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ontheedge
Starting Member
United Kingdom
1 Posts |
 Posted - 29 July 2009 : 14:29:02
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 Hi everyone. I am soon going to have to declare myself BR; can't put it off much longer, but am sick with the worry of what will happen. I badly need some friendly advice.  |
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Hallway123
Junior Member
United Kingdom
181 Posts |
Posted - 29 July 2009 : 15:55:45
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| I went bankrupt in May this year,like you I was very scared, I had been in an iva for 2 years but had no choice but to let it fail.The whole process of bankruptcy is very scarey,but I found actually doing it was nowhere near as bad as I thought.If you have any questions everybody on this site will be glad to help.try not to worry it will all work out ok in the end,no problem is unsolvable. |
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Andrewski
Starting Member
United Kingdom
13 Posts |
Posted - 01 August 2009 : 12:26:23
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Hi
I agree with Hallway123. Going bankrupt is in my experience not as bad as I thought. Make no mistake, it is drastic and obviously will have major consequences.
The key is to be aware of the procedures and consequences and think carefully about the impact on your own property and job or business. Read the available information from the Insolvency Service website. Give yourself plenty of time to go through the bankruptcy declaration form and gather all the information required about your income and outgoings, assets and debts etc. Read up the information available on this site.
Be prepared for the practical consequences. , especially:
- advertisement of your bankruptcy
- bank accounts are frozen - need to set up a new one if possible
- value of your interest in your home and any other property
- value of your car (NB may have to be sold if over £2K)
- can any one buy out the above?
- impact on your job or business
- get a pre-paid credit card
- what amount if any will you be able to pay to creditors under any Income Payment Agreement?
Knowledge of the above will I think help you when weighing up the difficult issues about informing family, close friends and to the extent necessary (do they need or will they know?) business partners or bosses and colleagues at work.
When I presented my own bankruptcy petition at the High Court in London, I was surprised that the bankruptcy took effect the very same day. I believe the timing may be different in other local courts. I wished I had made arrangements to set up a new bank account sooner although I eventually got Nationwide to "allow" me to continue to operate a joint account.
There is a wealth of knowledge and experience available on this site. Make use of it!
Andrewski |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 01 August 2009 : 12:45:51
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Hi,
I am sure that you will be fine with going BR, it is not as daunting as you think.
You will be bankrupt on the day you go to court, regardless of what court you go to. Basically as soon as the judge stamps the papers.
You may have your BR advertised - it is now at the discretion of the OR as to whether this happens.
Dependent upon your disposable income after your priority payments have been made, then you may receive an income payment order for three years.
If you have a house and it is in negative equity then you should he able to buy out the beneficial interest which will cost £1 plus £211 costs.
If your bank is one of your creditors, then set up a new account - the Co-op comes highly recommended. A prepaid card is a good idea - it is not a credit card though so no worries there.
Your car needs to be below about £2500 and essential for work, otherwise you may lose it.
You can fill the form in online:
https://www.insolvencydirect.gov.uk/isolv/
They can be saved as you go along and there is always someone on here to help if you have problems.
The fees for BR are £510.
The glimmer gets brighter all the time
Jan
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Verge of bankruptcy
