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amyc
Junior Member
113 Posts |
 Posted - 03 January 2010 : 16:24:16
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| Hi all, i am sure you will be able to help. I have just sat down and really looked through the bankruptcy papers for the first time. Bit confused on some of the points. Firstly both of us are going bankrupt do we fill in seperate forms and have seperate dates for bankruptcy or is it all in one day kind of thing. Secondly its states 'when you have finished Statement of Affairs, take it to be sworn or affirmed before a solicitor, commisioner of oaths or an officer of the Court'. what does this mean? I thought once forms were complete you just took them to the court on the say of bankruptcy. Do we need a solicitor? Thanks all xxx |
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amyc
Junior Member
113 Posts |
Posted - 03 January 2010 : 16:26:46
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| also what should the first page of the bankruptcy be. think ihave got forms mixed up a bit. also does anyone know if you are going bankrupt at County court in Bedford whether you need 2 copies of completed forms or just 1 x |
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debtinfo
forum expert
2826 Posts |
Posted - 03 January 2010 : 16:32:37
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Hi
You fill in seperate forms and you have individual bankruptcies, but they can be done on the same day (or not if you dont want them to be)
The last part of the sentence is an officer of the court, this just means you go on the day and when you get called up you will sign them in front of the court officer there, so no you do not need a solicitor
There are two forms the petition (2 pages long) and the statement of affairs (about 30 pages long)
Im not sure how they work at bedford, give them a ring to be sure |
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amyc
Junior Member
113 Posts |
Posted - 03 January 2010 : 16:37:04
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thank you for quick reply. i think thats where i have gone wrong with forms, think i have misplaced the first petiton part.
there was one more part that worried me a bit. It states that any money in the bank accounts when made bankrupt will be taken by the OR to distrubute between creditors.. does this just mean if you have alot of money in the account. I doubt we will have anything in there but if our court date falls just after pay day will our wages be taken? Might seem like a silly question but was playing on my mind a bit
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debtinfo
forum expert
2826 Posts |
Posted - 03 January 2010 : 16:42:17
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| The OR will normally exempt your wage for normal living costs, they will normally only take savings |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 03 January 2010 : 17:14:04
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You should make sure that you have some cash available for a few days after declaring BR. If you have a non-basic account then this will be frozen by the OR and more than likely closed. If you have a basic account, like the Co-op Cashminder, then this could also be frozen for a few days but will not be closed by the OR.
I have seen a couple of posts on this board previously where people have had their Cashminder account frozen and have not been able to get any cash for several days until the OR has confirmed with the Co-op that they do not have an interest in the account. |
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amyc
Junior Member
113 Posts |
Posted - 03 January 2010 : 20:17:39
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| When will the OR start to take monthly payments if we have over £99 disposable income. will it be straight away or will we have to save it up until they contact us? |
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debtinfo
forum expert
2826 Posts |
Posted - 03 January 2010 : 20:32:11
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| you dont need to save it up, it would last for 36 months from when the agreement is signed, which is usually about 3 months into the bankruptcy but can be at any point during the bankruptcy |
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amyc
Junior Member
113 Posts |
Posted - 03 January 2010 : 20:37:08
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| Sorry I am a little confused. So payments will begin as soon as i have gone bankrupt. I know you have to make the payments for 3 years but unsure of how to pay. do i set up a standing order and direct debit. |
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Srrs
Starting Member
33 Posts |
Posted - 03 January 2010 : 20:52:30
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Hi amyc,
After you have been to court you will be contacted by the official reciever (sometimes same day, I think mine took about 3 days) they will go through all your forms again with you either on the phone or you will have an appointment to go to their office.
They will question you about what you have written but as long as you have a copy of them in front of you it isnt too bad bit scary but ok. They will go though disposable income as on the form and they will then tell you how much you will pay depending on you disposable income.
Once this is decided they will send you a form to sign to say you agree with the amount it will then be passed onto a company probably Moonbever who deal with the IPAs.
You can set up a standing order which is what I done as it is the easiest.
I went bankrupt on 15th October and my 1st IPA payment was 1st December so mine didnt take long to set up at all.
Hope this makes sense.
Rachel xx |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 04 January 2010 : 07:50:10
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After your OR's interview there will be a gap of 2-3 months or so before the first IPA payment is made. The OR will send you a letter confirming the amount that is to be paid. They do not send a break-down of the payment so if this amount is different to the one you discussed during the interview then you are perfectly within your rights to ask for a break-down to see exactly what figures are allowed for each item.
If you agree with the IPA amount then you have either 14 or 21 days (can't remember which) to sign the form and send it back to the OR. Shortly after this you will be contacted by MoonBeaver who are the solicitors that collect the IPA amount on behalf of the OR. You can setup a Standing Order with your bank to pay the IPA amount to MoonBeaver each month and that's pretty much it. If your income changes at any time during the 36 month IPA payments (either increases or decreases) then you need to contact the OR to advise them of this and they will send you another I&E form. |
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AHHHH HELP!!!
