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

Moderators: TalbotWoods, JaneClack

By chrisoct72
#4821 will be as concise as possible, built up debts of 35k, loans, credit cards, mobile phone contracts x2 etc, all unsecured. have no assets like car, house, pension etc. lived in hull till feb 2004 now live in cornwall, basically did one to get away from the pressure. my wife has an income of £750 but i am currently not working. i do not have any of the details of the accounts at all, yesterday i have sent letters to all the creditors with last address in hull and any details i could remember so they can trace the account and get back in touch with me

questions are:

do i need all the account details etc. before i can do the bankruptcy?
will the mobile phone contracts be included?
the fact i moved away and tried to forget about it for a year, will i still beable to go bankrupt or will they not let me?
what will happen with our joint account?




thank you for any help i get.
chris, cornwall.
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By JaneClack
#4824 They will not stop you going bankrupt - it doesn't work like that. The penalty you pay is the fact that your credit rating will note the fact for six years and then whenever you apply for credit and are asked this question you must respond truthfully. It would seem the best solution in your situation as you have no income - except JSA I would imagine - your partner has no responsibility for your debts so would not be asked to pay towards them.

Just give the OR the details you have - he will do the searches necessary. All unsecured debts can be included except Student Loans, court FINES, and CSA arrears so of course the mobile phone contracts will be included!

Good luck.
By chrisoct72
#4846 thanks for the help, just one other question if you or anyone can help what will happen with my and my wifes joint account when i go bankrupt?
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By JaneClack
#4847 Technically the joint account should not be frozen as who knows whose money it is - however, in practice this does happen so ensure there is no overdraft and get your name off the account. If there is a loan from it I don't think it will be left alone anyway. Your wife needs a new account elsewhere to be safe and she should open it before your bankruptcy as although she is not affected some partners have had trouble opening new accounts.
By chrisoct72
#4848 sorry to be a bit thick but will the overdraft i have with our joint account be included or should i get her taken off the account before the bankruptcy?
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By JaneClack
#4849 She needs to get out of there asap but they will not let her do it if there is an overdraft and although you can include it in the bankruptcy the overdraft will have to be paid by your wife so it may be as well for her money to be used to clear this as she is going to have to pay it whatever!
By chrisoct72
#4850 thank you for your help, im sure i will be back for more before this is all over. :lol:
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By JaneClack
#4858 That's what we are here for!