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Shane.ai
Starting Member
United Kingdom
13 Posts |
 Posted - 09 April 2011 : 15:14:34
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| To declare yourself bankrupt costs £600, that means you are solvent. If you have no money, how can one declare themselves bankrupt, as they are bankrupt? I have debts of £500,000.00 and do not have a single penny apart from the benefits I receive, how would I declare myself bankrupt? |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 09 April 2011 : 15:36:15
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Hi and welcome to the forum.
Unfortunately I don't have any answers. The rules are as stated.
You can stop paying your creditors and save those payments up until you have enough to go bankrupt.
If you are on benefits then you may be able to get a reduction on the costs.
I would suggest speaking to an expert about this, there are one or two who post on here and whose details can be found by clicking on the expert link on the lefthand side of the page here.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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Shane.ai
Starting Member
United Kingdom
13 Posts |
Posted - 09 April 2011 : 15:40:07
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| I have not paid a penny to my creditors because I have none. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 09 April 2011 : 15:44:16
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You can wait for your creditors to declare you bankrupt but that may take a while.
Do you own your own house? How much are your debts?
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
xx |
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Shane.ai
Starting Member
United Kingdom
13 Posts |
Posted - 09 April 2011 : 15:47:18
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My house was repossessed and all my debts total £486,347.92
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 09 April 2011 : 15:51:41
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Sorry Shane, unless you can find someone to fund your bankruptcy you will have to wait for the creditors to do it for you.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
xx |
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Shane.ai
Starting Member
United Kingdom
13 Posts |
Posted - 09 April 2011 : 16:09:51
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| Thanks very much for your help anyway. I suppose that will be the way it must go. |
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fattypatty
New Member
United Kingdom
69 Posts |
Posted - 09 April 2011 : 20:56:25
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hi shane.ai,
how long have you had the debts for and not been paying them my husband has been waiting a long time to be taken for bankruptcy i would say now its been over 2 years but in this time we have moved and for obvious reasons didnt leave a forwarding address .
the process of being taken for bankruptcy is a long one and can take a long time for it happen . |
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Shane.ai
Starting Member
United Kingdom
13 Posts |
Posted - 10 April 2011 : 12:37:12
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| I have had my debts for just over 3 years now, but the main problem is trying to get back into the main stream of being able to get finance as I am trying to open a business, but the debts are a major hangover. It seems after discussions with some financial people, I would be better off declaring myself bankrupt and then when applying for finance, declaring the bankruptcy and explaining why it happened, would actually help me get finance. Sounds daft but true. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 April 2011 : 12:55:38
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Your bankruptcy will stay on file for 6 years from the date you declare. You may well end up with an IPA and you will not be allowed to take out any finance without permission during that time - always assuming you could find someone willing to do it, which is unlikely.
I think you will either have to look at another solution or resign yourself to the fact that getting back into sorting out your own business is probably a no go area at the moment.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 April 2011 : 13:22:20
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If you are on benefits as previously stated Shane, you stand no chance of getting any finance.
How have you managed to accumulate so many debts if you are only on benefits?
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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Shane.ai
Starting Member
United Kingdom
13 Posts |
Posted - 10 April 2011 : 16:38:11
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I accrued the debts while I was working and managing them quite well. When the financial crunch came, the banks called in all their loans plus the other creditors seem to panic at the same time, hence I lost my house (mortgaged against some debt) and all my personal possessions which included my car. 
Basically I walked out of the house with my clothes that I had on that day, my dogs and no money. 
I had applied for benefits just prior to that happening which I now receive.
Even though I had a medical condition (quite serious) the council considered me low priority, so would not house me and I ended up living in a tent for 9 months. It was only when I had a MP step in that I was rehoused because of my medical condition.
I am trying to restart my life and get out of this hell hole I am living in by starting up my own eCommerce business, which I know will provide me with a decent standard of living but cannot get help from the government to do this, so I have to try do it myself com hell or high water, but do it I will. 
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RHB
Senior Member
1159 Posts |
Posted - 10 April 2011 : 18:26:46
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| With 500,000 pounds of debt & no income or assets the sooner you declare BR the sooner you can start the rest of your life. There really is no other option unless you have some rich relative about to pop their clogs or have a major lottery win!!! |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 April 2011 : 18:29:55
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The problem is that he can't afford it as he has no money!
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
xx |
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RHB
Senior Member
1159 Posts |
Posted - 10 April 2011 : 18:39:57
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| True, but if a little is save a week he will get there eventually. There are some charities who can help out, too. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 April 2011 : 18:41:49
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I think it may take some time though - he can always apply to have some of the fee removed depending upon what benefits he is getting.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
xx |
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Topic |
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How could I declare myself bankrupt with no money ?
