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sjw
Starting Member
United Kingdom
5 Posts |
 Posted - 07 December 2008 : 22:33:47
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Hi All,
I have been reading lot of information all day today. Very informative and very helpful.
The hearing of BR petition by one of my creditors will be tomorrow morning at 10am(Do I have to have all the figures ready for the hearing?). I was thinking about BR myself but due to insufficient funds for fees it was delayed. Now one of my creditors petition for this. I have few questions that I would be grateful if you can comment on and give me an idea how deep in the S**t am I in.
1) I'm living with my wife and 2 children. The house mortgage is in my wife's name and with negative equity. Will we have to move out?
2) I do not have a job but I am very likely to get a job in January 2009. Will I have to pay any debts after I BR?
3) My house was repossessed last year The house valued at 225000. The mortgage was 210000 plus I had a secured loan for 75000. I had to move out I do not communicate with the mortgage co or the loan co. So I do not know the exact amounts or what happened to the house. The secured loan was in both of us names. So if I go BR are they likely to come to my wife?
4) My wife runs a small boutique, started 5 months ago and we are not taking any money yet. If my wife has to go BR what will happen to the business and business bank account and credit card processing?
5) We live on child benefits and tax credits (£700)and I have a bursary(£600)I get from the University until December 2008. I had a business from Jan 2007 to April 2008 and had to close down. I have all debts amounting to about £80K.
Thank you
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Edited by - sjw on 07 December 2008 22:47:48 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 07 December 2008 : 22:52:08
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Hi and Welcome
I will try and help you here.
First providing you can pay the mortgage then i cant see any reason why you cannot keep your current home. With regards to the reposessed home, yes they can come after your wife and its joint and several liability im afraid.
At the moment you may not have to pay into an IPA but when you go back to work you will have to inform the OR and they will redo your I&E and then you may have to give over some of your money per month for a max of 3 years.
I should imagine that your current home would be safe, but really you would need to speak to a proper adviser about that one, thats something i am not 100% sure on.
I hope i have helped a little bit, and do remember that your not alone, you have friends on here that have been where you are right now :-)
Jo
x
18 Weeks down 
34 to go 
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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sjw
Starting Member
United Kingdom
5 Posts |
Posted - 08 December 2008 : 23:18:12
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Thank you.
Now I am officialy BR. The OR interview is on 22nd. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 09 December 2008 : 07:31:40
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Good luck for the 22nd :-)
Jo
x
18 Weeks down
34 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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