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kentmikey
New Member
61 Posts |
 Posted - 24 November 2009 : 08:37:37
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Hi, I have read often that with BR you need to plan things before going BR, I think I have done most things but I was wondering if there is a checklist available, either on this site or another? Also, I previously posted about owing money to family members and that this would be included in the BR so I am not sure how to play this as yet as I feel this would cause issues. Also, I am currently paying back my firm £100 (7 months left) as they lent me money for the deposit for the new house we had to find plus some money for urgent furniture we needed, I assume this would be included in the BR unless I can pay this off before hand?
Mikey |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 24 November 2009 : 09:46:31
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As far as I am aware there isn't a list available it is more of a case or not rushing into BR. As for things to think/plan before declaring BR:
- Giving up property/renting a new place
- Opening a basic bank account (Cashminder or other) and transferring any DDs, salary, benefit payments
- If you rent you should check whether your rental agreements has a 'bankruptcy clause'
- Check your employment contract in case there is a 'bankruptcy clause'
- It's also worth checking car/house insurance policies
There are probably others and I'm sure other people will chip in.
All debts should be included in your BR so the money you owe to your family 'should' be included but this is really up to you although you won't be allowed an allowance for this from the OR.
If the debt from your firm is paid off then you won't need to include this but if you are paying this debt then you should also be paying all of your other debts. |
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averagejoegoesbankrupt
Starting Member
United Kingdom
28 Posts |
Posted - 24 November 2009 : 21:13:49
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Hi Mikey,
I know I bang on about this (mainly because it's currently my major headache!) but put money (cash) aside. It's amazing how much you might need. For example, £510 for you to go bankrupt, same for your partner if they were going bankrupt too and around £400 if you want to buy back the interest in any house worth less than a grand to the Official Receiver (i.e. with nil or negative equity).
Also, spare cash to 'establish' your new budget...
All the very best,
Average Joe
http://averagejoegoesbankrupt.blogs.bankruptcyhelp.org.uk/ |
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kentmikey
New Member
61 Posts |
Posted - 25 November 2009 : 20:57:24
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| Thanks to you both, we have not assets so thats one less thing to worry about. Putting money aside is something we really must get in the habit of doing. Going to make the call on Saturday to B&E (IVA) to advise them we will be going BR and will miss the next three payments |
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In 2 Deep
Junior Member
United Kingdom
161 Posts |
Posted - 25 November 2009 : 21:50:30
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Hi,
I take it you are struggling in an IVA?
Is this because B&E were too onerous with your I&E?
How long has your IVA been running?
Whichever route you decide to go with,ensure you get some expert advice regarding BR from Paul or Melanie who post regularly on this site.
Gd Luck.
quote:
Originally posted by kentmikey
Thanks to you both, we have not assets so thats one less thing to worry about. Putting money aside is something we really must get in the habit of doing. Going to make the call on Saturday to B&E (IVA) to advise them we will be going BR and will miss the next three payments
Treat EVERY Penny as a prisoner. |
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Planning
