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

Moderators: TalbotWoods, JaneClack

By Dav1d999
#261943 After months of delaying the inevitable I have finally taken the decision of making myself bankrupt. I have taken advice and feel that this is the only practical solution.

I was the director of a construction company for over 20 years, but in October 2010 I finally succumbed to the recession and went into liquidation. Unfortunately as well as the loss of income I was left with substantial debts in the way of bank overdraft guarantees, vehicle lease guarantees and credit card debts etc. Approx £100k. All these debts are solely in my name.

With very little if any, equity in our home and no assets, bankruptcy seems the obvious solution.

I am currently unemployed but have taken the decision to go self-employed and start building again (fool I hear everyone cry). So I would like to get the process started as soon as possible. I understand the consequences of bankruptcy, I have all the forms filled in and was planning to visit the court on Monday to get everything sorted.

Just to throw a spanner in the works my wife has been given the news today that she may be facing redundancy. She will find out for definite next month, but I was wondering if anyone could advise me what claim the OR would make on her redundancy payment. It is likely that she would receive a generous settlement approx. £50k.

Any advice would be gratefully received.
By Dav1d999
#262033 Many thanks for the advice.

It would have been bad enough losing her job without having to use her redundancy money to settle my debts.

At least I can continue with the bankruptcy without further complications.