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| T O P I C R E V I E W |
| clive26 |
Posted - 03 November 2010 : 11:04:22
On the 1st Novemember 2010 This monday gone I handed in my bankruptcy forms etc at the county court to file for bankruptcy.
I didnt get any sleep the night before, Was proper worried about how it would all go..
But anyway.. Yeah for me personally i found it proper draining.. But i am a natural worrier anyway..
Overall though.. Ya need not worry really.. when you arrive you basicly have to hand over your papers then sign them where needed, pay your fees etc and then read out an oath with your hand on the testament to swear that what you have put forward is true etc..
Then you are given all your paperwork into a folder and sent to see the judge / clerk.. It was busy when i went.. Had to wait a while.. But when i was called into see the judge / clerk.. It was very brief.. Ask me what happend with my Iva i was in.. Answered then he declared me bankrupt.. Took about 2 mins not even that!! lol
Then went back to the room i was 1st in too finalise the decision.. and i was then told i would get a phone call from the official reciever.. Which i did yesterday the 2nd very quick and we then arranged a chat about my case on the phone this morning the 3rd...
The Officail reciever was really freindly.. And basicly he just asked basic questions..
I believe i now no longer have to make anymore payments.. Need to send off some wage slips and details of my previous Iva plan i was on which im going to do today.. The Of has informd me that some papers are on there way and i will need to sign them and send them back..
Soo Im getting somewhere at long last! :D
Only thing i was bit annoyed with is the fact that the officail reciver said that my gym membership will have to be canceled :( Its a shame because it kinda keeps me sane.. But just a question can i join again later on? I know tbh this is such a minor problem compared to my debt.. But hey im gettin somewhere thats the main thing..
Just wanted to say also to all off you.. I would certainly recommend going bankrupt if you really dont know what to do.. But obv an Iva can be handy for some people.. But personally in my situation i believe bakrupstcy has been the best choice for me!
Soo noo more credit cards loans ever! Im gonna live on what i can just afford now!
I wish you all the best.. And thanks to this forum also.. You have been a great help :D
Sorry gone on quiet a bit lol :D |
| 5 L A T E S T R E P L I E S (Newest First) |
| Bigal4787 |
Posted - 04 November 2010 : 09:22:02
Hi Clive,
one thing I never did was contact institutions like the gym to inform them that a person had been made bankrupt.
The only reason they would do it would be if you were in arrears with your membership fees, and you've included it in your SOA,in which case they would get a report to creditors(thus the 6 week timeframe the examiner mentioned)
Your creditors liabilities are now within your bankruptcy estate, so they cannot pursue you anymore for those liabilities. However, if you have surplus income of more than £100 once your essential domestic expenditure has been taken out,then you may be asked to contribute by way of an IPA(anything from 50 - 70% of the surplus income), the examiner should have told you at the time if you had an IPA.
Big Al |
| clive26 |
Posted - 03 November 2010 : 23:42:11
Thanks all..
And I swear the OR said to me that he will be getting in touch with my gym to tell them that i have been declared bankrupt and they will then cancel my membership :S.. mmm
I then asked how long it would take effect that my membership would no longer be in effect and he said about 6 weeks..
Maybe i should call him to check on this in more detail?
Slightly confused about this and i believe that the OR told me i would'nt have to pay my creditors anything so i dont think im going to have to pay on an IPA.. I think anyway :S..
If i have to give up the gym i do.. As long as i can make a fresh start im really not botherd! :p.. I can keep fit at home.. Best way round it hey?
Cheers from Clive :D |
| Bigal4787 |
Posted - 03 November 2010 : 14:30:26
Hi Clive,
and welcome to being debt free!
With regards to your gym membership, the examiner probably didn't explain it properly. They can't tell you to cancel it, what they mean is that you can't claim it as an essential domestic expense, and as Viki.W said, it has to come out of any surplus you may have, once the IPA calculation has been done.
Big Al |
| Richard P |
Posted - 03 November 2010 : 12:43:08
Hi Clive
welcome to a Debt free future.
I am 10 months 15 days down the road.
postman no longer gets a hernia delivering all of my threatening mail, The phone is so quiet as the creditors all have notification of my temporary financial demise.
IPA has been agreed (lot less than anticipated) House nearly sorted but still negative equity, stress levels low, old banger car still going but it is all mine, Now got some challenges with work but whatever !
The year will fly by
good luck Clive
regards Richard |
| Viki.W |
Posted - 03 November 2010 : 12:16:04
Great post Clive, glad it all went so well.
The OR won't allow the expenditure for the gym membership, but if you get an IPA, you can still pay it out of your surplus.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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