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mijohnson04
Junior Member
United Kingdom
176 Posts |
 Posted - 11 March 2008 : 10:13:49
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I HAVE WRITTEN THIS MORNING REGARDING GOING BANKRUPT FOR SECOND TIME LAST TIME WAS JUST OVER 5 YEARS AGO.
MY QUESTION I HAVE A LOAN GOING WITH MY BANK WELL THE ACCOUNT WAS IN MY WIFES NAME AND I WAS ADDED ON WE HAD FIRST BANK LOAN WHAT WAS IN BOTH OUR NAME'S BUT THE LOAN I HAVE GOING NOW IS ONLY IN MY NAME ONLY WHERE DO I STAND ON PUTTING THIS IN THE BANKRUTCY ORDER?
AND WHEN IT SAYS MAYBE RISTRCTION ON THE DISCHARGE TIME CAN YOU EXPLAIN AM ON AROUND £27000 A YEAR £317 TAKE HOME A WEEK PLUS QUARTER BOUNUS WHAT CAN BE LOT DIFFERENT JUST DEPENDS ON WORKS PERCENTAGE OVER 3 MONTH PERIOD BUT AM ONLY ONE WORKING WITH TWO CHILDREN AFTER PAYING LOAN WE ARE LEFT WITH AROUND £5 A WEEK WHAT WE CAN NOT SURVIVE ON MEANS KEEP HITTING CREDIT CARD AND ITS GETTING OUT OF CONTROL.
Ian |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 11 March 2008 : 10:45:29
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Hi Ian,
you said in response to my earlier question that the very first loan you took out from the bank was joint with your wife, was this loan paid off?
If so and the current loan is in your name alone then your wife would not be affected.
Bankruptcy now lasts for 12 months, however as you have been bankrupt previously, you may not get automatic discharge. a Restriction order can last up to fifteen years, however this is for serious offenders, however as you are going bankrupt for a second time you could be looking at a five year restriction. A bankrupcty restriction order would hold you under the restrictions as an undischarged bankrupt for the period of time set by the court.
I would need to see a full income and expenditure to comment on whether or not you would required to pay into an income payment agreement.
Kind Regards,
Brett
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
E-mail be@ejands.co.uk
WebSite www.ejands.co.uk
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mijohnson04
Junior Member
United Kingdom
176 Posts |
Posted - 11 March 2008 : 10:57:09
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Just like to say thank you can I send you a spread sheet when I have it?
Ian |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
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mijohnson04
Junior Member
United Kingdom
176 Posts |
Posted - 11 March 2008 : 12:43:10
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have emailed this to you
Ian |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 11 March 2008 : 13:05:57
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As per your income and expenditure I feel you have very little to worry about with regards an income payment order so the only thing you need to take into account is the possibility of a Bankruptcy Restriction Order.
I hope you feel a little better now.
Kind Regards,
Brett
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
E-mail be@ejands.co.uk
WebSite www.ejands.co.uk
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 11 March 2008 : 16:02:30
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Hi
if you have no disposable income and no way of paying your debts ( that we are now sure are solely in your name ) then obviously Bankruptcy is an option and would certainly clean your slate and allow you to get on with your life.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Some more info needed
