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andycase007
Starting Member
United Kingdom
13 Posts |
 Posted - 05 October 2010 : 10:32:17
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Hi
Just after reassurance really.
My wife and I had our court appointment last Wednesday and was declared bankrupt. A huge relief and weight off our shoulders.
But now i have my OR telephone interview next week and am really worried. Have had to send off our vehicle reg document but was hoping they wouldnt take our car - it's only worth £1500 and we are expecting our 2nd child in Feb, so really need a car.
My father in law wants to buy our interest in the house - would 2 Estate Agent surveys do or does it need to be independant?
The expense of going bankrupt is a joke - surely you only go bankrupt because you have no money, then you have to pay £1200, plus independant valuation, plus buying the interest in the property (can understand that bit).
Just dreading the interview as i havent got 12 months records, some of the accounts are now closed or some are on hold and i cant get statements. I dont want them to think i am avoiding it or not cooperating.
Breathe!!!! |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 05 October 2010 : 12:58:03
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Andy,
Firstly, the person you will speak to at the OR's office, will be an insolvency examiner who acts on behalf of the OR, as long as you are up front with your explanations you have nothing to worry about.
As for any records, accounts,statements etc, I interviewed people who were only able to provide the odd letter from some debt collectors and the odd statement from years ago. Generally once people get into difficulties, receiving letters etc from creditors is stressful, and so most people simply ignore the letters or throw them away in the hope that the problem would go away. It isn't because you've made a conscious decision not to pay them,it's because you are unable, I always felt that this was understandable, due to the stresses it causes.
For the car to be exempt from the proceedings, generally this will only be accepted :
1.If you need it to get to work and public transport is not a viable option, or if you're not in work, your chances of securing employment would be better by having a vehicle.
2.In some cases,if you can demonstrate that a car is needed to help in the care of someone who needs care regularly on a daily basis. Recent case law has stated that someone who does not work, but cares for someone, is in itself a vocation.
But you must show that the car is a neccessity for the reasons mentioned, not just a convenience.
At £1,500 it was within the limit that the OR used at the office I worked(£3,000 was the limit), but some offices I know had a limit of £1,000, so it does vary, why I don't know, you would have thought it was standard!
Regarding your house, one valuation should suffice from an estate agent, although you could get 2, and if one is lower you only need to provide 1 to the OR. The OR can deal with the beneficial interest, but not until the OR becomes the trustee, which is when the report to creditors is issued, and after your telephone interview.
How long that will take I don't know as it varies from office to office, but after interview, allow about 3-6 weeks.
You will then get from the OR what'scalled an MP1, detailing what's required for the BI to be dealt with:
Valuation
Up to date balance
Agreement of the lender to the process.
An offer based on any equity in the property.
£211 to cover the OR's costs.
The solicitors the OR uses is TLT in Bristol.
Once the BI has been dealt with, creditors cannot claim it as an asset.
Hope this helps
Big Al |
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andycase007
Starting Member
United Kingdom
13 Posts |
Posted - 05 October 2010 : 13:31:59
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A really clear answer - thanks for taking the time to reply.
I know now there is nothing i can do, just need to speak with them next week. The wheels are in motion. Anything they do cannot be as bad as being chased for debts you cannot pay.
Thanks |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 06 October 2010 : 00:27:24
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No problems, hope your interview goes okay.
Big Al |
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Just bankrupt - now panicking about OR
