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Needafriend
Junior Member
United Kingdom
344 Posts |
 Posted - 29 July 2008 : 11:12:53
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Hi as time gets closer and closer to our hearing next week i am increasingly getting worried that the judge will look at our petition and say NO
When would a judge say no to a BK proposal. I am getting on edge now as like i say its only 6 days till the hearing and i just want them to say YES and let us get out of this big dark hole that we have got ourselves in.
We are very sorry for the mess that has occured, and we have not lived like kings over the past few years, we have done what i would consider most people do which is refinance, used credit cards, overdrafts and then make the house bigger or better by adding value to it and re mortgaging.
OMG im getting so depressed now.
Like i have said what are the chances of the judge saying NO to us.
Should i be worrying at all about it. By reading some of the posts here others have gone and done it without a hitch, but i always look on the wrong side of things and think of the worst that can happen.
I am not really worried about the OR interview that is going to be a toughy as we have the house but the actual part where the Judge looks and says yes or no is the worst for me.
Please help 
Jo
"Lifes too short, Grab it while you can, Make each day count and live life to the full. Dont Worry- Be Happy!"
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 29 July 2008 : 11:21:22
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Hi
If you are clearly insolvent then the Judge is not going to dismiss your petition. The only time i have heard of this happening is in cases where people can clearly pay but won't pay, or when their IVA has failed but they do not have a notice from the Supervisor.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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wildberry
Junior Member
191 Posts |
Posted - 29 July 2008 : 11:25:27
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Hi, we are in the same situation our court hearing is tomorrow and am feeling a bit nervous about it all now.I cant think for any reason why the judge would say no as we just dont have any other way to pay our debts.Just want it all over with now and to move on with our lives and never see another credit card or loan again.
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 29 July 2008 : 11:59:13
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Hi wilberry
You will be fine. I have just worked out what are payments should be to the debts and what we have available and we have about £1100 less per month to pay nearly £2k worth of debts a month so hopefully that def means we are insolvent.
I have been paying token payments up until june but then hubby took a pay cut, i ended up leaving my course so the avaialable income we had been using as token payment money was not there, then we had 2 adational debts added and no way could we afford that, even with the mortgage going to int only we still did not have enough left i think we have now from our I&E about £300 per month which means we will be paying an IPA for about £210 per month.
Anyhow let me know how you get on tom.
Good luck
JO
"Lifes too short, Grab it while you can, Make each day count and live life to the full. Dont Worry- Be Happy!"
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John
New Member
United Kingdom
73 Posts |
Posted - 29 July 2008 : 14:50:43
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Just thought you may like to know, provide your DI is adjudged as £300 per month, your IPA will be £180 (60%). The percentage of DI payable at 70% does not begin at less than £500 per month and it's 66% from £350 to £490, so enjoy the extra £30!!!
Assisting where I can. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 29 July 2008 : 15:04:05
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Thanks assist
Thats better news. Hopefully that is what the OR will come too but that was me taking into account wages of 1470, benefits of 1271 which is
202 ca
250 dla
640 tax credits
175 child benefit
Total outgoings until OR decide different
2600
so i could be wrong because im not sure which of the benefits they take into account when assessing income
Do you know
Thanks
Jo
"Lifes too short, Grab it while you can, Make each day count and live life to the full. Dont Worry- Be Happy!"
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The Court, The Judge and The OR
