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Nomoneynic
Starting Member
United Kingdom
32 Posts |
 Posted - 04 January 2009 : 20:32:56
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My husband and myself are going to declare bankruptcy on Jan 16. We are really scared and know that this day will only be the beginning of a long road. All the stories I read make me feel nervous. I know I have to toughen up a bit now but very hard. I am dreading the interview/telephone meeting with OR. Can the Court turn around and say no to Bankruptcy?
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dr_kitten
Junior Member
United Kingdom
124 Posts |
Posted - 04 January 2009 : 20:59:12
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The court can do one of several things:
* put a hold on things while they get more information
* dismiss the petition (say no, in other words) if they think you are not truly insolvent
* appoint an IP if they feel an IVA is appropriate
* agree and make the order of BR
Most cases they do the latter so don't worry. If you're worried that they'll say no to you, I would suggest contacting the helpline to discuss your case in person (both for advice on filing and for some reassurance).
It's a lot tougher coping with unsustainable debt level than it is coping with BR, so don't feel nervous. At least you've realised you've got to do something about your situation! Most stories, at the end of the day, are more or less the same thing - we've all spent more than we could afford for various reasons and are left suddenly with the realisation that we have to sort things out.
The OR isn't an ogre, (s)he is there to look into things, determine how it all happened and decide if, once you've lost the debt repayment, whether you earn enough to have any disposable income left to make a part payment towards your creditors. The first thing my OR did was offer me coffee! She was lovely, understanding, straightforward, matter of fact and not in the least judgmental.
Please don't be scared.
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Nomoneynic
Starting Member
United Kingdom
32 Posts |
Posted - 05 January 2009 : 19:43:24
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Thank you ever so much just a few simple facts make things seem a little better. I have beend told that as we have negative equity in the house we are not likely to lose it. Is this always the case? Also my husband gets DLA and through this gets a car with the Motability finance scheme (it is basically hired) I do not know if we will lose it. I have come to the mindset that we are going to lose both and anything more than that is a great bonus. Thank you for your kind words. I am sure I will be asking a few more questions now I have discovered this invaluable website. Thank you
Nic |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 05 January 2009 : 20:21:25
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Hi
re the house, if it is in negative equity then you will have the opportunity to have a friend / relative buy the beneficial interest ( the notional value of the equity) for £1 and legal costs of £211.
This is an admin process and will probably take 6 months to complete.
Regarding the car , if it is owned by Motability and you receive this in lieu of the DLA then you are fine and can keep the car.
Which court are you at, perhaps we can give you some specific advice about the procedure there.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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Nomoneynic
Starting Member
United Kingdom
32 Posts |
Posted - 06 January 2009 : 11:09:06
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We will be at Nottingham. 8.30 in the morning. Nothing like getting it done early in the day.
I do feel a little better now people have explained what happens. I am just stressed as Natwest are constantly phoning every day now for my hubby's payment for his card this month. It is ok to ignore the calls now or should we tell them something. I have been lucky so far with christmas in the middle of everything I have just had a couple of letters. We have never missed any payments but they are so quickly onto you. Is there any chance anyone can be sent around as at the moment I am sitting in the house with no lights on so people think we are out if they come knocking (mad I know)
Nic |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 06 January 2009 : 11:33:06
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Hi Nic
No way do the creditors have time before your bankruptcy hearing to organise anyone to come round they have to go to court etc to do that and it takes weeks.
You can answer the phone and tell them your about to go bankrupt, i did not tell any of mine but some on here have.
Nearly over now for you, best of luck
Jo
x
22 Weeks down
30 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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Nomoneynic
Starting Member
United Kingdom
32 Posts |
Posted - 06 January 2009 : 11:46:47
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Hi need a friend. If we tell them is it not like letting the cat out of the bag and they will send people around to claim anything they can before we go bankkrupt
Nic |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 06 January 2009 : 11:51:28
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Hi its up to you, i felt like that so i did not say anything to anyone until i had been to court and had the piece of paper to say so.
I would just ignore them until the deed is done.
Jo
x
22 Weeks down
30 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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Nomoneynic
Starting Member
United Kingdom
32 Posts |
Posted - 06 January 2009 : 11:57:26
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I have got to laugh as I was typing to you one letter just popped through the door I was expecting so many today from the creditors. It says we have 7 days to pay or there is trouble basically but I will take your valuable advice and ignore it. Thanks ever so much
Nic |
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hanlou
New Member
United Kingdom
56 Posts |
Posted - 06 January 2009 : 13:55:30
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| hi nic i had the same letter today giving me seven days or big trouble we go br on jan 21st so even though it stressed me out a bit i will try and forget it for now, reading your posts today you seem just like me dreading the phone ringing or the doorbell going we lost our home four weeks ago so they dont know where i am but my mobile rings all day i know there is light at the end of the tunnel and i am sure you will soon, you just have to keep looking forward all the best on the 16th han |
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givemestrength
Junior Member
United Kingdom
141 Posts |
Posted - 06 January 2009 : 14:49:47
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| hi, does anyone have any idea of the procedure at newcastle/tyne court? thanks v much |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 06 January 2009 : 15:00:44
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Hi GMS
Sorry i cant help you with that one, maybe there is someone else on here from that area that may be able to answer that question for you.
Jo
x
22 Weeks down
30 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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Nomoneynic
Starting Member
United Kingdom
32 Posts |
Posted - 06 January 2009 : 19:15:56
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Hi Hanlou. Sorry to hear you lost your home. That must be so hard. Although I have been told we might not lose our home as in negative equity I will not take anything for granted. If it comes to living in a caravan then so be it. As long as my kids are happy and not picking up too much on our worry then I will deal with whatever happens. Hope everything goes well for you on the 21st. I think I will put the lights on now - no baliffs come at this time do they (ha ha)
Nic |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 06 January 2009 : 22:56:14
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GIVEMESTRENGTH / Newcastle Court.
First things first - the coffe is not brilliant in the court but there is a nice coffee shop down the steps and accross the road.
It is quite an imposing building but don't let that worry you.
You go through the metal detectors and up the stairs through the doors to the Clerk. Smaller room at end of corridor.
The Br clerk will go through the paperwork, take the fee, give you a receipt etc then take you to the district judges waiting area ( posh name for a corridor which is very busy & full of folks waiting to see the judge for various things)
Hopefully if you have been thorough with the paperwork you won't actually see the judge and the clerk will come out and let you know that all is well.
They then prepare the Br order and you can come back a little later to collect.
The last time I was there the OR was too busy to have a call straight away so called the person a week later.
hope this helps
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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givemestrength
Junior Member
United Kingdom
141 Posts |
Posted - 07 January 2009 : 08:13:13
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| thanks for the insight Paul, i think i might need something a bit stronger than coffee though, it sounds not too bad, i hope its well packed with people who do need to see the judge but knowing my luck the judge has probably made a new years resolution to see everybody this year(ha ha),anyway thanks v much. |
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Nomoneynic
Starting Member
United Kingdom
32 Posts |
Posted - 07 January 2009 : 10:40:19
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Paul
Have you ever been to Nottingham County Court? Just wondering how things will happen there?
Nic |
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Topic |
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My husband and myself are going to declare br
