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findingzoe
Starting Member
11 Posts |
 Posted - 02 February 2009 : 15:26:12
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| Hi there. My current situation is that I own a mortgaged property with one other person. Said person has gone AWOL, and neither of us now live there. I am "between homes" and the mortgage is not being paid. We jointly owe about £100k (less whatever the bank eventually sell it under reposession for). I also have additional debts at around £10k. My earnings have decreased due to a medium-term medical condition. I am, right now, keeping the creditors happy (paying one very minimum token payments, paying the other in full each month as normal), but know this is not sustainable. As of September, I intend to reduce to part-time hours, and study part-time, which will mean I can no longer pay more than token payments to anyone. I'm looking for whether bankruptcy is my best option. Do I need to wait until I am already on my part-time hours? Can the court make me give up studying and go back to full time? At this point, I suspect my free money after bills to be virtually non-existant, so how will I be expected to pay? One final question, is I have immense stage fright; do you know of any way around standing in front of people to speak to a judge? I realise this is a lot of questions! I appreciate your help with this. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 02 February 2009 : 18:48:21
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Firstly let me reassure you - you donot have to stand up in front of the District Judge! in most Courts you do not even see the Judge as your papers are taken from you, taken to the Judge and returned to you with the order made. In other courts (which indeed is now rare!)you may have to go to see the District Judge but this is what is known as 'chambers' a room with a desk and not open court. that should ally any fears you have re stage fright!
If bankrtupcy is your preferred option there is no reaon why this cannot be done now, and not wait until you have reduced your hours. You will have a caluculation to be done on your income v allowable expenditure which may result in you having to pay an Income Payment Order (IPO) for 36 months (usually around half your disposible income IF over £99) But if this is the case (and a big if as not all bankrupt's pay an IPO) this can be reassessed if and when your income reduces.
Is your return to study in an effort to gain qualifications to in the long term increase your employment prospects? if so you have no need to worry.
Hope this helps
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
01446 711780 |
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findingzoe
Starting Member
11 Posts |
Posted - 02 February 2009 : 19:40:43
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Thanks for the reply.
I'm mostly not going ahead now, as I don't have my permanant address sorted, or any static bills.
My job does allow me to earn monthly bonus, though it's far from guaranteed. Do you know how I should approach this? It's anything between 0 and 300 pounds/month, and I'll never know what I'm getting until the last minute. I thought about trying to push myself as far up on expenditure as possible, in the hope that any bonus I need to declare as and when will hopefully be discounted. What should I do about declaring my income up front, though?
Finally, how long does it take from start to being declared?
Thanks again. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 02 February 2009 : 23:53:56
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Hi
which court area or which town do you live in.
We will then ba able to confirm if you see the judge or not. Also should be able to tell you the procedure for making an appointment 1 - 6 weeks time or in some courts you can simply arrive with the completed forms tomorrow and petition.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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leahk
Junior Member
117 Posts |
Posted - 03 February 2009 : 07:41:04
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| Hi Paul, Can you tell me whether or not I'll have to see the Judge in Southend? Irrational I know but I'm petrified! And then there's the OR!!!! |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 03 February 2009 : 08:19:59
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Hi
Last time we were in Southen Court was December.
You see the judge for a couple of minutes and then go to the OR's office for a quick char - it is only about 3 minutes away.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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leahk
Junior Member
117 Posts |
Posted - 03 February 2009 : 09:12:18
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| Thanks Paul, One last thing - Do I have to take anything with me for OR (bank, credit card statements etc)? |
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leahk
Junior Member
117 Posts |
Posted - 03 February 2009 : 09:14:13
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In fact what about proof of spending? Do they need to see bills or receipts?
Thanks - Just panic setting in |
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findingzoe
Starting Member
11 Posts |
Posted - 03 February 2009 : 09:46:47
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I'm in Nottingham.. |
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leahk
Junior Member
117 Posts |
Posted - 03 February 2009 : 11:12:01
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| Sorry for stealing your thread earlier, was following your input and getting more grey hair and questions myself by the sentence! |
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findingzoe
Starting Member
11 Posts |
Posted - 03 February 2009 : 13:02:25
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I'm more pleased that I was asking a question relevant for others.
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 03 February 2009 : 18:51:19
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If you are seeing the oR on the day it is helpful to take statements ( credit card / bank / hp agreements ), also useful to take details aboput rental agreement or mortgage.
saves you the postage afterwards.
This is only because you are seeing the OR for a brief chat on the same day
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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findingzoe
Starting Member
11 Posts |
Posted - 06 February 2009 : 09:58:57
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Thanks for all the info. Does anyone know what happens to a joint debt if one party is declared bankrupt?
Thanks |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 06 February 2009 : 10:25:12
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Both parties of a joint debt are liable for the whole amount - in practice this means that say for example you have a joint debt of £10k - if you went bankrupt the creditor would claim in your bankruptcy £10k they would then pursue the other party for £10k...some people believe that in a joint dabt of say £10k they are liable for half ie both £5k this is totally wrong - creditors like to put loans etc into joint names as they get 'two bites of the cherry' to ensure their debt is repaid if the loan is defaulted - double the security!
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
01446 711780
melanienicholas@jonesgiles.co.uk |
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findingzoe
Starting Member
11 Posts |
Posted - 06 February 2009 : 10:30:10
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| Thank you. I don't think I will be paying any money back in a plan at all, so I guess this means the other party becomes fully liable.. |
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Topic |
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I own a mortgaged property with person gone AWOL
