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

Moderators: TalbotWoods, JaneClack

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By sammie
#771 hi we were both made bankrupt on friday,just would like a bit of advice please. we spoke to the o/r briefly on fri, and are just awaiting an telephone appt.
what is the scenerio with regards to everything i put down in my budget. do i have to provide the o/r reciepts of everything i spend? ( not too sure how anything works!
sammie :)
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By JaneClack
#777 Each OR works differently but after your appointment you will wonder why you were worrying! He will be going through an income and expenditure with you to see if you have any spare money after all your priority debts are paid. If like the majority of people there isn't any - then you are home free. If you do have a surplus income - and he is not stingy in the allowances he makes - then you would be asked to pay the OR perhaps 60% of this over a three year period. If your circumstances change suring the term of your bankruptcy you should let the OR know as these payments can go down as well as up! Not a bad deal I feel for a fresh start as in any other arrangement all of any surplus income would have been taken. If it is a simple bankruptcy you may well get an early discharge i.e. in six or seven months time. If no IPA has been arranged before then you could win the lottery the next day and have nothing more to pay. As you are having a telephone appointment it sounds a pretty simple bankruptcy case to me so do not worry. Just be realistic - look at recent utility bills to see how much you are spending!
Good luck - but you will not need it. :D
Have any other posters any advice to offer?
By Tracy
#778 Hi, just in response to your comments about the official receiver telephone interview. Me and my husband declared personal bankruptcy on July 29th. I was so worried about the telephone interview as well, but honestly, it is Nothing at all to worry about. If your case was not straightforward then they would have had to attend their office. He was really nice on the phone, spent a couple of minutes putting me at my ease and then went on to say what information he would be wanting, mostly it was just going over all the income and expenditure, etc. he also told me that their would be no restrictions and also that he would not be taking any of our income. We are on benefits and also disability on top. Unless you have quite a lot of money spare each month you should be fine and they may not take any. Its hard not to relax about it, but honestly, its nothing to worry about, you will be fine and it will feel afterwards like a weight has lifted. I actually cried after, think it was just sheer relief at the weight that had been lifted. He actually did say as well that they shouldnt contact us again and that probably the next time we would hear anything would be when we got the discharge letter in any time up to one year. I wish you luck but dont think you will need it :) Tracy.[/b]
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By JaneClack
#793 Nice of you to post - evidence from others is worth its weight in gold and I am glad things went well.
After your BO is made you MUST not pay any of the creditors as it would be wrong - those financial matters are now dealt with by the OR!
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By sammie
#804 thanks everyone for your advice!
just having a really bad couple of days, super stressed out! trying to fill in the form for the official receiever, cant find half the things like wage slips etc anywhere!
still getting badgered by creditors on the phone! kids screaming , me screaming back at em...aahh ive had enough! roll on next thurs get this appt out of the way!
you just dont realise all this hassle continues after you go to court!
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By MAT_FINK
#806 but just remember none of the creditors can do anything now!
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By sammie
#807 i know..but its just so annoying. you either pick up the phone to talk to them and give them the official recievers address and details( and get the phone put down on you when you start to tell them..great customer relations!),..or i just let the phone ring then dial 141!
the kids keep asking why i dont answer the phone,lol!
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By MAT_FINK
#808 it will keep happening but it is a bit funny when you think about it...... you now hold all the cards