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raniston1984
Starting Member
19 Posts |
 Posted - 01 March 2009 : 20:34:20
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Hello I really need some advice about bankruptcy and would really appreciate any help/advice :)
I have been reading about bankruptcy and have been considering it for a while, but have a few questions.
I owe about £63000 on credit cards/loans and have a mortgaged flat of £172000 which currently is in negative equity due to the drop in houseprices etc.
I have been really struggling to make repayments for a long time, and have now started to take cash out of the credit cards to pay for payments coming out of my bank account which I know is really bad. the only way I have been managing to pay so far is by working as a dancer (which is cash in hand) and my student loan payments, which pay my existing loans.
My questions are:
1. I have been reading that the OR will take assetts, will they take my laptop, clothes and i have a plasma tv that is worth £800. Will they take all of this?
2. I have been studying since september 2007, and am studying to become an optometrist and will graduate and be practising in 2011. Will they extend bankruptcy so when I graduate I will continue paying into the fund? and how much are the likely to take?
will declaring bankrupt mean I cannot practise as an optician as I know it affects many jobs?
3. when filling out credit applications, I did exaggerate my income and had to remortgage in nov 2007, when i was a student, but I said i was working to do it (i finished work in september so just extended the dates). Is the OR liley to investigate this thoroughly to discover this? and I read this may mean that the BRO is extended? what is the likelihood of being prosecuted?
I have more questions as my situation is complicated, but would relaly appreciate any ones views on this. All I want to do is finish my degree, and then I am quite happy to finish paying these debts off wehn I will have a good salary. But at the moment working as a dancer to pay the £1800 i have outgoing every month is exhausting me and at this rate I will fail my degree.
Many thanks for reading :) |
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John
New Member
United Kingdom
73 Posts |
Posted - 01 March 2009 : 21:36:59
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Hi & welcome to the forum
1)Your laptop tv and clothing is safe.
2) Bankruptcy has no impact on choosing to be an optician. You should expect to be discharged from bankruptcy 1 year from the date of the hearing. If you have not had sufficient disposable income to pay into an IPA before discharge then any future increase in income is safe and not claimable by the OR.
3) From the details posted no chance of being prosecuted, if you continue with the mortgage nothing will come of the application details anyway, likewise a BRU is by no means certain as a result of exagerating your income.
John White
England Jackman & Spacey |
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raniston1984
Starting Member
19 Posts |
Posted - 01 March 2009 : 21:49:37
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thank you very much for your reply john.
I have not fell behind with mortgage payments in my flat and would hope to continue with it, i live in one room and 2 friends live in the other - they pay me £800 rent that pays teh £800 mortgage. would the OR consider this as an income? I have never declared it as an income previously.
would baliffs/ people be coming round to the flat to examine the goods if i declared bankruptcy? I hope for no or minimum disruption to my friends that live there.
Also how thoroughly do the OR go through bank accounts? as if they see I have been paying in cash each week (i get paid cash) would they question where this money had been coming from?
sorry for all the questions I am just really worried and scared about starting the whole bankruptcy process, I have alwyas tried to keep up and pay but its impossible. |
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John
New Member
United Kingdom
73 Posts |
Posted - 02 March 2009 : 00:52:47
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Hi
yes you would have to declare the rental income otherwise your mortgage is unsustainable which the OR would easily identify.
No bailiffs etc would visit your home unless you declare a Rembrandt etc. Domestic assets need to be of an individual auction value of £1000 minimum for you to list as a valuable item.
The OR will question the cash income which is acceptable as it is rental income which is offset against the expenditure of your mortgage.
Please do not apologise for asking questions, it is why we are here.
John White
England Jackman & Spacey |
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troubled student needs bankruptcy advice
