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

Moderators: TalbotWoods, JaneClack

By doglover
#2054 Hi
I have been advised by citizens advice to go bankrupt, due to my circumstances.
I gave up full time, self employed work at the end of July 04, as I am currently being investigated by the hospital, after being ill for nearly 2 years. I may have some answers as regards my health at the end of Nov 04. Currently, I am part time, employed, doing 12 hours a week, to see how i get on.
As i was self employed, I owe the tax man about £10,000.
The tax man put a de-restraint order on my car and a few household goods. The Baliff then came out and asessed them. After finding out I had given up work, with possibly no prospects of further full time employment she contacted the tax office and the de-restraint order was lifted as my goods, inc car would have fetched about £600-£800, hardley a dent in £10,000, in their point of view.
The tax office have gone quiet apart from 1 phone call to ask when i get the results of my hospital tests. I think they are waiting for that to decide what action to take next.
Total owing is about £19,000, inc loans and credit cards.
I get about £250 a month from employment and £300 in maintenance for 1 child.
I am glad this site exists, as it has answered a lot of my questions already but i still have a few.

1- I get £300 a month in maintenance, so will the OR take this into consideration to repay any debts?

2- If I have a cashcard only account at a bank, will i have to inform them of my bankruptcy?

3- do i have to include everyone i owe money to, however large or small the amount? Is there an upper or lower limit, or is it all put into one final amount?

4- What details do i need to take with me to court when i apply for bankruptcy?

5- I have a partner who has a full time job. Will my bankruptcy affect him in any way? We have nothing in joint names.
ByDavidc
#2055
doglover wrote:Hi
I have been advised by citizens advice to go bankrupt, due to my circumstances.
I gave up full time, self employed work at the end of July 04, as I am currently being investigated by the hospital, after being ill for nearly 2 years. I may have some answers as regards my health at the end of Nov 04. Currently, I am part time, employed, doing 12 hours a week, to see how i get on.
As i was self employed, I owe the tax man about £10,000.
The tax man put a de-restraint order on my car and a few household goods. The Baliff then came out and asessed them. After finding out I had given up work, with possibly no prospects of further full time employment she contacted the tax office and the de-restraint order was lifted as my goods, inc car would have fetched about £600-£800, hardley a dent in £10,000, in their point of view.
The tax office have gone quiet apart from 1 phone call to ask when i get the results of my hospital tests. I think they are waiting for that to decide what action to take next.
Total owing is about £19,000, inc loans and credit cards.
I get about £250 a month from employment and £300 in maintenance for 1 child.
I am glad this site exists, as it has answered a lot of my questions already but i still have a few.

1- I get £300 a month in maintenance, so will the OR take this into consideration to repay any debts?

2- If I have a cashcard only account at a bank, will i have to inform them of my bankruptcy?

3- do i have to include everyone i owe money to, however large or small the amount? Is there an upper or lower limit, or is it all put into one final amount?

4- What details do i need to take with me to court when i apply for bankruptcy?

5- I have a partner who has a full time job. Will my bankruptcy affect him in any way? We have nothing in joint names.


to answer your questions
1. You have to declare ALL income to the OR not necessarily to repay your debts but it has to be taken into account to calculate any excess of income over essential expenditure in the event of an IPA being made.
2. You have to declare ALL bank accounts to the OR these will first be frozen and generally closed by the provider....You can open a new basic account the day after you petition.
3.You have to declare ALL debts no matter how large or small. You do not get to choose which ones to include.
4. Your goodself, the completed form and the requesit fee, in cash
5. Not at all. first of all though obtain copies of both your and your partners credit files to check that you are not linked in any way and if so file a form of dissassociation, best to deal with that first.
Anything else ?
David
By doglover
#2070 I feel a bit better, now i have some answers.

This forum really is a godsend, so please keep up the good work.

If i have any other questions, i shall certainly ask them here.

I will report back everything that happens in regards the bankruptcy bit in the future, so speak to you all soon.