|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
| Author |
 Topic  |
|
|
alwaysskint
Junior Member
172 Posts |
 Posted - 13 August 2008 : 15:42:07
|
HI
I AM AWAITING THE RESULT OF MY 3rd MEETING FOR AN IVA TOMORROW, WHICH IS NOT GOING TO HAPPEN BECAUSE OF NORTHERN ROCK(MY IP IS NOT HOPEFUL)
I AM CONSIDERING BANKRUPTCY AS I UNDERSTAND NORTHERN ROCK WILL TRY TO PUT A SECOND CHARGE ON OUR HOUSE EVEN THOUGH WE HAVE NO EQUITY.
I HAVE 3 CHILDREN AND I JUST WANT AN END TO THIS MESS AND PREFERABLY QUICKLY.
ALOT OF THE DEBTS WE HAVE, HAVE BEEN BECAUSE WE HAVE TRIED TO CONSOLIDATE LOANS OVER THE YEARS FROM WHEN WE BOUGHT OUR FIRST HOUSE, I WAS ONLY 17 AND WE HAVE HAD PROBLEMS EVER SINCE THEN, WITH CHANGING SALARIES AND JOBS AND HAVING 3 CHILDREN STOPPING AND STARTING WORK , AND MOST IMPORTANTLY PAYING FOR CHILDREN. WE HAVE SPENT MONEY WE DIDN`T HAVE TOO OVER 13 YEARS BUT NOT EXCESSIVE AMOUNT WE HAVE ALSO TRIED TO DO UP AN OLD COUNCIL HOUSE AS WE MOVED FROM A NEW HOUSE TO RELEASE EQUITY TO PAY OF SOME DEBT.
BIT LONG WINDED I AM AFRAID JUST WANTED TO KNOW IF YOU THOUGHT A JUDGE WOULD LOOK DIMLY AT THIS AND WOULD MAKE US PAY FOR YEARS ONCE WE HAD GONE BANKRUPT.
ANY ADVISE WOULD BE GOOD.
OH AND ALSO I READ SOMEONE ELSES THREAD AND THEY HAD SAID THEY WERE ASKING THE COURT NOT TO ADVERTISE THE FACT THEY WERE GOING BANKRUPCT WHAT REASON WOULD BE ACCEPTABLE NOT TO PUBLISH THEM?
|
|
|
John
New Member
United Kingdom
73 Posts |
Posted - 13 August 2008 : 16:16:24
|
Hi
your case sounds perfectly average, in the nicest possible way!
Bankruptcy shouldn't be a problem, if the IVA application fails it's often the only route left open.
How much, or even if, you have to pay towards your debt after bankruptcy depends entirely on whether or not you have disposable income each month and how much.
Having applied for an IVA you will already have completed income and expenditure figures so you can work out what money you would be asked to pay.
That said, the expenditures allowed in BR are usually more in you favour than those allowed in IVA and you don't have to release all disposable in BR either.
Also, if you go BR soon as, NR may not get the charge on your property in time, then your debt to them would be written off along with all other secured debts.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
 |
|
| |
Topic |
|
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
|
|
|
|
|
 |
|
|
|
|
|
THINKING OF BANKRUPTCY
