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

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By mrsmith
#1986 I have approx 84k in unsecured debt (70k own on 9 credit cards, 4k own overdraft, 10k joint unsecured loan). Married with 6 month old daughter. Joint mortgage - about £20k equity max total in property between us. Wife prepared to take on 10k joint loan. Depressed, only thing keeping me going is wife/daughter.

I have come to reduced payment arrangement with most creditors but still getting further into debt.I am able to raise £28k max and have offered credit card companies lump sum of 40% in £ but don't expect them to accept.

Therefore I am almost certainly going to go bankrupt in December. I know my name has to be posted in the Gazette but iis it definite that it will be in the local paper? If I ask the OR not to, would he/she consider or is it a legal requirement that it is posted in local paper as well as Gazette? Also is my address and amount of debt advertised?

Also, am worried that as I owe so much in credit card debt that it could end up being some sort of news story and reported in local media - am extremely worried about this and would rather disappear than face that shame. Could this happen or are the specific details of my debt kept private, other than the fact I am bankrupt?

Any advice greatly appreciated.
ByDavidc
#1991
mrsmith wrote:I have approx 84k in unsecured debt (70k own on 9 credit cards, 4k own overdraft, 10k joint unsecured loan). Married with 6 month old daughter. Joint mortgage - about £20k equity max total in property between us. Wife prepared to take on 10k joint loan. Depressed, only thing keeping me going is wife/daughter.

I have come to reduced payment arrangement with most creditors but still getting further into debt.I am able to raise £28k max and have offered credit card companies lump sum of 40% in £ but don't expect them to accept.

Therefore I am almost certainly going to go bankrupt in December. I know my name has to be posted in the Gazette but iis it definite that it will be in the local paper? If I ask the OR not to, would he/she consider or is it a legal requirement that it is posted in local paper as well as Gazette? Also is my address and amount of debt advertised?

Also, am worried that as I owe so much in credit card debt that it could end up being some sort of news story and reported in local media - am extremely worried about this and would rather disappear than face that shame. Could this happen or are the specific details of my debt kept private, other than the fact I am bankrupt?

Any advice greatly appreciated.

I am afraid that it is a legal requirment for the order to be published locally both to advise any creditors to contact the OR to make a claim and also to anyone that owes you money that it has to be paid to the Official Reciever...That said have you looked to see the notices in the local paper? You will see how insignificant they are. They do include your Date of birth, address and occupation but nothing more. There is no question of any news story....And.lets face it . How many people trawl the public notices in the local paper? Have you ever read them? Let me tell you not even my wife nor my Mother know of my bancrupcy, however my landlord was notified so a member of his staff became aware I can assure you that through the process you will be treated with the upmost of dignity both at the court and the OR's office and they are not in anyway judgmental. These days there is virtually no stigma attached to bankrupcy it is built into our financial structure. You say that you owe a lot on credit cards well I must have owed at least £130,000 on credit cards and another £70,000 on personal loans...Now ..How big are your debts? ...No one was judgmental, raised a few eybrows from the OR at my interview, but he still made me a cup of coffee on got on with his job which is simply an accountancy proceedure. No news story....Just got it done and dusted. I pay no IPA kept my car had no hassle at all I petitioned in March 2004 and have an automatic discharge on 1st April 2005. Soon comes around. I am keeping my income low to around my expenditure until April to avoid an IPA being set up , but look on it as gardening leave....Don't worry I guarantee that the hardest thing will be the waiting. When it is over you will be posting here how relieved you are and that you do not what you were worried about.....PROMISE. I have just looked at the details of your debts and your main concern must be to seek out some profesional advice to safeguard your house. You say that your wife is prepared to take on the joint loan? Thing is she will have no choice as the bankrupcy will only mean that the lender can not ask you for anymore money, but will simply ask her to pay it......The equity in your house will be based on a lower figure than you think as lets face it you are not going to get Anne Maurice around to dress it for you before it is valued are you.......the OR will only be after 50% of this lower figure so if your wife or a family member can raise this to buy your interest your house will be safe......
David