This is my first post on this forum, I am going to be going to court next week to declare myself bankrupt and also my partner. I have contacted several places for advice for information and intend to do so before I go to court next week. I am still a little vague on the process and what happens. This is a quick breakdown of the situation.
I earn 1500 a month my partner (not wife but mother of our children) earns about 500 all in. we hav 2 young children both at school.
We have about 12 creditors (inc. 2 loans) £60,000 debt. this as increased over approx 10 years but has now become unmanageable.
My job is steady but recently had to change jobs due to health and take a pay cut which has made things harder. my partners job may not be safe in a couple of years as her boss is winding down to close shop.
We do not own our own home and rent a small property which is more undersized for our needs and justified.
I don't work in a money type of job and don't plan becoming or have never been a company director.
we both have cars that are worth under £1000. I use mine for my job as it involves travelling between areas and she uses hers for school run and travelling to and from work approx 35 mile round trip.
We don't own excessive amounts of valuables these include example e.g. 3 x bikes, xbox one, ipad, laptop, probably about 500 quid of hobbyist tools/stuff and normal furniture not excessive value.
Im pretty set in that the best option is to go bankrupt. the main questions are:
1.Will we be interviewed by the official receiver together as we will both declare but don't think u can do a joint bankruptcy its complicated because even though we aren't married and don't have joint accounts we have always shared money all in the same pot?
2.With this history of debt, what should we expect, will we be discharged in a year and have pay monthly for 3 years or could it possibly go on for longer.
3. My children have about £2000 and £1500 that we have never really paid into and all the money is from birthdays and christmas. almost all is in kids bonds in there names but with my partners name on the account. what will happen to my kids money as this is not ours?
4.What items will i be expected to give up, i have read about whats required but cannot find anyone who as actually given a list of what was taken from there home. don't know what items to declare and how much detail. In some respects would be better have someone come to my home to look! do i count the number of spoons in the kitchen? what i think doesn't count they might consider, we just have that much stuff but nothing that is really worth the effort putting on ebay for what it would sell for???
5. Before considering bankruptcy in the last 12 months i have sold two items, one was £350 and the other was £600 this money was used to pay car bills and general living. I have no records of transactions as they were sold for cash but they were purchased originally in the last 12 months and show on my card statement. Is this an issue because they may think I'm trying to hide things.
6. my partner is making a compensation claim, i will inform them of this but does the pain and suffering part have to be given or just the loss of earnings. probably won't be massive amount just a general whiplash leg injury.
7. I have a number of tools which I can't see being profitable to sell, but if they claim them do they pull up outside in a van in front of the neighbours or can u arrange to buy these back at some point or take them somewhere save the embarrassment
8. I know I'm in debt but don't really want them take anything, whats a realistic picture I don't want to be left sitting on the floor watching a black and white TV lol with kids wearing bin bags
Thanks to anyone who can shed some light on these questions