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T O P I C R E V I E W
Loopylou
Posted - 22 March 2009 : 14:21:59 Hi am planning to declare BR end of April, as this is when my husband and I will have saved money for fees. We are doing this by stopping payments to all creditors.
1. Is that the correct way to go about it as I have been using cards and switching balances to stay afloat?? But will now live on 'actual' money as no longer paying creditors.
2. We owe money to Abbey (OD, CC) but both my childern have CTF with Abbey and also both have a savings account (I am trustee on one and my husband is trustee on the other my boys are 1 & 4) my grandmother has both of the savings books as it is she who puts money into both the accounts. Will the OR seize the CTF and the savings accounts??? Should I / Can I move them??
3. I sell the boys old clothes etc on ebay every couple of months. Can I still do this if going BR will the OR class this as income??
3 L A T E S T R E P L I E S (Newest First)
John
Posted - 22 March 2009 : 22:48:23 Hi
the choice to ignore the calls or not is yours and there is no hard and fast rule as to which is the best strategy. All I will say is that in many, but not all, cases if you advise the lender of your pending BR they may not take any notice until the deed is done.
When your name is advertised depends on the OR's office. Usually within the first 3 weeks.
The OR will not contact your employer. The OR will, as you are declaring in April, inform the Inland Revenue who in turn will instruct your employer to apply an NT (No Tax) tax code for the tax year Apr 09 to March 10.
It does not follow that the NT instruction alerts your employer that you are bankrupt as there are other reasons this code can be applied. But they may suspect.
It's perfectly ok to take the little one along with you to the court.
John White England Jackman & Spacey
Loopylou
Posted - 22 March 2009 : 20:06:18 Thanks for clarifying that for me.
I have so far never missed any payments as always somehow managed to juggle things around.
But now we have stopped payments I am guessing the phone calls and letters from creditors will begin. Should we just ignore them and not answer the phone or should we inform them all that we intend to declare BR at the end April?
Also how soon after being declared BR does you name go in paper, my dad has just been diagnosed with a heart condition and my parents live near to me so would possibly see names in paper so I am thinking that I should maybe tell them first.
Also how do our employers find out when we are declared BR. Does the OR inform them??
And another thing is on the day we go to court are we allowed to take our youngest son with us?? Our 4 year old would be at school but the 1 year old doesnt attend nursery or anything yet so I am wondering what to do with him on the day, sorry this probably seems a ridiculous question!
John
Posted - 22 March 2009 : 14:34:11 Hi loopylou
(love the name by the way)
1. To stop paying creditors to save for your fees is not only ok but absolutely the correct way rather than pay the fees using more credit.
2. The OR will not seize these funds so I don't feel you need to do anything where these accounts are concerned.
3. It's not income it's sale of your son's assets and thus monies derived are not claimable.
