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| T O P I C R E V I E W |
| Caroline |
Posted - 13 February 2009 : 13:26:56
My monthly expenditure is exceeding my income by around £50 to £100 a month. I am 33,000 in debt. I'm now getting in arrears with bills. I would like to declare bankruptcy but feel my situation will not be looked on as that bad. I have a job and am living with my parents. 27,000 of my debt is a loan with one company and I've been told this may cause a problem trying to get an IVA. I would prefer bankruptcy, my only asset is a car, I own no property and my credit rating is siginificantly damaged already. Would the Judge just laugh me out of the room if I applied for bankruptcy?? |
| 7 L A T E S T R E P L I E S (Newest First) |
| Helly1234 |
Posted - 13 February 2009 : 17:22:43
Thanks for your comments, you've definitely given me more of an idea about BR - I've got an appointment with the citizens advice bureau next week too |
| coxy |
Posted - 13 February 2009 : 16:46:33
Hi HELLY
From what you have said it seems br could be an option for you but dont let anyone tell you its an easy way out.
Although you have more expenditure than income now that could turn around after br and not having pay creditors, This could leave you having more than £100 disposable income which means
you may have to enter into an ipa which lasts for 3 years.
Anything over £100 disposable income and the or could take 50-70 percent.
The helpline at the top of the page would be the best place to start. |
| Helly1234 |
Posted - 13 February 2009 : 15:22:05
Helly1234 is caroline by the way - same person! |
| Helly1234 |
Posted - 13 February 2009 : 15:20:36
My car is worth around £3,000. I guess I mostly worried that it looks as if I've made no effort to repay my debts and that I'm looking for an 'easy' way out. As I live with mum and dad I don't have to contribute a huge amount to the household - I realise that is a good position to be in, but I'm literally paying debt with my wages at the moment.
To be honest tho I've been on the debt roundabout for around 15 years now and have had two management plans in that time and I'm just damn tired!!! and want an opportunity to start afresh somehow. |
| pix1 |
Posted - 13 February 2009 : 14:59:27
Your total level of debt falls within the range for bankruptcy. The main thing the judge will be looking for is that you live within the jurisdiction of the court and that your debt levels are suitable for bankruptcy. He won't laugh you out of court and, in fact, he will probably only spend about 2 minutes glancing over your form between cases. You probably won't have a face to face meeting with a judge but a telephone interview with an Insolvency Service examiner.
You need to look at;
1) Level of debt
2) Type of debt - you can only include all debts which are not student loans or for fraud and fines
2) Assets - you stand to lose the car if it is worth more than £2500 and you cannot show adequate reason to keep it
3) The fact that your name will be advertised in the London Gazette (assuming you are not in Scotland) and, maybe, the local press
4) The possibility of an income payments agreement or order - your essential expenditure needs to get pretty close to your monthly income - within say £50 - to avoid one.
5) The chance of a bankruptcy restrictions undertaking or order - depending on how you have run up debts - one of these is unlikely.
Please go to the insolvency service website for searching all to do with bankruptcy (e.g. search for Household Expenditure spreadsheet
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part7/part2/part_2.htm )
and please outline your case on this forum so we can help.
Good luck making the right decision for yourself. |
| Niobe |
Posted - 13 February 2009 : 14:34:49
I don't see a problem either.
How much is your car worth?
The glimmer gets brighter all the time
Jan
xx |
| mab |
Posted - 13 February 2009 : 13:58:02
Hi
Welcome to the forum
Im no expert, But i think that if you decide that bankruptcy is the right option for you, I can see no reason why a judge would not allow you to do it, you are doing the right thing in trying to find a solution to your problems before they get out of hand and i think this will look good on your part.
Im sure an expert will be along soon to give you some more advice.
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