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| T O P I C R E V I E W |
| Shane.ai |
Posted - 09 April 2011 : 15:14:34
To declare yourself bankrupt costs £600, that means you are solvent. If you have no money, how can one declare themselves bankrupt, as they are bankrupt? I have debts of £500,000.00 and do not have a single penny apart from the benefits I receive, how would I declare myself bankrupt? |
| 15 L A T E S T R E P L I E S (Newest First) |
| Niobe |
Posted - 12 April 2011 : 19:40:06
It's a bankruptcy restriction order or undertaking as explained by Bigal in his post.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
xx |
| Shane.ai |
Posted - 12 April 2011 : 19:36:01
I would like to thank all the people who have thrown their penneth in and it is much appreciated.
Thank you all. |
| Shane.ai |
Posted - 12 April 2011 : 19:33:20
It seems as if I will have too. |
| Shane.ai |
Posted - 12 April 2011 : 19:31:59
kallis3, thanks for the clarification.
What is a BRU? |
| Niobe |
Posted - 12 April 2011 : 19:31:28
Shane, you could always wait until your creditors make you bankrupt.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
xx |
| Niobe |
Posted - 12 April 2011 : 19:30:07
Shane - nobody is asking you to post things for the world to see.
Bigal is merely pointing out that the OR will investigage everything if you go BR and no stone will be left unturned, a BRU is always a possibility.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
xx |
| Shane.ai |
Posted - 12 April 2011 : 19:29:35
moodybluetwo, thanks for the assurance.
Unfortunately trying to get that sort of money together at the moment is impossible.
My main question has been answered to a degree but it seems daft that if you are bankrupt (that means, no money at all), you have to pay £600 to declare yourself bankrupt. My query to that is, if you have £600 you are not bankrupt and thus the actual term "Bankrupt" is not correct.
I suppose all I can do is say to the creditors, "I have no money, can't pay". End of.
To me, if you can't declare yourself bankrupt without having to pay money to do so, is a farce and the law needs to be changed so one is able to do so.
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| moodybluetwo |
Posted - 12 April 2011 : 18:36:46
In my experience the OR does not judge you in any way. I was treated fairly and decently within the rules that apply. Basically I owed money that I couldn’t pay back and was prepared to be honest and truthful in order to assist the OR. If I had debts of £400 000 plus and were looking to go bankrupt I think finding £600 would be my priority. |
| Shane.ai |
Posted - 12 April 2011 : 18:20:06
Bigal, no offence but I think my debts should remain personal and I certainly will not be posting them for the world to see.
The HMRC is not one of the creditors.
I am prepared to be up front with the OR as long as the OR listens and does not do the normal bureaucratic thing of ignoring the explanation, which seems to be a tendency with all government and council departments, including legal. |
| Bigal4787 |
Posted - 12 April 2011 : 00:02:09
Hi Shane,
From your previous post:
I have had my debts for just over 3 years now, but the main problem is trying to get back into the main stream of being able to get finance as I am trying to open a business, but the debts are a major hangover. It seems after discussions with some financial people, I would be better off declaring myself bankrupt and then when applying for finance, declaring the bankruptcy and explaining why it happened, would actually help me get finance. Sounds daft but true.
You have debts of £486,347.92, which so far you haven't broken down into the various creditors (is the HMRC one?), or what it was for. By declaring bankruptcy that level of indebtedness will lead to the OR deciding whether you should be investigated further, with a view to obtaining a BRO(bankruptcy restriction order) against you, which basically means that the restrictions placed on you in bankruptcy, could be extended anywhere from 2 - 15 years. With one of the restrictions being not to obtain credit over £500 without first telling the creditor of your bankruptcy, would have an impact on you obtaining credit in the future.
If declaring bankruptcy, then you must be prepared to be up front with the OR to explain how you accrued £486,347.92 in liabilities.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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| Shane.ai |
Posted - 11 April 2011 : 07:54:08
Hi Widge, thanks for that, no need for forgiveness as you are most probably right. BUT.......
The problem is I suffer from Vasculitis and depression. The Vasculitis is a condition whereby the immune system reverses and attacks my vital organs. I have to take 8 separate pills to suppress my immune system and this makes it difficult for me to work in certain environments plus my depression makes me very short tempered even though I am on 40mg of Citalopram to calm me down.
I find that working from home and doing what I am doing, eases my depression as I feel there is a goal to work towards.
I have accepted my situation and that there is nothing or anyone to help me out of it but myself, so by putting it on hold would make me revert to being even more depressed as time goes by with no end in sight.
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| Widge |
Posted - 10 April 2011 : 19:01:43
Hi Shane,
I think your best option right now is not to go down the business route, as its costing you time, worry and money with no rewards apart from frustration. Could you put that on hold while you get a part time job and have an income you can manage on? You'd probably still get benefits and more if you stay under 16 hours/week and possibly save up or get help for the court fees.
Others here can help mor but good luck!!!
Widge x
Maybe I'm totaly wrong and forgive me if I am. |
| Shane.ai |
Posted - 10 April 2011 : 18:46:03
No rich relatives, so called friends disappeared and cannot afford to play the lottery, I would rather feed my dogs than do that albeit I make sure they are fed before I am anyway.
They have kept me going through all this with their love and affection as they seem to know something is wrong.
At the moment, I am financing my website with my food money by missing 3 meals a week so there will be an awareness of the business. It costs me £12 a month to have hosted and then £30 a month for Google adwords, plus I have to pay £15 a month for my mobile broadband which I use to connect to the internet.
I also have to pay the council £15 a month council tax arrears for a house that was repossessed but still classed as mine until the house was sold.
So by the time I have fed my kids and topped up my utilities, what is left I use for food. |
| Niobe |
Posted - 10 April 2011 : 18:41:49
I think it may take some time though - he can always apply to have some of the fee removed depending upon what benefits he is getting.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
xx |
| RHB |
Posted - 10 April 2011 : 18:39:57
True, but if a little is save a week he will get there eventually. There are some charities who can help out, too. |
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