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Junior Member

115 Posts

Posted - 04 July 2010 :  10:35:33  Show Profile  Reply with Quote
Final question if that is ok

I have now opened my CoOp basic bank account and I should have my account details in the next few days. Once I've transferred my salar all my direct debits and standing orders across I will then be handing my paperwork into court and the long windy road of Bankruptcy will being.

My question is looking at my circumstances above can anyone advise me what may or may not happen in my case?

Is there anything I should be careful not to do? or is there anything at all that I must do that I may forget?

My forms have been completed truthfully and I haven't missed anything off. I think I am just trying to prepare myself for what may or may not happen.
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forum expert

2826 Posts

Posted - 04 July 2010 :  10:49:52  Show Profile  Reply with Quote
You seem to have asked most of the questions, nce you have the forms complete and are ready to go the actual process is fairly straight forward. If you havent done already, ring the court and see when they are booking appointments for.

The obvious things are, dont give stuff away, dont use any new credit, check your contracts (employment, insurance etc) to see if their is any mention of bankruptcy

apart from that it is realy just waiting for the day
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Junior Member

115 Posts

Posted - 05 July 2010 :  15:19:44  Show Profile  Reply with Quote
Can anyone explain what happens to my credit report during the Bankruptcy process?

At the minute when I view my Experian report shows

Egg Visa ..... details of my account etc

HBOS Visa ... details of my account etc

I presume when I hand my forms in at court and they go to the OR that they will contact the relevant creditors and they will then record default against the outstanding Balance left on each card?

At what point do these creditors come off my credit file and how long does it take? Do I need to do anything?

and where does it show that I am bankrupt?

Thank you once again for all your help
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forum expert

2418 Posts

Posted - 05 July 2010 :  18:32:28  Show Profile  Reply with Quote
Have a look at http://forums.moneysavingexpert.com/showthread.php?t=677875. This shows you how your credit file will look once you declare BR and how it should look once you are discharged. There is a template that you can send to your creditors once you have been discharged in order that they update your file accordingly.

It will take 6 years from the date of your BR for your BR debts to fall off your credit file.

Your BR will be advertised in the London Gazette and will also be on the Insolvency Website.
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Junior Member

115 Posts

Posted - 09 July 2010 :  12:04:36  Show Profile  Reply with Quote
Hello another question if thats ok and anyone can help.

I work full time at my local Council and declaring myself as bankrupt doesn't affect my role within the Council and I would sooner try to limit the number of people who know that I will be bankrupt.

Am I right in thinking that I will get a zero tax code? What is this for and who gets the money that I would normally pay in Tax? How long would this zero tax code last for? and when does it usually start from?

Also looking at my Income at the start of this thread could anyone tell me if they think I will get a IPA or not?

The only outgoings I haven't included is £40 per week in fuel and £40 per week in food shopping

Thank you
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