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

Moderators: TalbotWoods, JaneClack

By sunshine
#7875 Hiya Sarah...

Please forgive me if I seem to be going over my recent posts...I have family friends saying am I doing the right thing....

One friend says they the court are not going to make me bankrupt without taking all my goods....that I will have the bailliffs at the door...

From what I have learned I know BR is serious but from my position long term Incapacity Benefit council home...no car...I am also single...I think it is the only way to go...yet others I know seem to make me panic with all that they say....and to tell you the truth I feel like I am being looked down on....

Once I am bankrupt my benefit will be to pay my bills and for my self...whereas now I have nothing....I was paying a loan company £50 a week leaving me skint...and the bank balance has gone over drawn by about £400 with increasing charges....and I have credit debts...catalogues of over £7,000....

I am not well enough to work yet I get family telling me to get out and get a job...I know you have mentioned in the other posts but can you please tell me that what others say is not true...or will I be put through the mill with court bailliffs....
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By JaneClack
#7909 If I could swear on this site I would say - absolute ******!

Go to http://www.insolvency.gov.uk and under the pciture of the happy smiling people (not bankrupts but employees of the insolvency service) and you will find a list - the booklets and leaflets one is a few down from the top. Go there and download some of them - look at How to Petition for Your Own Bankruptcy; A guide to Bankruptcy; What will happen when you are interviewed by the Official Receiver; What will happen to your home; What will happen to your bank account. Then read them and tell your family about it as someone who knows.

Now, you are far more likely to see a pink elephant in your sitting room than a baliff at your door if you go bankrupt. So long as you are not called Maxwell and living in Castle Spent It with antiques all over the place. From what you say you are on benefits, living in rented accommodation and no assets other than those you need to live. They will not be interested in your telly or DVD - cos it is cheaper to buy them at the supermarket than send someone to value it, another to collect it, store it and sell it at auction. However, if you do not go bankrupt and get CCJs that you do not pay THAT is when you will be warned that a bailiff is coming.

Tell your family to look at the changes in the law that came in last yesr to allow people a fresh start. You deserve it!
By sunshine
#7912 hiya Sarah...

Thanks for your reassurance...I truly value your insights and advice.

It just goes to show how others look at people going bankrupt as a bad thing whereas in some cases it is the only solution...

Can you remember I paid an admin order of last year...well I phoned the court and they told me not to worry about it that the OR will be alright as long as I explain...it has been paid off so is good but the peson on the phone from the court told me that because it was paid off so much in the pound some of those companies can still claim...but obviously this is for the OR

All I have to do is to get to the court....Also I have a rented washer paid for monthly with DD....I cancelled the DD...and got a letter asking why...I told them I am going BR...and they said don't worry we will send you a payment card....

So just thought I let you know that in casae others are in the same situation....

Thank you

Sunshine
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By JaneClack
#7915 and there you have it!!

and already helping others :wink:
By Mel_Odious
#7916
Sarah wrote:If I could swear on this site I would say - absolute ******!

Aren't they below the belt?
Mel :lol:
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By JaneClack
#7917 I would not know. I can't conceive!
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By Nicky
#7918 Blimey Riley! I'm having nothing to do with this. :oops:
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By Joannec
#7928 lmao at Sarah!