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| worriedandfedup |
Posted - 14 October 2009 : 08:37:35
Hi there, I am currently just starting to fill in SOA forms for my husband and I. Our case (in Worcester)is being held next Thursday 22nd Oct..there are several question that I could really do with some help on, sure there will be more in the coming few days but could anyone assist me with these few below to get me started? Thanks so much
1: we hold one bank account (other then the Cashminder acct recently opened and Im not worried about that one!) this is a joint account with Lloyds, when you come to put down the acct on your SOA's how do I 'split' the debt? Do I declare the overdraft debt on both mine and my husbands SOA's, so for example put that there is a £700 overdraft debt on both lots of forms or do I put it just on mine or just on his..Im very confused about this one.
2: what happens if we have been declared BR and then one of us realises that there is some debt outstanding that we have forgotten about - Im hoping that I remember all of them but Im just covering all eventualities! - do we then contact the OR and let them know?
3: I have heard that your bank acct becomes frozen, I dont know if this will apply to our cashminder acct or not, this is the only one we use now, all Income and Outgoings are within this acct. Do they freeze the acct on the day of your court case or when the OR gets involved, do they tell you when it will happen..Im worried that we try and do our weekly shop and the card gets rejected due to the acct having been frozen! If it is how long would it be frozen for..days? weeks? do we contact Co-op or is that the court/OR's job?
Sorry that this is so long winded, hope you can help! many thanks |
| 7 L A T E S T R E P L I E S (Newest First) |
| panicked-mum |
Posted - 19 October 2009 : 14:27:50
Best of luck with everything. It's a hard enough time to go through with your partners support so your circumstances can't be easy.
Try not to worry about it all too much,like you say it's a fresh start for you and your daughter.
There's so many helpful people on here always willing to offer advice/answer questions so you'll be fine!
J |
| worriedandfedup |
Posted - 19 October 2009 : 09:23:05
thats fine, its pretty much all here. Ive declared everything we owe, as I understood that as we were not Ltd that we would be personally liable. Luckily we have no supplier debt, just investment debt, as it were.
Thanks very much for your help. Its difficult to ask people outside of this forum questions. Bankruptcy is still seen as a taboo subject really isnt it, despite thousands of us now being in this position? I feel ashamed and although Im dreading the court and the subsequent fall out, at least I know its the beginning of a life without the worry of debt. |
| Melanie.n |
Posted - 19 October 2009 : 09:04:18
The OR would want to establish all of your debts and as such would wish to lok at the trading records of the failed business. The business was not limited so you will be personally liable for any of the debts. You have the responsibility to provide all the informantion to the OR so best start gathering it all together as he will need the trading information. You are also going to have to state the trading information on the statement of affairs
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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| worriedandfedup |
Posted - 19 October 2009 : 08:35:33
Hi Melanie...thanks for your last reply.
Unfortunately Im not in a position to move out prior to us going to court, I am in an abusive marriage (so my husband doesnt know that I am about to leave) and will be stopping with a friend (and taking my 12 yr old with me) but the room at her house isnt available until the end of Oct. Ideally I would have preferred to move before as it means a fresh start in both ways.
Another question (sorry!)..we owned a small company, it wasnt limited, it was a partnership but this partnership wasnt made 'legal', in other words we had nothing in writing, officially, which was fine as the other partner in the business at the time was a friend of my husbands.
We stopped trading at the end of Nov last yr, and had been funding the business with personal loans etc, one of the reasons we have got into this mess, also because sales had dried up, we werent taking wages from the company so using cc's to pay for every day living expenses.
Anyway..will the OR want to look at all the book work of the company? There is no company debt other then one company loan, which will be declared of course. I only ask because all the accounts are on a computer at this house and that will mean I would need to come back here to go through them should the OR want to come and go through it all. Does this rambling make sense? Hope so! |
| Melanie.n |
Posted - 14 October 2009 : 16:42:09
Just complete for forms to reflect each of your personal circumstances income etc when it comes to the expenditure state the expenditure to reflect as and what is paid out each month together with your personal income. When you have your appointment with the OR you can explain the upcoming changes in your personal ife - is there not any chance you could sort these out before filing ie move out...I only ask, as you would be able to put forward forms reflecting the way forward income & expenditure wise, but more importantly the making of the bankruptcy order really would be giving you a fresh start - no debt - new home etc
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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| worriedandfedup |
Posted - 14 October 2009 : 10:05:55
Aww thanks very much for that...at least a few things that were on my mind have been sorted!
Something else has occurred to me, does the OR assess your SOAs separately - I know this must sound a little naive, but at present, I do not work and my husband does, although I do receive a small amt of maintenance from my daughters Father, and Disability Living Allowance, child benefit etc in my name and I know that I will need to declare this.
The reason why I am asking this, is because I will be separating from my husband in a while and Im not sure how the court/OR will assess income and outgoings when i will probably end up living with a friend for a while until I sort out what to do.
As at the time of our court case we will still be living together so understandably they will need to know our outgoings and income AS IT IS at that time, would I need to contact them as soon as it changes? I cannot move before, due to circumstances beyond my control.
Im sorry to be a pain!
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| Melanie.n |
Posted - 14 October 2009 : 09:12:22
Hi there and welcome to the forum - I will deal with your queries in the order your raised them:
Any joint debt has to be recoded on bth forms for the whole amount - under'joint & several liability' you are both 'liable' for the whole amount.
There is nothing wrong with adding a creditor at a later date (many people forget at least one! The bankruptcy order will cover anyy debt outstanding at the date of the order regardless on whether or not you included it in the initila list
There is no need to list the new cashminder account on the forms - only accounts where you have debt - when you have your telephone appointment with the OR you can inform them at that stage that you have opened a new account for salary purposes and provide the account details at that poitn. This way you eliminate the risk of the account being frozen (standard process)a basic account with no overdraft and unlinked to any of your creditors would be unforzen but this can take up to 5 working days, and i would hate anyone to not have access to thir funds while this happens...The OR is quite used to bank accounts being dealt with in this way and in fact prefer it, as it eliminates them having to unfereeze an account
Hope this helps
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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