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

Moderators: TalbotWoods, JaneClack

Byhelpmeplease
#4896 Hiya,

I'm about 18,000 in debt, and its growing, my account is overdrawn max this month, bills coming out left, right and centre, and using my credit card. I'm in a low paid job at the moment, and have hardly any surplus income. I have a questions, I took out a timeshare 2 months ago, with someone else, the money is coming out of that persons account, not mine. we haven't started paying it yet, paid it's 25 a month each for 5 years, wil I have to declare this to OR? I dont' want to affect the other person, cause it's not really an asset, we haven't paid it yet, so it's not an asset.

I'm way above my head, and want to know the procedures for going bankrupt?

PLease help me.
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ByJaneClack
#4898 You have no real choice - if the time share is in both your names it IS one of your assets (although worth very little) and in bankruptcy your assets will be seized by the Official Receiver. If the financial agreement is in both names you would have to declare it to the Official Receiver as it is one of your debts and ALL debts have to be disclosed - whether or not you have started paying for it.

If you do not have sufficient income to pay this and your other debts, has this been a recent occurence? This is a question the OR will ask as otherwise he will wonder why you took out the financial agreement on the Time Share. And, yes, I do know the pressure time share salesmen put you under - you need to see if there is anyway you can get out of it as unfortunately otherwise your co-owner will have to pay for the lot. Morally you will want to ensure she gets her £25 but the only way you could do that in bankruptcy would be by eating less as it would come out of your housekeeping allowance. And you would be doing it as a gift as the timeshare would belong to your friend.

Call NDL , Payplan or CCCS for some in depth advice on the situation - you may not have to go bankrupt as you may have some surplus income depending on your circumstances. Bankruptcy here does not look like a sensible option - only after looking at the situation from all sides can you really make an informed decision.

Good luck.
Bytweetypiejacq
#4964 hi new to this but i can help a little

cccs will not deal with the timeshare at all as i have been with them previously and the timeshare was left out of the agreement and i had to deal with them seperatly myself, but they will make allaowances for the payments you need to make to the timeshare in your budget plan

they did with me
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