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| allgontsup |
Posted - 20 September 2008 : 18:50:01
Don't know where to start. Will try to be brief. Have a restaurant hat has flatlined. Nothing in reserve. NO CASH WHATSOEVER. Own a house with no equity and we are 5000 in arrears and about to break ANOTHER payment arrangment as things have not improved this month. Current income only the tax cedits and child tax credits and child benefit that we receive. House will have to go to litigation? About to file for own banruptcy. Should I try to rent a house privately now prior to bankruptcy and have accomodation lined up? Father has offered to pay deposit and first months rent...cant face prospect of going to a council estate as they are not very nice round here. Have a son in private school.......this is the ONLY thing I care about. No jobs lined up probably need to look into benefits temporarily. HEEEEEEEEEEEELP!! Will I be able to accrue enough in allowabe expenses to send my son to school - works out at about £100 per week - willing to do five jobs and car boots and go without to hang on to this one thing.......... |
| 6 L A T E S T R E P L I E S (Newest First) |
| allgontsup |
Posted - 20 September 2008 : 19:58:47
Thank you so much BancruptC X |
| Snow Dog |
Posted - 20 September 2008 : 19:52:36
Hi allgontsup, of course you can ask what we will do for income. I run the shop, my husband is a self employed taxi driver. He won't have to give up his job or his taxi (thank goodness). Once the shop goes I may look for a job eventually, but I plan to take some time out (I have some health problems right now) |
| BankruptC |
Posted - 20 September 2008 : 19:43:29
Hi agtu and a warm welcome to the forum!
Firstly you've come to the right place. We know what you're going through and just how you're feeling now. You're doing the right thing asking questions. :-)
OK, I just wrote on snow dog's thread about how they decide what you'll pay each month so have a read of that and it may clarify some things for you. In addition to that info, if your household income consists solely of benefits, you will not be asked to pay into an IPA each month and if you will be able to pay for your child's schooling with the money you have coming in, you will be able to do so. HOWEVER if you do begin to work and thus your income increases, you are obliged to inform the OR and an IPA may be set up, if your disposable income warrants it.
Hope that helps a little. Please know we're here for you and please keep asking the questions!
Take care,
C. x
Like snow dr |
| allgontsup |
Posted - 20 September 2008 : 19:03:30
Can I ak what you are going to do for income Snowdog? Do oyu have a job lined up? If its too personal a question just ignore it. |
| allgontsup |
Posted - 20 September 2008 : 19:02:17
Thank you snowdog |
| Snow Dog |
Posted - 20 September 2008 : 18:59:37
Hi, although I can't answer all of your questions I can tell you that I am in a similar position to you regarding having a business that has no cash etc...and a house with no or little equity. What we have done, is organise to rent a house privately before we declare ourselves bankrupt. We are closing down the business in the next week or so, then we will move into our new place in about 4 weeks time, then we will declare ourselves bankrupt.
I hope that is of some help to you. And I am sure someone with some professional knowledge will come along and help you further |
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