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stevo
Junior Member
171 Posts |
 Posted - 09 May 2008 : 00:05:23
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hi i am thinking of making myself bankrupt, i own my own home but only have about £2000 collateral. i earn £24000 a year and owe £25000 for a loan, £5500 to a credit card, £5600 on another, i also owe £1400 for an overdraft, £1000 for a phone bill. i also owe my mum £20000. with my income and expenditure i only have £97 a month spare which i have to give to my mum as she needs the money. I have consulted debt agencys and was thinking of an iva but do not qualify all the pressure from the debts is making me very stressed, would i qualify for bankruptcy and how should i go about it. thanks
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melanie_giles
Senior Member
1191 Posts |
Posted - 09 May 2008 : 02:03:42
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You would qualify for bankruptcy proceedings, but you would not be permitted to keep paying your mother's debt - as your surplus income will be taken into account for the purpose of assessing whether your should make monthly payments.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 09 May 2008 : 08:53:55
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Hi Stevo
do you own the home by yourself or with a partner / wife?
Also when was the last time you had the house valued as in the current climate prices are dropping in many areas.
Br costs 495 for you to petition for yourself but you will also have to deal with the equity in the house and need to look at the value of your car too.
The 97 pm you have free is that after you have made some debt payments or is your mortgage a large one?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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SimonAtkins
Junior Member
United Kingdom
177 Posts |
Posted - 09 May 2008 : 17:41:03
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Dear Stevo
Getting made bankrupt isn't an issue - you don't need to qualify. The only question a Judge will always ask before granting a bankruptcy order is whether you've taken professional advice and whether you are sure it's the right thing for you. In my experience, the only issue that can be difficult is any equity in your home; you would need to buy this back from the official receiver. From the facts you've set out bankruptcy looks like a sensible option to consider - but for goodness' sake make sure you chat the issues through with a professional first!
Regards
Simon Atkins |
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stevo
Junior Member
171 Posts |
Posted - 12 May 2008 : 20:54:24
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quote:
Originally posted by Reviva UK
Hi Stevo
do you own the home by yourself or with a partner / wife?
Also when was the last time you had the house valued as in the current climate prices are dropping in many areas.
Br costs 495 for you to petition for yourself but you will also have to deal with the equity in the house and need to look at the value of your car too.
The 97 pm you have free is that after you have made some debt payments or is your mortgage a large one?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com
Hi thanks for taking the time to get back to me, i haven't had my house valued lately i am just going off the other houses around me, the last time was june 2007 (80000) and my mortgage is 30 years interest only. I don't own a car as my job supply me with a company van. The reason i am in this much trouble is i had a lot of personal difficultys and went travelling in june 2007 i applied for a debt consolidation that would of put all my debts into 1 but while i was away they declined it (stupid i know i should of waited) i have included my income and expenditure to try an explain my situation a bit better.
Mortgage 600 usually 400 but have 800 arrears
Water 30
Council tax 65
Gas 40
Electricity 40
Insurance (buildings and life) 30
Internet and phone 30
TV licence 12
Child support 200
Food toiletries etc 180
Tobacco 56
hairdressing 10
Newspapers 7
Family loan (mum) 100
Total 1400
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 12 May 2008 : 22:52:23
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Stevo
from the figures above i think your best first step is to give Melanie'steam a call - contact details above - to confirm if you can avoid Br and look at an IVA instead. She has a brilliant team and they are all really helpful & friendly.
If you can spare the time for a free discussion with them you will know for sure which way you need to go to ensure you become debt free as quickly as possible.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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would i qualify for bankruptcy
