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AFCHomerJ
Junior Member
United Kingdom
172 Posts |
 Posted - 21 January 2009 : 00:48:03
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Firstly apologies as this may go on a bit!
I think I really have no option but to declare bankruptcy as I have over £100k in unsecured debts and, by my reckoning, only £200 disposable income per month at absolute max. The biggest struggle will be finding the fees!
My questions are:
I got married (again!) in June 2007 (having met Xmas 2006) - but we separated in Sept 2007. Until May 2007 I was living in Copenhagen, and so only really spent 4 months in the marital home. Would it be fair to think that even though I was contributing 50% of household bills, I have no beneficial interest in the property?
Are there guidelines for expenditure? I have 4 kids from previous marriages, for which I pay maintenance - and I know I can claim this. Can I claim additional sums for the kids? They do stay with me, and I do take them away on holiday etc? Also I am sure there are lots of small expenses that add up that I'll forget!
I am expecting my NatWest STEP account to be frozen, and I know the recommendation is co-op. However, I had a cashminder account and it was closed because it was briefly overdrawn, so I am guessing my chances of getting another one are slim. What are the alternatives? Should I open and set-up DD's etc before or after BR?
Timing is everything! I will be petitioning in London, and am curious as to the period between the visit to the court (I think it is a sit and wait affair) and notification to banks etc. I intend to time my visit so that most of my DD's etc have already been taken - is it acceptable to withdraw the balance in cash to cover day-to-day living expenses. I suppose if I draw £500 I can say it was for BR fees!
I understand that I go onto a temp tax code, and my 'tax' is then due to the OR. How long does this last? Is it the full 12 months? Or until the end of the tax year?
I have looked at the form and frankly it scares me witless! I am sure many of my debts have been sold on - is it my responsibility to find out who currently owns them and to complete the new creditors details? What happens if I forget a creditor? I am reasonably certain that one of my creditors has ignored me for several years - what if there is another one?
I am also subject to one CCJ for which I currently pay £10 per month - can I include this in BR? Can I include a debt to Inland Revenue?
I have no doubt there will be more questions once I start tackling the form, but it already feels better having asked these!
Thanks for listening |
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John
New Member
United Kingdom
73 Posts |
Posted - 21 January 2009 : 08:31:53
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HI
I HAVE RESPONDED TO YOUR QUESTIONS BELOW IN CAPS:
My questions are:
I got married (again!) in June 2007 (having met Xmas 2006) - but we separated in Sept 2007. Until May 2007 I was living in Copenhagen, and so only really spent 4 months in the marital home. Would it be fair to think that even though I was contributing 50% of household bills, I have no beneficial interest in the property?
THE SUM OF THE BENEFICIAL INTEREST YOU WOULD HAVE ACCRUED IN THAT SHORT TIME WILL BE SO SMALL THE OR WILL NOT BE INTERESTED.
Are there guidelines for expenditure?
YES THERE ARE BUT USING THIS FORUM STEP BY STEP WOULD BE JUST AS EASY.
I have 4 kids from previous marriages, for which I pay maintenance - and I know I can claim this.
UNLESS THE MAINTENANCE YOU PAY WAS SET BY THE COURT THEN YOU WILL ONLY BE PERMITTED TO CLAIM EXPENDITURE SUMS IN BANKRUPTCY EQUAL TO THE CSA PAYMENT SCHEDULE. I BELIEVE THIS WOKS OUT AT 15% IF YOUR INCOME FOR 1 CHILD, 20% FOR 2 AND SO ON IN 5% INCREMENTS PER CHILD.
Can I claim additional sums for the kids?
They do stay with me, and I do take them away on holiday etc?
THIS CAN BE REFLECTED IN THE HOUSEKEEPING YOU CLAIM AND POSSIBLY THE CLOTHING ALLOWANCE.
Also I am sure there are lots of small expenses that add up that I'll forget!
JUST USE THE FORUM FOR GUIDANCE OR CALL THE HELPLINE.
YOU WOULD BE ALLOWED A DOMESTIC BREAK (NOT HOLIDAY) FOR WHICH £20 PER HEAD PER MONTH SHOULD BE CLAIMED.
I am expecting my NatWest STEP account to be frozen, and I know the recommendation is co-op. However, I had a cashminder account and it was closed because it was briefly overdrawn, so I am guessing my chances of getting another one are slim.
TRY THE CO-OP ANYWAY ALSO BARCLAYS, ABBEY.
What are the alternatives? Should I open and set-up DD's etc before or after BR?
AFTER BR
Timing is everything! I will be petitioning in London, and am curious as to the period between the visit to the court (I think it is a sit and wait affair) and notification to banks etc.
THE BANKS WILL KNOW WITHIN A DAY OR SO. THE FREEZING OF ACCOUNTS CAN HAPPEN IMMEDIATELY OR TAKE DAYS TO A COUPLE OF WEEKS.
I intend to time my visit so that most of my DD's etc have already been taken - is it acceptable to withdraw the balance in cash to cover day-to-day living expenses. I suppose if I draw £500 I can say it was for BR fees!
PERFECTLY ACCEPTABLE IF THE MONIES ARE FOR ESSENTIAL EXPENDITURE
I understand that I go onto a temp tax code, and my 'tax' is then due to the OR. How long does this last? Is it the full 12 months? Or until the end of the tax year?
THE END OF THE TAX YEAR SO IF YOU DECLARE BEFORE MARCH END THIS WON'T HAPPEN IN YOUR CASE AS IT WON'T BE PRACTICAL TO SET UP IN THE ALLOTED TIME.
I have looked at the form and frankly it scares me witless! I am sure many of my debts have been sold on - is it my responsibility to find out who currently owns them and to complete the new creditors details?
APPLY TO EXPERIAN FOR A CREDIT REPORT (£2 IF APPLIED FOR BY POST) SO YOU DON'T MISS ANY CREDITORS.
What happens if I forget a creditor? I am reasonably certain that one of my creditors has ignored me for several years - what if there is another one?
GIVE THE OR AS MUCH UP TO DATE INFO AS TO THE OWNERSHIP OF THE DEBTS AS YOU CAN. THE REST THEY CAN ESTABLISH.
I am also subject to one CCJ for which I currently pay £10 per month - can I include this in BR?
YOU MUST INCLUDE IT
Can I include a debt to Inland Revenue?
YES
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