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happyhousewife
Starting Member
United Kingdom
7 Posts |
 Posted - 07 August 2011 : 09:24:09
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Hi all
Im new to this forum but think its great I have SO many questions!! Can I post here and ask someone to come back to me with as much as they can.
We are being made bankrupt by someone how does this differ to going bankrupt yourself?
I have 2 companies - one is closing down and the other has no assets so will they be affected? There is no money in the one closing down - there is alot of equipment but all on lease.
I have a car worth about 3,000 but have a log book loan on it with 2 payments left - what would happen with this? I need my car to get the kids to and from school
We do have another car but it is worth 500 quid and my husband has to have a car to get to work
My uncle guarantored my business lease and has also guarantored another loan for us I dont want to lose his house what would happen with this as when my business closes I become personal guarantor for the loan and then obviously if I go bankrupt I wont be able to?
Does the bankruptcy go in the paper?
What about overtime and extra payments do you have to ring every week and let them know your wage (my husbands varies every week) but overtime is never guaranteed?
We both work, what would the essential payments be we would be allowed as trying to work out what we would be paying over every week.
Are you allowed mobile phones etc would they take my I Phone?
Many thanks and do have loads more but thats it for now.
happyhousewife |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 07 August 2011 : 13:20:45
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Hi,
Good to hear that you have found this site useful, the more the better!
In answer to your questions:
The differences basically in being made bankrupt by a creditor is that it saves you having to pay the petition fee yourself, but its more likely that you will have a face to face interview rather than a telephone interview. So shortly after being made bankrupt, you'll get an A4 sized latter from the OR, with a variety of documents in it. Some will be information leaflets about the process, others will be forms to sign. But amongst themn will be a green booklet called a PIQ(Preliminary information questionnaire), which should be completed prior to the interview, as the examiner who interviews you cannot help you complete it. The other thing to do, would be to telephone the case clerk whose number will be on the covering letter, as they will be able answer any questions you may have prior to the interview. But don't worry, the interview is never as bad as people first imagine, afterwards most people wonder what they worried about!
The companies are nothing to do with personal bankruptcies, unless you have PG's(personal guarantees) or have shares of any value which would be an asset.
Basically, a log book loan transfers legal ownership of the vehicle to the lender until the loan has been paid, upon which a memornadum of satisfaction would be issued to show payment in full, with legal ownership transferred back to you, so while the log book loan is in force the OR would not claim it, but with only 2 instalments left, then they would consider claiming it once ownership reverts to you.
Unfortunately, getting your children isn't sufficient to make it exempt, you must be able to show a basic domestic need for you and your family, or for use in your employment or vocation(i.e carer etc), but of course it doesn't stop you putting your case forward. As for value, when I was an examiner, my OR would allow me to make decisions on vehicles up to £3,000, but anything above that, then they could allow a car, but would look to sell and give a proportion back to purchase a reasonable replacement, but don't take that as consistent, as I know of some OR's only allowing up to £1,000.
However, with your husband also having a car(albeit worth a lot less), it could have an impact on any decision made on yours. Your husbands is fairly staright forward as he needs it for work, and it's only worth £500.
If your uncle was a guarantor for the business lease, and it is going to close then he will be liable if you can't pay because of your bankruptcy. As for the other loan, if it was a personal loan then he will become liable, so you wouldn't be able to list it as one of your creditors in the PIQ.
Bankruptcies generally don't get advertised in the local paper any more, only in the London Gazette(which is monitored daily by financial institutions) so if you get mail shots from companies promising they can save your home that's where they get it from.
When you're interviewed, the examiner will go through your income and expenditure(I&E) to work out whether you have any surplus income, which would qualify for an IPA(Income Payments Agreement). Basically, if you have more than £20 surplus then the OR will take all of it for an IPA, lasting 36 months. As for allowances, there really aren't any, you just have to be truthful about what your actual expenditure is, although the OR uses the household expenditure survey as a guide when assessing your I&E, but if any appear quite high, then it would help to provide actual bills to back it up.
You are allowed a basic phone account, although most these days have a combined phone/internet and TV package, however the OR will only allow a basic package at about £30 per month, so if you've got the full Sky package(or similar) at about £65 per month then you would anly be allowed about £30. The same can be applied to mobile phones etc.
One other thing if you haven't thought of it already, is to open a basic bank account(Co-Op cashminder is highly recommended) BEFORE bankruptcy with all standing orders and direct debits up and running, other wise if you leave it until after it will cause you no end of problems getting bills paid.
Hope this helps!
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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happyhousewife
Starting Member
United Kingdom
7 Posts |
Posted - 08 August 2011 : 13:59:58
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Hi thanks so much. Few more for you!!!! What about husbands job. His basic is low but can get overtime but not guaranteed. Would we have to let them know every week the amount that has changed. With the car would the log book loan payments be taken as necessity then on our budget? Also kids school is 5 miles away from home so do need car really. Regards uncle loan if it passes to him can we do cash jobs to cover for him?
happyhousewife |
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happyhousewife
Starting Member
United Kingdom
7 Posts |
Posted - 08 August 2011 : 16:32:34
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Hi thanks so much. Few more for you!!!! What about husbands job. His basic is low but can get overtime but not guaranteed. Would we have to let them know every week the amount that has changed. With the car would the log book loan payments be taken as necessity then on our budget? Also kids school is 5 miles away from home so do need car really. Regards uncle loan if it passes to him can we do cash jobs to cover for him?
happyhousewife |
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