  archive  bankruptcy postbag for august  Statutory demand

Note: You must be registered in order to post a reply.
To register, click here. Registration is FREE!

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 bluenoes[/i] [br]This is a long story, so please bear with me. My problems really started back in 2000. At the time I had a joint mortgage wth my second wife, and we lived together with my 2 and her 3 children. My wife decided to leave abruptly with her 3 kids and left me with the mortgage to pay and bring up my 2 kids while working. I managed to get the mortgage in my name only, and continued as best I could. However, from day one I was struggling financially, and over the years I built up quite a large debt on credit cards and unsecured loans. In 2004, I met my current wife. She had 4 children of her own and lived around 80 miles away. After a period of time we decided that we wanted to get together as a family. My work was not going well, I was struggling to pay the bills and we were limited on options. She did not work because of her single parent status and she lived in council accommodation. It was around this time that I just couldn’t pay most of my debts anymore. For a while I had been transferring balances each month as a way of paying them, but I was running out of available balance. I was getting the usual nasty letters about non-payment. So, I decided to put my house up for sale before I lost it anyway, and find a new job in the new area. I moved in with the new “wife” with my 2 children, while still paying the mortgage on my house. Eventually my house sold, and we could then manage to live, as we weren’t paying for 2 households. I made some profit on the house. I paid off a couple of debts and pay off my car hp. There wasn’t enough to pay off everyone. I paid for our wedding and honeymoon from the proceeds of the sale and also bought myself a car. I took the decision to blank out my debts from my mind, and as no one knew where I moved to anyway, I thought I could leave it all behind. My new life with the new wife and family meant that there is never enough available money each month to pay the debts. We live on my wage, plus child tax credits. Even if I had contacted all my creditors, they wouldn’t accept what I could offer anyway as it is so little. I have since had to sell the car I bought with the house sale proceeds as we just could not afford to have a high value car sitting on the drive, and struggle to put food on the table. The wife and me now have an 18-month-old son of our own, and the wife is also expecting twins in December. My two children are now 18 and 16 and have since moved back with their mother. I still travel down to see them every other weekend or so. For the last 12 months, I have been receiving letters where I am now regarding my debts, with the usual threats. I have not contacted them, as there is just nothing I can offer them. Also, how can they prove I am here? I am not on the rent book or electoral role. The latest I have is a statutory demand for bankruptcy, delivered yesterday. I have done a lot of research on the subject, and hopefully if it happens it won’t be as bad as it sounds. In fact, I wish I had declared bankruptcy myself a few years ago before I buried my head in the sand. Anyway, my unanswered questions are below if anyone can advise. The demand is against me. How do they determine who’s belongings are assets of mine? We do not have much anyway. We pool our finances, how can I say what I pay for if we work this way? Between us, we never have any money spare. We have two old cars. Hers is a 7 seater value around £800. She needs this because we have 5 kids now, and 7 in a couple of months. You just can’t take kids to school etc without a car My car is valued around £1500 and I need it because I work shifts, and also use it for travelling down to see my children every other week. We wouldn’t manage with one car; we have tried in the past to save money. Will we be able to keep the cars? What about Sky TV and broadband Internet? The kids will be climbing the walls without these! What goods in our house are classed as an asset? I read through the form you complete if you want to declare your self bankrupt, but its not very clear. What is the likely outcome of all this in terms of payment orders and the like? The wife has some debts in her name, which she gets harassed over. If I go BR, can her creditors still hassle her for property in the house if I say its mine? Sorry it’s a bit long winded, but I thought it might help with the background. Thanks in advance for any help [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.