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

Moderators: TalbotWoods, JaneClack

By skint1
#3831 My utility bills are on monthly budget plans and in joint names with my husband what should I do about these.
My husband has just opened a nationwide flexiaccount and was going to transfer all the direct debits his account.
The telephone,tv licence and house insurance are also monthly direct debits in my name should I try and pay these off or transfer them to his name?
Is transfering names on bills difficult to do?

What sort of things should I put as assetts?
My husband owns the car so that doesn't count.He has a computer and even owns the sofa!!!
The most valuable single item I have is a wedding ring I believe and that is about £200 worth.Everything else is shared. I'm not sort how this would be viewed.We have no antiques or valuable jewellery just normal household stuff.

I'm just so worried about getting all the info right.I don't want to get into trouble for forgetting something.

It's bad enough trying to decide what to put as an explination to the debt and when I realised I couldn't pay.As I am delaying for a few weeks while I find the money and organise everything.

I'm sorry about all the questions I just want to make sure it's all done properly so it can all be sorted quickly.
ByDavidc
#3833
skint1 wrote:My utility bills are on monthly budget plans and in joint names with my husband what should I do about these.
My husband has just opened a nationwide flexiaccount and was going to transfer all the direct debits his account.
The telephone,tv licence and house insurance are also monthly direct debits in my name should I try and pay these off or transfer them to his name?
Is transfering names on bills difficult to do?

What sort of things should I put as assetts?
My husband owns the car so that doesn't count.He has a computer and even owns the sofa!!!
The most valuable single item I have is a wedding ring I believe and that is about £200 worth.Everything else is shared. I'm not sort how this would be viewed.We have no antiques or valuable jewellery just normal household stuff.

I'm just so worried about getting all the info right.I don't want to get into trouble for forgetting something.

It's bad enough trying to decide what to put as an explination to the debt and when I realised I couldn't pay.As I am delaying for a few weeks while I find the money and organise everything.

I'm sorry about all the questions I just want to make sure it's all done properly so it can all be sorted quickly.

Let's have a look....

Assets....you have none that the OR is interested in so put nothing down in the 5 ( used to be) relevant boxes.
The telephone. Try and pay it up to date so that it is not included in your bankrupcy.....if you do that it will not be an issue.
TV licence.. simply cancell the existing direct debit and set up a new one with
.household insurance..... Your Nationwide fexicash account that I hope that you will open the day after you have petitioned....
Utility bills...there is no advantade in including any of these as your husband will still be liable for them....simply get him to phone them up and ask for the account to be made in his name only....Normally a phone call is all that is required. No explanation as there can be many personal reasons for your husband assuming responsability for them...no one wants to know.
As to the reason ......change of circumstances? reduced income? The amount of debt slowly rising over years unoticed untill it became unsustainable with you eventually robing peter to pay paul untill a crunch time came........Remember that one as it is likely that the OR will ask you when that was and what proompted you....fo example you could say that you did not realise how bad thing were until after making a new years resolution to sit down and sort all your figures out you realised just how bad things were and afer seeking advice you concluded that the only viable way forward for you was to take the insolvancy route...hence you being there....
David
By skint1
#3836 Thankyou.That is a brilliant help.

I think I worry to much.
My husband has been out of work caring for me as I'm disabled and we thoght he'd be back in work by christmas.Only been looking for a year or so!!!!
We only realised it was too much after the car broke down,fridge stopped working etc all in a few weeks.
Did lots of balance transfers onto 0% apr deals etc to try and save on intrest and reduce outgoings.Then I cut up my storecards and cancelled alot of the accounts.
Went to flc for advice this week they said I should declare my self bankrupt and be rid of the whole ordeal.

I worry they will say that we shouldn't have put so much on the credit cards in the last month and moved the money around.I now only owe 3 different lenders.Instead of 8 as I have most of it with the same bank.
Could I get into trouble for doing that.
ByDavidc
#3838
skint1 wrote:Thankyou.That is a brilliant help.

I think I worry to much.
My husband has been out of work caring for me as I'm disabled and we thoght he'd be back in work by christmas.Only been looking for a year or so!!!!
We only realised it was too much after the car broke down,fridge stopped working etc all in a few weeks.
Did lots of balance transfers onto 0% apr deals etc to try and save on intrest and reduce outgoings.Then I cut up my storecards and cancelled alot of the accounts.
Went to flc for advice this week they said I should declare my self bankrupt and be rid of the whole ordeal.

I worry they will say that we shouldn't have put so much on the credit cards in the last month and moved the money around.I now only owe 3 different lenders.Instead of 8 as I have most of it with the same bank.
Could I get into trouble for doing that.


Everyone is encouraged to transfer these balances around by these institutions. In your case I suspect that this was a last ditch attempt to come to grips with your indebtedness however after your new years resolution and sittiing down to look at the overall icture you realised, especially as you now could see how bad the overall picture was, that insolvancy was the onlyway forward for you.
david
By skint1
#3840 That is what I hoped. I was after all trying to start to pay back more of the actual debt.

I think it was at a point that the amount I was paying off the loans each month balanced with the amount I was putting on the credit cards to live.But the monthly repayments started to creep up with out me realising.

One other thing.
One of the balance transfers was from my husbands credit card to mine via my bank account first.(I paid a credit card cheque into our account for that and store cards etc.) So his credit card is now clear would this be a problem?

Sorry about more questions :)
ByVanessa
#3841 I can see no reason that this should cause any concern - stop worrying !
By skint1
#3842 I have a tendency to worry to much.With a stomach ulcer to show for it.

I'm just thankful that it was mostly my debt.
When my husband returns to work his will be the main income.One day we might even be able to afford a morgage this way.

I just want it to be over and done with now.Then I might sleep again.


Thankyou for all your help.
This forum has been an invaluble source of support.
ByDavidc
#3844
skint1 wrote:
One other thing.
One of the balance transfers was from my husbands credit card to mine via my bank account first.(I paid a credit card cheque into our account for that and store cards etc.) So his credit card is now clear would this be a problem?



I would't overcomplicate things by mentioning that ever again....
David
By skint1
#3853 I just wasn't sure if they could look into my banking history as it was only last month.

As you can tell i'm a worrier.

But I will just forget about it then.
ByDavidc
#3855
skint1 wrote:I just wasn't sure if they could look into my banking history as it was only last month.

As you can tell i'm a worrier.

But I will just forget about it then.


Least said...soonest mended
By skint1
#3856 That sounds like brilliant advice. :lol:

The sooner the mend the better!!!!
By skint1
#4083 Just to keep you all posted.I have just booked my appointment to petition.

1st march 2005.I wish it could be sooner but apparently they are very busy at the moment!!!!!

One question?
I have been filling in my forms by had and making a mess of it.I can't write well with my arthritis and half of it's not legible. :oops:
Can I download the word doc version of 6.27 and 6.28 and fill as much as possible out on the computer and just sign.

It would save so much time :lol:
By skint1
#4086 thanks I have just downloaded the forms.
Just didn't want to turn up at the court with the whole thing typed out to be told I had to fill them all in by hand.

I forgot to say that in my local court (Bristol) if your bankrupcy is approved. You should see the OR the sameday so take everything with you.

Get it all over and done with in one day. :)
ByDavidc
#4088
skint1 wrote:thanks I have just downloaded the forms.
Just didn't want to turn up at the court with the whole thing typed out to be told I had to fill them all in by hand.

I forgot to say that in my local court (Bristol) if your bankrupcy is approved. You should see the OR the sameday so take everything with you.

Get it all over and done with in one day. :)


There is no question that your bankrupcy will be approved...It is a rubber stamp save yourself for the OR interview........are you sure it is the same day?
David