Questions you have before making a decision to go Bankrupt and the Bankruptcy process

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Bysunshine
#7420 hiya...

I am soon declaring my self bankrupt...should be this week or the next...I am on Incapacity Benefit and live on my own in rented council home.

I informed a doorstep loan that I cannot pay and I am going bankrupt...I owe them £1,365....can they make me bankrupt now I have told them...should I have kept quiet....

I have no car do no drive...but could they go ahead and come around and remove my tv...dvd video...

I really need advice on this....
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ByJoannec
#7421 Yes they can make you bankrupt as you owe more than £750. If they do, and that is what you are going to do anyway, you would be saving yourself £460, mind you you would probably be able to claim exemption for the £150 if you are on benefits!

From what I understand, they are unlikely to make you bankrupt as creditors don't usually go for the bankruptcy route. I should know, I'm hoping one of my debtors will make me bankrupt as at this rate its going to take a couple of months to be able to come up with the £460. But will they ..... of course not!!
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ByJoannec
#7422 I have no car do no drive...but could they go ahead and come around and remove my tv...dvd video...

Not a chance! Only if they had a CCJ could bailiffs come round. The OR would not be interested in that kind of thing - only assets of real value. Have you got any gold bullion stashed away :D [/quote]
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ByJaneClack
#7423 Please do not worry about this.

If your doorstep loan company decided to make you bankrupt you should run out into the street and sing HALLELUJAH! The reason for this is they will have saved you the bankruptcy deposit fee.

No, they will not come round to collect your DVD and videos etc - they are only come to come round and collect things that are worth paying someone to collect, store and sell at auction and make money for the bankruptcy estate and as you can buy most of these things brand new for under £50 it is not worth while. However, you know that Picasso original you have on the wall - well, they will want that!

As you are on benefits there will be no income payments arrangement so as you have decided this is your best route forward you have nothing to lose but your debts and the chance to start afresh. You have accepted the effect on your credit rating and realised that in fact it is the good credit rating that got you into this pickle.

Good luck and let us know how you get on.
Bysunshine
#7425 hiya...

thank you all for that speedy response...Can the creditor of the loand company the collectors who call around still come knocking on my door....I have told them I am going bankrupt but would this keep them away...or would they wait to see court evidence so until then still call around...or call me up....

I told someone yesterday, a company I was going bankrupt....on the 'phone...and they were strict until I mentioned Bankruptcy then they mellowed right out...does everyone do this when they hear you are going bankrupt...

Also does the judge shut my accounts bank building society post office down or do I have to do all of this beforehand...?

Also do I have to get the exact amount I owe people or does being not exact not matter....say if I put 130 pound when they the creditors have put an extra 10 pound on without me knowing...can they come back at me for the extra once I have gone bankrupt...

Thank you

Sunshine
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ByJaneClack
#7427 Some do and some don't. Some don't belive it until they have a copy of the bankruptcy order!

Your banks and building accounts will be frozen so the idea is to take all your money out - if you have any- before you do the deed and arrange for benefits to be paid into someone else's account. Then the day after you go bankrupt you would open a new one with someone like the Nationwide who do what is called a Flex Accountcashcard!

You just fill in the forms with the amounts you know - if it is not exact it is not a problem as the OR will check it all for you!
Bysunshine
#7428 hiya Sarah...

I have a direct debit that I shut down over the weekend....it is for my washer they only accept direct debit the payment is due the 1st July...so hopefully by then I would have phoned them and it will be an easy transition....I am allowed to reopen direct debits with a basic account after bankruptcy aren't I...?

Or will they take the washer which is on rental and I have had it for 18 months....

thank you

Sunshine
Bysunshine
#7430 Sarah...

I have nothing of value...apart from some rare Madonna records...plus a statue of a buddha that was £100...I have also other furniture but it is not rare furniture more the egyptian cd holders in the shape of a sarcophygus...and a coffee table with sarcophygus (think I spelt that wrong) at each quarter underneath holding the glass on....

So would I need to put this down on the bankruptcy forms...I also have a computer should I put this down...though the monitor is on the way out...'

Or should I get rid off it before going bankrupt...that is all I have as I am no superstar with works of art...I have a lot of books but these are my interests astrology etc....

I think what I am saying is that I could write these down on the form...or I could leave them off...but if I leave them off and I still have these belongings in the house then would I get a visitor from the court to check what I am saying is correct...so would I have to list every book title and piece of furniture I have etc....

Thanks for being there....

Sunshine
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ByJaneClack
#7431 No - remember one man's Buddha is another man's Lava Lamp. Intrinsically worth very little except to the buyer with the same taste. Really do not worry about that at all.

Your washing machine on rental - check the rental agreement there may be something there that prohibits you renting it if you are a bankrupt but otherwise if you are up to date - or even a month ahead - the OR should have no problem with it. Although you could buy a secondhand one for the term of the bankruptcy for under £100.

Put down 'normal household goods' and check with the court before you go in if you are really worried.
Bysunshine
#7436 Hiya...

Sarah...when you say put down normal household goods you mean list them like fridge, cooker, bed, microwave...tv...video....dvd...

When you say check with the court...this is going to sound daft but who is the court I thought the court was the OR (what do them initials stand for...?

Do you mean I have a representative at the court to meet me...to take me to the judge if so what is this person's role called...?

That is all I need to know then....I will get back to you and tell you how I went on....but can you please answer the above for me...

Sincerely

Sunshine
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ByJaneClack
#7439 or even go straight to the horse's mouth and http://www.insolvency.gov.uk and read through the leaflets you can download and look at forms 6.27 and 6.28 which answers the questions in detail. You go bankrupt at your nearest county court that does bankruptcies - which you can find from the site - and the Official Receiver is the official who deals with bankruptcies. :wink:
Bysunshine
#7442 Sarah...

I have written to a door step loan...telling them I am going bankrupt...can they now this day go and get bailliffs to take my goods...
User avatar
ByJaneClack
#7445 No Sunshine and you have already been told that by Markjo - which reminds me to tell Nicky she wants to change to Jo - in order for bailiffs to come round to the door they have to have got a CCJ which you have not adhered to and if you are going bankrupt in the next two weeks they will not have time to do this. Once you are bankrupt the CCJ is superseded anyway so no bailiffs will come round :lol:
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