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Steve,88
Starting Member
3 Posts |
 Posted - 10 July 2012 : 15:18:55
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| Hi, my wife and I have decided to become bankrupt due to me losing my job last month. Last year we took out a bank loan of £21000 for a house extension. There is £16000 left of this in my savings account that we are currently living off of. We are intending to move out of our mortgages property and into rented as we are happy to give up our house in the bankruptcy. Would it be ok to use some of the £16000 to set up in rented such as deposit etc? Also having looked at the statement of affairs, we have worked out our income and outgoings. We have 2 children by the way. Our expenditure is around £800 a month more than the income. Is this ok to submit on the form or do I have to make them balance more evenly? Please help! |
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debtinfo
forum expert
2826 Posts |
Posted - 10 July 2012 : 18:46:18
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| well done in exploring your options, and do make sure you look at all options, one thing that strikes me though is that it is only 1 month since the loss of a job and a bankruptcy is a long lasting decision, is there any reason to hurry, ie do you know you wont be working again for instance because of health, or where you struggling anyway before losing the job and so maybe getting a similar job wont really solve things anyway? |
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Steve,88
Starting Member
3 Posts |
Posted - 10 July 2012 : 18:53:01
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Hi, I was sacked for a misconduct charge and knew it was coming for several months so have tried to look at my options and find alternative employment. Unfortunately I can't find a job anywhere near what I was earning. Prior to that we were living to the limit and now have mortgage, 2 loans, credit card and store card, overdrafts that we cannot afford to continue paying. I am satisfied that the best option for us is bankruptcy having taken advice from CAB and national debt line. I would appreciate any further help on the above points as I can't find the answers anywhere so thought I would try these forums. Thanks in advance
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debtinfo
forum expert
2826 Posts |
Posted - 10 July 2012 : 19:09:12
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ok then, just checking as some people panic and then regret the decision later, but it seems you have been thinking about this properly for a while.
As to your questions, it is ok to use some of the money if it is absolutely essential (ie there is no other option) if you do make sure you keep receipts so you can prove to the OR what has happened to the money
You should put your outgoins as they stand hatever they may be, will the deficit dissapear when you are paying rent rather than mortgage, if not the judge may ask how you intend to balance that out after the bankruptcy |
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Steve,88
Starting Member
3 Posts |
Posted - 10 July 2012 : 19:30:24
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The deficit will certainly be less given that we can claim housing benefit once in rented housing, at least until I can get back into work
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Hi, my wife and I have decided to become bankrupt
