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

Moderators: TalbotWoods, JaneClack

By s_land
#1760
Hi to all can anyone help me .....i am to make myself bankrupted in a few weeks time ...when i have the funds to do so .But i am really concerned with all my direct debts for gas electric phone etc .How does it work when you go bankrupt .i am working with the c.a.b ,but i am looking for advice from people who have experianced bankruptcy .I have 3 children aged 9 ,6 and 3 yrs eldest is disabled .The debt i have was from when i was married .And as you can guessed i am in the process of getting a divorce .Ex to be has his own debt ....and to take him to court to help me pay my debt is not going to work .Advice from my solicitor .(Financal statement looks as bad as mine and he pays c.s.a )What i am corcerned with how will it all work .....? :oops: I am on income support and family tax credit .i am also in a council property as the family home was sold to clear marrige debt .All me and the children have is a computer and a very old car .The computer is for my disabled daughter who needs this to do home work and to learn .I am in a right mess any advice or words of reassurance would be greatly recieved . My debt amount is around 16,000
please please help ....... :cry:
ByDavidc
#1761
s_land wrote:Hi to all can anyone help me .....i am to make myself bankrupted in a few weeks time ...when i have the funds to do so .But i am really concerned with all my direct debts for gas electric phone etc .How does it work when you go bankrupt .i am working with the c.a.b ,but i am looking for advice from people who have experianced bankruptcy .I have 3 children aged 9 ,6 and 3 yrs eldest is disabled .The debt i have was from when i was married .And as you can guessed i am in the process of getting a divorce .Ex to be has his own debt ....and to take him to court to help me pay my debt is not going to work .Advice from my solicitor .(Financal statement looks as bad as mine and he pays c.s.a )What i am corcerned with how will it all work .....? :oops: I am on income support and family tax credit .i am also in a council property as the family home was sold to clear marrige debt .All me and the children have is a computer and a very old car .The computer is for my disabled daughter who needs this to do home work and to learn .I am in a right mess any advice or words of reassurance would be greatly recieved . My debt amount is around 16,000
please please help ....... :cry:


I assume you have had proper advice but the easy way to do it is....
first of all your bank account will be frozen and then closed on the day you petition so bank wise you need to be prepared....Gather all of the information you require to set up these direct debits/sto's first as you will have to set them all up again ..ensure if you can that these utility accounts are all in credit and not involved in your bankrupcy. filing to do this may result in pre payment meters being fitted......the day after you recieve your benefit AFTER you have withdrawn all of the money is the day to gp to court .....immediatly after you can open a new account and pput any funds you have back in Realistically you have only 3 choices a Nationwide flexi account . This has excellent internet banking and a cash card and providing you take the requisit ID will be opened immediatly...The Woolwich cardsaver is also opened immediatly and has an electron debit card but no internet access and then there is the Coop cashminder. Internet banking electron card but 6-8 weeks to open...worth having but you will need one immediatly to recieve your benefit....Remember you have to wait until after you have petitioned to open these otherwise they will also be frozenand have to declaire your status when you open it (No Problem)
hope that helps.
David
By s_land
#1762 Thank you David for your fast reply ...i dont know wat happened i did post a reply but i dont see it ....i dont know if i sent it via pm? :oops: sorry let me know if you did get it ? See i have totally lost it :? cant remember anything .....cus this is all i am thinking off :cry:
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By JaneClack
#1766 David has given you the best advice possible. I would only add one thing and that is to pay up the telephone so that is not included as getting another one from BT afterwards is well nigh impossible in your name. I would also say that bankruptcy will give you the fresh start you deserve as well as washing him right out of your hair :wink: you can wash those debts away and start again!
By s_land
#1767 :) thank you Sarah ....I think this site has really helped me and given me the answers that i need .There are still so many that i am corcerned with .For example My Disabled daughter ..recieves d.l.a and i recieve carrers allowance .C.A.B. have said that IT WONT BE TOUCHED ! I am not so sure on that and it scares me to death .That money i recieve for my daughter is for her standard of living and to help her ....not pay creditors ! iam worried that they will take this away and use it as the excess in come for wat i need to live on .There for disabled daughter will suffers.....I cant cope with that .its tough on her already and her father has gone .So how do i explain why we cant do any of her activities? I dont know wat the O.R. will except .Because christmas is creeping up and i have three little ones to buy for .Do they allow you to buy x-mas pressies ?
all these worries and concerns are just eatting me up and making my head feel like it dont belong to my body any more .I am walking around like a zombie
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By JaneClack
#1769 No - the DLA is for your daughter and your carers allowance is so you can care for her - NOT to pay your debts. She is not responsible for them so they are used to make her living more easy. The OR knows that so put down what it is used for or exclude the carers allowance. The DLA is not yours anyway - it is for her. Do not worry too much about this - bankruptcy will give you a fresh start and that is what the change in the law was all about. CABs with money advisers are experts in bankruptcy as they spend a lot of time helping people with them. Good luck with your fresh start and let us know how you get on! :D
By Pineapple
#1776 David is spot-on with his advice. I'll just add ... try not to worry. I know, I did myself. But it really hasn't been anywhere near as bad as I feared. I was left with more money each month than I had left over on the Debt Management Plan I was on previously.

In my case, bankruptcy only lasted six months. I was discharged on 7/10, six months to the day after petitioning.
ByDavidc
#1777 [quote="Zadie06"

In my case, bankruptcy only lasted six months. I was discharged on 7/10, six months to the day after petitioning.[/quote]

Show off : :wink:
By Pineapple
#1778 Jealous, eh? It'll be your turn soon.
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By JaneClack
#1780 Good news Zadie. This is the second I have heard of this year so let's see if any more come through. Thanks for letting us know!