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

Moderators: TalbotWoods, JaneClack

By GreenNigel
#848 hello to all that read this!!
Firstly i have just been made bankrupt and have a appointment with the reciecer on Tuesday afternoon. This morning my former girlfriend rang me to say i had some mail, and went to collect it. I opened the mail and to my horror it was from a bank saying my JOINT account had been frozen, the same joint account that we opened several years ago but my partners father used the card to pay bills into the account for her to sort out. I have not declared this, because i totally forgot about it, and if i had new about it i could of told her to close it prior to the bannkruptcy petion. i feel really gutted because its her savings of which i have no intrest and her holiday money. Naturally she is very upset about the matter. what chance have i got in persuading the reciever my story? baring in mind i have zero assets. Any comments would be greatly apprieceated.
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By JaneClack
#849 Hello Green Nigel!

Oh dear! I do feel for you and we have had posters in the past saying they cannot freeze joint accounts. But as you have found out, they can and do. Any account with your name on will be frozen and this has been found - this may be because you have other debts/accounts with the bank.

You must speak to the OR as quickly as you can and explain it is not your money as you do not put money in there. I am sure your partner can prove that the deposits are hers and she is not liable for your bankruptcy. If, in fact, they are able to show you have paid any money into it recently then you may have trouble persuading the OR that it is nothing to do with you. It would be easier to prove if you had said ex-partner but you say partner and therefore she probably realised you were going bankrupt. As long as it is not your money and can not be traced back to you in any way, shape or form you should have no problem but do be upfront with the OR.

Good luck.
By GreenNigel
#855 Thanks for that sarah.
I will post what happens next week after my appointment with the OR
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By JaneClack
#866 Yes, please do. Your post will be useful for others.
By GreenNigel
#909 Right...
I have just had my interview with the OR, and everything went quite well. I have to start an IPO on the first of October for three years paying £290 a month, my bankruptcy petition was for over £40000, so in the situation that i was in this is a lot better option. Regarding the joint account, and this has never had any vested intrest from me and was soley my girlfriends, the OR explained that this was very simple to "unfreeze" and all I have to do is send a letter stating that i have no vested intrest in the account and see will be able to use the account almost straight away.

She goes on holiday on the 2nd of September so hopefully the account will be back in her hands by then. i am sending a letter stating the fact later today and will post what happens in the near future.
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By sammie
#911 im so glad you got things sorted!
do you mind me asking what things the o/r goes through with you in the appt?got mine on thursday!
By GreenNigel
#912 Sammie
The conversation was over the phone and lasted one and a half hours. Firstly you confirm who you are etc etc, then they go through the legal stuff, you will have read and signed the copies. Then they basically go through your statement of affairs and you explain how each debt to each creditor came about. i had a little difficulty remebering some details of a loan but the O/R seemed happy enough for me to send off the loan details, agreement etc. Then finally they ask you to say in a sentance why you have gone into debt, think about this one before you say anything basically its a final seal on the paperwork. they will ask you then if you have any questions and thats it. i will be receiving some paperwork to complete regarding my IPO and that will be it.

Good luck for thursday
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By sammie
#917 thanks for that green nigel!
helps me get a little prepared! i have sent as much cc & bank statements etc, ..i couldnt find the original loan agreements thou, which im worreied about! but im sure she can approach the creditors concerned about this. i cant give her what i havent got!
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By Nicky
#919 So from Thursday then Sammie, there will be hoards of information you can post on here to help others.

The good thing about asking lots of questions, is that you will have the answers for other people when they come along asking the same questions. :wink:
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By sammie
#921 yes , i will be here with all my experience!
this sight has been a god send, not only the forum but the ask an expert! :)
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By JaneClack
#933 Great Nigel. I am pleased it went so well. Sammie - if your interview is not over the telephone do not worry either. Some ORs only do them in person and others a choice of both. Just thought I'd put that down as someone else might read this and then worry because their interview is in person.

Personal experiences can prove to be very helpful so as well as thanking you for your post I look forward to reading Sammie's.
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By sammie
#948 hubby had his telephone appt with the o/ this morning! an hour and a half later he emerges!
been told he'll be bankrupt for a year. and that his tax code will revert to zero for the rest of the tax year.
went into depths of all the properties he'd owned, what we'd used the profit for. it was the solicitors name and how much our mortgage was for 3 years ago that stumped us!
she was apparently very friendly and put him at ease!
ive got my appt tomorrow, which im still worried about! ill let you know how it goes!
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By Nicky
#949 You should take comfort from the fact that the lady who spoke to your hubby put him at ease. They are only people afterall who are aware of the stress the situation can cause. :wink:
By GreenNigel
#993 Just an update to say that my former girlfriend got a phonecall from the OR and her bank to say she now has access to all the money in our joint account and will be able to transfer this to a new account on Tuesday, after the bank holiday.
:D

I have not recieved any paper work regarding the IPO yet but its still early days.

As a previous poster stated I also have to pay my national insurance contributions up until April 05 and i am wondering what impact, if any, this will have on my pension?

the first payment is on October 1st.