| Author |
 Topic  |
|
turborat
Junior Member
289 Posts |
 Posted - 08 September 2008 : 16:23:27
|
As my wife & I are considering BR I was wondering how it works as we have some debt in both names but some (credit cards) in my name only?
Do we file seperately and only declare the debt which has our name against it, ie. does my wife declare the debts which are only in my name as well as which are joint ?
Also what other paperwork will we have to supply other than the BR application forms?
Thanks |
|
|
turborat
Junior Member
289 Posts |
Posted - 08 September 2008 : 16:36:44
|
Forgot to also ask if my wife will also be interviewed because she lets me deal with all money matters (except spending it) and can't deal with anything moneywise. She suffers with depression and can't handle any kind of pressure. If she does need to be interviewed what will they ask about?
Sorry about the wierd questions but need to get an idea of what to expect.
Thanks again |
 |
|
|
maizie
Average Member
United Kingdom
566 Posts |
Posted - 08 September 2008 : 16:41:02
|
Only myself went bankrupt but will try and help you as much as I can. As far as I am aware, both of you would fill out the forms individually and each of you will state the joint debts and you would also add the credit cards as they are only in your name. You will only declare debts that have your name on it.
You will need £495 each for bankruptcy but your OR will request bank statements, loan agreements, etc etc. for your interview.
You will both be interviewed separately and the kind of questions that will be asked would be how did you get in to debt, what was the money used for etc. etc.
Anyone else correct me if I am wrong?!
Maizie |
|
|
|
Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 08 September 2008 : 16:43:22
|
No Maizie
That is absolutely correct, i was just about to write on this one, but your spot on.
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
|
|
|
turborat
Junior Member
289 Posts |
Posted - 08 September 2008 : 17:00:02
|
Thanks maizie.
How do we go about paying the fees as obviously we have no money which is why we are going BR? I have read that somepeople have not paid bills for a month or 2 to get the money to cover these costs?? Also would we need to have money aside to live on for the month after we declare BR??
Thanks |
|
|
|
Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 08 September 2008 : 17:01:47
|
Hi Turborat
We did not pay the mortgage for 2 months to get fees together, then when we got back from the court we made arrangments to pay the arrears back over 9 months.
Dont know if that has helped at all.
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
|
|
|
maizie
Average Member
United Kingdom
566 Posts |
Posted - 08 September 2008 : 17:03:54
|
It all depends on your circumstances, some people can get help with the fees if they are on benefits etc.
I was in an IVA and I used the money I would have paid in the IVA to fund the bankruptcy fees.
Maizie |
|
|
|
Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 08 September 2008 : 17:04:54
|
Hi Also if you do decide to say not pay your mortgage o another big bill so that you save for the fees, try and get nearer to your pay day, so that you can get all the money out for your expenses and fees then you will have some money for the rest of the month, till next pay day.
If you have benefits most will send giros if its child benefit they will hold it till you get another account then pay it in.
We opened a new account straight after the court with the Coop cashminder account and we have it all paid through there now. We took all our monies out on the 31st of July and went BR on the 4th of Aug,
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
|
|
|
turborat
Junior Member
289 Posts |
Posted - 08 September 2008 : 17:20:15
|
So maybe miss one mortgage payment (haven't missed any payments yet) and when I get paid take the money out to live on for the month and then open a coop acct?
My wife will be getting incapacity benefit due to her depression and not being able to work (for now anyway)so will she get any discount on her fee??
Thanks again for all the advice and sorry for all the random questions but as you can imagine we are all over the place at the mo and so many questions to ask! |
|
|
|
JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 08 September 2008 : 17:36:34
|
Hi Turborat,
I don't believe incapacity benefit qualifies for the £150 reduction.
I would suggest that missing mortgage payments is a risky move, but missing your unsecured creditors for a month or two should be ok.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
|
|
|
Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 08 September 2008 : 17:43:57
|
Hi Turborat,
You carry on posting those questions we are here to help you where we can and although i cant answer all the questions that are asked i do try and offer just a friendly side of advice if you understand what i am trying to say.
I can only go by what i have done and what i am doing now, but what you have just said worked for me and so its down to you.
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
|
|
|
turborat
Junior Member
289 Posts |
Posted - 08 September 2008 : 17:44:56
|
I see what you mean Julian. Would it be frowned upon if it looked like we deliberately missed a couple of months unsecured payments just before going BR? Obviously we don't want make the situation worse than it already is...
Thanks |
|
|
|
Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 08 September 2008 : 17:49:31
|
Hi Turborat,
I informed the OR what we did to be able to get the fees and so far nothing and i mean nothing has been said to us about it and obviously we missed the secured debt payments, the HOUSE.
We had not paid any of our creditors from July 08 and went BR in the Aug so i dont think so, but maybe Julian might have a different view on it but you need to find the BR fees somehow.
Good luck
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
|
|
|
turborat
Junior Member
289 Posts |
Posted - 08 September 2008 : 17:52:12
|
| Thanks for all the help, it's v.appreciated and no doubt I will be posting in the not-to-distant future! |
|
|
|
JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 08 September 2008 : 18:06:43
|
Hi Turborat,
Missing a couple of months unsecured payments will be fine (as long as you're not using the credit any more ie credit cards). It's what 99% of people do before they go BR, so it's highly unlikely the OR will have an issue with this.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
|
|
|
turborat
Junior Member
289 Posts |
Posted - 08 September 2008 : 18:58:34
|
At the moment we are paying for all shopping, car bills, clothes etc on a credit card (debts & house bills covered by my wages.. just!)as otherwise the accound will go over its o/draft. Would we be best to stop using th card and letting the account go over the o/draft and also not pay any unsecured debts for the next month or so before we go BR?
So confused about what is best route to take?! |
|
|
|
Topic |
|
Quick question??
