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

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By mrsmith
#2463 Hi,

I have made my appointment to go bankrupt at my local county court this forthcoming Thursday morning.

Can anyone please tell me how soon the notice appears in the local paper - will it be next week or after my first meeting with the OR?

Thanks
ByDavidc
#2464
mrsmith wrote:Hi,

I have made my appointment to go bankrupt at my local county court this forthcoming Thursday morning.

Can anyone please tell me how soon the notice appears in the local paper - will it be next week or after my first meeting with the OR?

Thanks

Generally within a week of you petitioning.....They tend to be posted on a weekly basis on the same day.......If you find last weeks you can have a look. Chances are no-one will see it.....Why should they be searching them.?...unless it is part of their job
David
By mrsmith
#2466 Thanks David

One further question - over half of my debt was incurred over the past 2 years as it sprialed out of control and I found myself borrowing from one card to pay another. My wife didn't know and I just got myself stuck in one almighty hole. I had hoped to keep my head above water, but then came the baby and overtime stopping which pushed me over the edge financially. I decided to come clean 3 months after the baby was born (June). I am ot a gambler by the way, and none of the debt is for gambling.

I am very worried about this. I also pay CSA and had this hope (ok, maybe not realistic looking back) that I could keep things going until I no longer had to pay CSA and I would then take a loan against my property to repay all my unsecured debts. So when I borrowed it I did intend to repay it, but circumstances got the better.

My question are: 1) is this likely to viewed as fraud - borrowing from one card to pay another

2) should I mention on from 6.28 that a lot of the debt was incurred doing this?
ByDavidc
#2467
mrsmith wrote:Thanks David

One further question - over half of my debt was incurred over the past 2 years as it sprialed out of control and I found myself borrowing from one card to pay another. My wife didn't know and I just got myself stuck in one almighty hole. I had hoped to keep my head above water, but then came the baby and overtime stopping which pushed me over the edge financially. I decided to come clean 3 months after the baby was born (June). I am ot a gambler by the way, and none of the debt is for gambling.

I am very worried about this. I also pay CSA and had this hope (ok, maybe not realistic looking back) that I could keep things going until I no longer had to pay CSA and I would then take a loan against my property to repay all my unsecured debts. So when I borrowed it I did intend to repay it, but circumstances got the better.

My question are: 1) is this likely to viewed as fraud - borrowing from one card to pay another

2) should I mention on from 6.28 that a lot of the debt was incurred doing this?


Pretty normal actually. Mine spiralled to over £200,000 so yours will not even raise an eyebrow. You have nothing to worry about so don't worry.
David
By mrsmith
#2468 I have put this on my form against each credit card as reson for debt- do you think it will be ok?

"Everyday living, plus there is a lot of interest accrued which is included in the debt. Some will have been moving money from one card to another for better interest rate. Spiralling debt also resulted in borrowing from one card to pay another whilst I tried to keep my head above water"
ByDavidc
#2470
mrsmith wrote:I have put this on my form against each credit card as reson for debt- do you think it will be ok?

"Everyday living, plus there is a lot of interest accrued which is included in the debt. Some will have been moving money from one card to another for better interest rate. Spiralling debt also resulted in borrowing from one card to pay another whilst I tried to keep my head above water"

It is a perfect, and accurate explanation that the OR will be aware of and will have seen hundreds of times before....I am just surprised you managed to fit it in on the form....What will the two of you have to talk about over coffee when you have your interview?
David
By mrsmith
#2471 I'm filling in the downloaded word version, so I just keep typing and the fom gets longer!

Will need another loan to pay for the paper alone ;-)