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| joella68 |
Posted - 16 November 2008 : 20:51:43
hi my husband is a fireman will he lose his job if we go bankrupt ? loads more questions to ask too :-) |
| 6 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 17 November 2008 : 10:00:56
Hi
just a thought really.
You may want to get some full advice about your debts, all the options, the consequenses, the timings , what happens and when before you stop paying the mortgage.
The official receiver understand that one needs a rental deposit from somewhere and don't seem overly worried about increasing the debt in Br by not paying the mortgage to be able to secure a home for the family.
You have a lot going on and you will need to plan carefully to minimise the stress on the household.
Move too early and you won't have suffieient money for the court fees, move too late and you may find it difficult to find a new home.
Most important of all in not to rush. This is a remedy for disaster.
Regarding your rental - provided that it is in line with prices locally then that is likely to be ok. you may well have to spend slightly more than the norm because of your credit position and the dogs. Provided these are justifiable then these costs are OK.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| Needafriend |
Posted - 17 November 2008 : 08:24:09
Hi Jo
Right if you intend to do a vol repo i would look for rental now, stop paying the mortgage and secured loan and then you can use that money along with the debt money to pay for the new place.
No the money that you will pay for rental £1000 per month will be fine with the OR. Make sure that you list your home and secured loan in the secured and unsecured section of the Statement of Affairs that you have to complete to petition your bankruptcy.
Stop paying all the debts now but make sure you continue paying the utility bills they are essential items.
They dont take stuff from your home, the OR is not a bailiff, you list assets like a car or your mortgaged home, not items that are for your household unless they are now worth inexcess of about £500 and then they may not have an interest in them, so dont worry about the kids games consoles.
The forms for the BR can be done online, its a bit easier and can be done at your leisure and submitted once your ready for the court. The current fee for your Local court is £ 495 each as you cant do a joint BR, so i would use some of the unpaid debt money also to save towards that. If you have a car on HP or a loan then it may be at risk, also the OR will look at the value of your car and then decide if you can keep it, if its under about £2500 then you may be ok providing that you can prove that yoyu need it, otherwise the OR could quite easily take it.
Contact your local court and get a plan together, know what there procedure is, what i mean can you turn up or do you make an appt, stick to your plan and things will go a lot smoother for you.
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| joella68 |
Posted - 17 November 2008 : 08:02:39
hi all thanks for the replies that helps alot, i have quite a few questions to ask, lol
1)at the moment we are paying £1421 a month on just our mortgage and secured loan ( too much ) we plan on doing voluntry repossession as we are in erious negative equity, the only rental properties that are suitable at the moment are around £1000 would this be seen by the OR as excessive ?
2)do we stop payng EVERYONE as we do plan on BR ?
3)we are 2 adults and 3 kids, we also have 2 german shepherds, which we could not bear ro part with, but they are limiting our choice of rental would we be expected to part with them ?
4) when BR happens what household items are you expected to loose, ie the kida all have games consoles would they lose them, is there a value to the stuff you are allowed to keep ?
thanks in anticipation, jo x |
| Reviva UK |
Posted - 17 November 2008 : 00:13:07
Hi
I do a lot of work with serving police officers and members of the armed forces and provided that the correct procedures are followed all should be fine.
a discreet call to the HR department will give you start on what you need to do to ensure all will be well
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| John |
Posted - 16 November 2008 : 23:43:09
Hi
I would very much doubt that a fireman's job would be at risk due to bankruptcy.
Bankruptcy does mean that some professions are no longer legally open to you until you are discharged but the fire service is not one of them.
What internal rules the fireservice has in respect of bankruptcy I don't know.
A call to his HR department should answer that for you.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| movin on |
Posted - 16 November 2008 : 21:09:48
Hi and welcome to the forum
Although im not too sure about your particular query, why not add any more questions you have. 
Take care
Jenny
xx
Onwards and Upwards is the way im going :-0)
xx |
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