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

Moderators: TalbotWoods, JaneClack

By Jane1962
#248753 Hi,

My husband & I have our appointment with the courts tomorrow for our BR, and I would just like to ask a couple of Q's before we go:
1. We have just been paid and want to know if we should clear the bank account of all the funds apart from the DD's and SO's?
2. Is there anything of major importance that we need to take with us, apart from the money, passports, utility bills and anything pertaining to the creditors?
3. What actually happens at the hearing? Little unsure of what to expect?
4. How long is the process, that is what happens after tomorrow?

I hope someone out there will be able to help us and put my mind at rest.
I've been reading up on the posts and know that you give very good advice.

Many thanks

By Jane1962
#248803 Shouldn't we leave enough to cover the utilities, mortgage, secured loan and council tax? If we take this out how will these things be paid? Don't want to get into any more trouble with late payments and defaults
By johnny 73
#248813 its quite possible that your bank account may be closed through the act of applying for bankruptcy.

you are right though, leave enough in to cover DDs but remove any excess cash
By Jane1962
#249255 Hi Johnny,

God I really felt awful when I came out from the OR as I was never brought up to take loans and get into debt, but the system seems to draw you in and then things get out of hand, problem we are having is remembering what we used the money for and so the OR asked us to draw a timeline and try and find out that way, just hoping I've got all the back copies of bank statements.
Things went quite well although it was too much to go through in one day and so we are having a telephone conference next Thursday, when hopefully we be able to go through everything.
How long does it take from now to get things sorted and if needed an IPA set up?

Thanks for asking, it's good to be able to get advice.

By johnny 73
#249283 whether an income payment agreement is made depends upon the income and expenditure details you provided on your application form. unfortunately for you the rules regarding how much a BR applicant has to pay if an IPA is made changed in december and are less generous than used to be

so did you go to the court and then you spoke to the O/R on the phone from there? that no longer happens in the 2 courts i go to where the OR makes an appt to phone the applicant at home usually 1 -2 weeks after first attending court

in cases ive known if you really cant remember what money from where was used for the OR recognises that BRs can get very confused and into complex areas of borrowing from places to pay others etc, or just get spent on general living expenses etc. just try your best to remember as best you can
By Jane1962
#249323 Hi Johnny,

We went to court and from there we went to the OR, it was after about 1hr that the examiner said she would give ourselves some time to come up with the timeline and then would call us next Thursday.

Can you please advise me on whether we are able yet to open one of the simple accounts with Barclays as although we are ok for this month, once we get paid next month, I don't know how we would be able to withdraw the money without cards and I don't want to lose the money but not sure at what stage you can do this.

Many thanks for your continued support.

By johnny 73
#249325 you can open a new account now and it would be a good idea to do so and get any income thats paid to the existing account you have now transferred