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T O P I C R E V I E W
john77
Posted - 28 November 2008 : 12:10:17 Hi, I am wondering if anyone would be able to help. I find myself in a situation where BR is looking like the only viable solution to our debt problems. At the moment we are able to meet our outgoings - this however is likely to change in the near future as I am in the financial services industry and due to the adverse market conditions I am finding very difficult to meet my sales targets which will eventually lead to my dismissal. Being fired will then make it very difficult to gain employment going forward thus starting a vicious downward cycle. My question is would it be possible to go BR if I resign from my current job (before I get fired) I would then have insufficient income to meet my outgoings - or would the OR look down on this as it is an avoidable situation and thus refuse the petition?? We have about 20k of unsecured debt (mostly from home impovements) and I have just found out we are about 30k in negitive equity (We purchased at the hight of the property boom). The situation feels hopeless...
4 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 28 November 2008 : 18:28:46 No reason to think that you should rush into Br just yet.
I would suggest you see how you get on with your job AT THE SAME TIME if you feel the job is at risk because of targets why not apply for other jobs now.
after you know exactly where you are and what your position is should you think of declaring Br .
Please don't rush - you need to get a survival plan together - aim for the best result and prepare for the worst outcome, but always be in control.
Having no money doesn't mean we shouldn't have dignity or be in control.
Paul Johns Assisted Bankruptcy Specialists Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK www.revivauk.com
johns_in_debt
Posted - 28 November 2008 : 16:21:48 Thanks for the replys. It sounds like it might be ok - might depend on how the judge is feeling on the day! Dam credit crunch!
John
Posted - 28 November 2008 : 13:36:46 Hi John77
The OR has no say whether or not you are declared Bankrupt. That's the judges decision on the day you submit your petition to the court.
I obviously can't say with every OR how they would look upon it, but I resigned from my financial services job on 27/06/08 and filled for bankruptcy on 04/07/08 - when the OR asked why I told her that as it was a financial service position, I had spoken to my team leader and he advised me that I wouldn't be able to continue working there. The OR was fine with the and my husband and I have not been penalised in any way (we are also currently going through an early discharge process).
