I'm going through a really bad time at the moment suffering with depression due to my wife leaving me and debt problems I've posted on here before but now I need some real advice about br. My wife left me for what seems to be debt problems these arn't just mine she got into this situation with me and she is very much involved in the reason she had a job that when she was off ill she didn't get paid so we started robbing peter to pay paul and we'd started living well above our means for that situation. Ended up with debts of £91000. We started an IVA in 2005 and that became a complete nightmare and finally failed in march this year. Now I see my only way out is bankruptcy but it still scares me I visited cab to fill the forms in as the court advised me to but I only got them partly filled in now with my current state of mind I don't know where to start completing them the meeting with cab stirred other things up about my wife the advisor told me if the sale of my house isn't enough they can then chase my wife for the debt she's in rented accomidation with my stepson and only has a part time job but gets benefits, The advisor also mentioned the car we had was a mobility car which is in my mother in laws name must be included on the forms as I have access to it. The advisor also contacted payplan to ask about another IVA so I could keep the house but she said I would have to set up a Debt management plan for a year to get creditors confidence so they would then consider the IVA but I see that as a further 7 years and now I just want to get out of this hell and start over but all the info I was given just made me numb and even more fear full. The advisor also told me due to my wage £1631 pmth I will have to pay further contributions for 3 years I thought you paid for a year but the way she came across was that due to my spare money every month I wouldn't be able to go bankrupt. And I'd end up back at the beginning of the nightmare. please help
Firstly, dont be scared there are wways to sort out your problem and that is what we are here for. Your not alone and i dont want you to feel that there is no one that can understand.
Well i think you could do with a little bit of one to one with regards to this.
Are you able to call our helpline at all, that way we can go through some options with you and try and put your mind at rest.
We may not be able to speak sraight away but leave us a contact name and a number and we will get back to you as soon as we can.
The number is listed below, we await to hear from you.
"The advisor also told me due to my wage £1631 pmth I will have to pay further contributions for 3 years I thought you paid for a year but the way she came across was that due to my spare money every month I wouldn't be able to go bankrupt. And I'd end up back at the beginning of the nightmare. please help"
What the adviser was talking about here was an IPA - this is basically where you would make further contribustions each month for the next three years to your creditors - but only what you can afford. So for example if you wage is £1631 and your outgoings were £1500 - you would have £131 left over -this is called your disposible income. The Official Receiver would take 50 - 70% of this to pay back the creditors. If your disposible income is £100 or less, you will not have to pay anything over the next 3 years (unless your circumstances change).
Doesn't sound like you left the advisor with a form plan of action.
In this situation you need to be guided and advised carefully. You need a plan moving forward.
Incidentally the Motability car will be excluded from br so is perfectly safe , however you will be allowed to put some of the running costs in with your expenses ( fuel to work, insurance contribution, service costs & car tax if paid etc).
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
very confused about banruptcy
Posted - 22 October 2008 : 14:28:25
