| T O P I C R E V I E W |
| Spanna1310 |
Posted - 29 October 2012 : 14:39:41
My partner & I are looking at declaring ourselves bankrupt... however we have a few questions and any advice would be brilliant... It will take us a few months to save up for the 2x bankruptcy fees which is ok but we have bailiffs trying to collect a ccj that weve been to court to try and get an installment plan but it got thrown out - very unsympathetic judge. Our questions re bankruptcy, how much of our surplus income would we be looking at paying in an ipo? how harsh are the expenditure rates in bankruptcy? I have a 7 seater vehicle as i have 4 children and i need the car due to my disability (i recieve disability living allowance) however i didnt want the bailiffs taking my car away so my friend told me to put it in her name how will this be dealt with in relation to declaring ourselves bankrupt? we were originally looking at an iva but this isnt a viable option as we have no other assets except for the car. |
| 6 L A T E S T R E P L I E S (Newest First) |
| Niobe |
Posted - 29 October 2012 : 18:41:18
They've been on the sister site Viki and also taken advice from there.
A chat on the phone though can only help. |
| Viki.W |
Posted - 29 October 2012 : 18:06:23
Who did you speak to about an IVA? Did they give you bankruptcy advice? If you want a second opinion, then please contact an expert on here to chat all this through.
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 |
| Niobe |
Posted - 29 October 2012 : 17:59:04
Unfortunately you can't stop the bailiffs if they get a court order.
Your car should be ok as it isn't worth a lot as far as the OR is concerned.
Bankruptcy fees are £700 per person so I've no idea how long that will take you to save up. |
| Spanna1310 |
Posted - 29 October 2012 : 17:05:05
My car is worth about £1500 its a 7 seater because we have 4 children. I also need the car due to my disability which i receive disability allowance for. The car i have already transferred over about 6/8 weeks ago purely because i didnt want the bailiffs just to take it.
We wernt even looking at an iva or bankruptcy then but now weve looked at an iva but that is not a viable option as my ex busbands csa payments are not stable or reliable and meaning he would still have a hold over us and the iva would definately fail which is why we are now looking at bankruptcy. However it is going to take a while to save up two lots of bankruptcy fees so how do i get the bailiffs of my door whilst i save for bankruptcy?
Our excess income in the iva proposal was £367 but that was without a few expenditures that wernt added in ( ie im self employed so i have business expenses which wernt included at the time).
Thankyou for your help so far it means alot |
| Viki.W |
Posted - 29 October 2012 : 16:14:03
Hi Spanna,
If you have a county court judgement then it may be bailiffs that are chasing you. Have a look at the link that Niobe has posted.
How much is your car worth?
How much disposable income do you think you have and how much are your debts?
Please speak to an expert for advice on all your options.
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 |
| Niobe |
Posted - 29 October 2012 : 14:56:44
Hi Spanna and welcome.
The people coming round to collect debts are probably just debt collectors and you don't even have to speak to them as they have no powers at all.
Have a look at this link:
https://www.gov.uk/your-rights-bailiffs
As regards an IPA, all disposable income will be taken if you have more than £20 a month left after your expenses have been taken out.
Nobody at the moment is going to be taking away your car and you might get into trouble if you transfer ownership across to someone else as it will be classed as a transaction under value and be reversed anyway.
How much is your car worth? It may be ok. |
