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martin.hobbs69
Starting Member
United Kingdom
9 Posts |
 Posted - 25 February 2011 : 19:06:26
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Hi,
I am new to this site, and i have been searching for an answer to my question on the forums, but cant seem to find it. I will be declaring myself bankrupt in the next week or two. I have accumiltaed apporx 25k worth of unsecured debts. Back in the summer i lost my job, and swapped roles with my partner, and i am now the househusband. We survive on my partners wages, and benefits we get due to having children. The question i have is in a standard case how long does the process take, i have little or no excess money to pay my creditors, and was wondering due to this circumstance does the process get finalised quicker? |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 25 February 2011 : 19:19:23
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Hi and welcome to the forum.
Once you have been declared bankrupt then that is it as regards paying the creditors. You don't pay them anything anymore.
You may have to pay an income payment agreement for three years if you have more than £20 a month disposable income.
This is something you will sort out with the official receiver though.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Crazee67
New Member
United Kingdom
88 Posts |
Posted - 25 February 2011 : 20:11:31
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| Hello - welcome, I too havent been on here long so you arent alone. Im not going BR until August and it will be good to follow your story and Im sure you will be asking lots of questions relevant to us as well. Im sorry you are also in this position. My hubby was House hubby for quite a while and I must admit did a much better job than I ever could and the bond between him and our daughter is really special. Anyway, keep posting and updating and i wish you all the luck in the world for your BR |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 25 February 2011 : 20:29:24
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My hubby is a permanent house hubby - he is medically retired from the police force. I'm the one who has to go out slaving away every day!
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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martin.hobbs69
Starting Member
United Kingdom
9 Posts |
Posted - 25 February 2011 : 20:46:46
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Hi, thanks for your replies. I will keep you up to date with my progress. Just a tip for anyone, i applied to a local water company as they offer grants to assist with the high bankruptcy fees. They sent me a cheque for £450 !! wahoo, altough i was luckk to get this they dont give grants out like air, you case has to be passed by a panel of people to pass.
Jan. can you tell me if they will take money, as all the money i have coming in to me is child tax credit and child benefit, these are benefits as we have children so in theory i dont have excess income. I cant claim income support or JSA as my partner earns to much. Surely they cant take her money into account to pay for my debts?? |
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martin.hobbs69
Starting Member
United Kingdom
9 Posts |
Posted - 25 February 2011 : 20:48:30
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| Sorry forgot to mention the debts was all accumlated with my ex wife, but in my name!! |
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martin.hobbs69
Starting Member
United Kingdom
9 Posts |
Posted - 25 February 2011 : 21:09:30
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Kallis,
you state £20 a month, on other posts in this site i have seen £100 a month, how can it change?? Also if i have less than the disposable income, does the bankruptcy get sorted quicker?? |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 25 February 2011 : 21:13:00
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The rules have recently changed. Anything over £20 a month DI and the OR will claim it via an IPA.
If you have less than £20 then your BR will be discharged within 12 months or less with no IPA. It will remain on your record for six years though.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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martin.hobbs69
Starting Member
United Kingdom
9 Posts |
Posted - 25 February 2011 : 21:24:47
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Thanks Jan
Another question, it says that if your car is worth over £1000 they may tell you to sell it. If this is the case then i may have a problem, i purchased my car for £950 10 months ago. It is in avergae condition, and i would say i got a bargin. The car is worth approx £1200. Now the problem i may have is that i have 3 children from my previous marriage that was agreed in court that i have them every weekend. Now my children live approx 5 milrs from me, and catching the bus or even walking would be an issue for them and me. Also my partner uses the car to go to work. and if she didnt have the car, she would proberbly have to jack her job in. Is the £1000 figure movable by the OR, or is it set in stone. As i need a people carrier to ferry my kids from the previous marriage and my 2 from my current (5 in total) (been buy) |
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Widge
Junior Member
United Kingdom
118 Posts |
Posted - 26 February 2011 : 21:31:54
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Hi Martin,
I'd be interested in replies to your post too as I'm in a similar situation - going to BR court on Weds 2nd and need car for all sorts of stuff!!!
Widge x |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 26 February 2011 : 23:38:53
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As far as I am aware the general upper limit for the value of a car is £2000 so if the OR agrees that you need the car you should be able to keep this one.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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martin.hobbs69
Starting Member
United Kingdom
9 Posts |
Posted - 09 March 2011 : 15:02:30
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Hi
Just let you know, i filed for bankruptcy today, completley painless. The bankruptcy clerk had a look at my details, and made an assumption that i will be discharged by august 2011, due to me not working, although this is an assumption and its the OR who decides, i will keep you all upto date. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 09 March 2011 : 15:33:36
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I'm glad it went well.
I'm surprised that the BR would say anything about discharge dates as, like you say, it's down to the OR, not the court to decide.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 09 March 2011 : 15:37:39
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well doen martin
welcome to a debt free future
Richard |
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debtinfo
forum expert
2826 Posts |
Posted - 09 March 2011 : 16:56:57
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| I wouldnt hold out any hope for august, the clerk really shouldnt comment on matters out of their remit |
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martin.hobbs69
Starting Member
United Kingdom
9 Posts |
Posted - 09 March 2011 : 20:13:21
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| Thanks for your comments. I am not expecting it to be that soon. But based on my circumstances (no disposable income) hopefully it will be sorted quickly. Although the clerk must have some idea, as they deal with this sort of stuff all the time. But you are right he shouldnt comment. Ill keep you upto date with what the RO says. |
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Hi, I am new to this site
