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

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Byfeenix
#2907 Hi everybody,

Just thought I'd let you know my experience so far. I'm a pensioner living alone in rented accommodation. I've no assets to speak of and my income just about covers my expenditure (at least according to my figures). So from that point of view, things look fairly straightforward.

I petitioned for my own B. on 5 Jan (at Croydon County Ct) and was slightly surprised to find that the cost was £460 and not £450 - good job I'd brought some spare cash with me. I can't imagine that costs vary around the country - so it must be nationwide. Everything was fairly painless - I went into to see the lady Judge in her private office and she immediately signed the order. I then walked round to the OR's office (who had been told that I was coming) and saw the Case Clerk. I handed over cheque books and credit/debit/store cards. He said I would receive a package in a few days time explaining how things would proceed.

Among the cards I handed over was my new Nationwide Flex Account, which I had opened as advised by the National Debt Line. The advise was to open the account and arrange for my income to be credited to that account. At the start of the month, after the income had gone in, I drew it all out and then petitioned the next day. The Case Clerk said that they preferred people to open basic accounts after the Petition. He also explained that it wasn't the O.R. that froze accounts - it was up to the bank to decide to freeze the account or not. I went into the Nationwide the next day and said that the O.R. had relieved me of my card and asked whether they were going to freeze my account and if so, for how long. The staff in the branch didn't know the answer and had to consult Head Office. They said that the account would not be frozen and that I would be sent a replacement card.

I'm still waiting for the card and have just completed and sent off the follow up questionnaire to the O.R in readiness for my telephone interview next Wednesday the 19 Jan. I will report back after that.

Feenix
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ByJaneClack
#2909 Thanks for the information - that is useful to know and the Nationwide do seem to be the most reasonable about accounts.

With regard to the £460 I shall double check tomorrow as you are more likely than me to be right - there may have been a recent increase but it is good to know so we can tell people. I am surprised some of the court costs were not remitted for you though as you are on a pension.

We look forward to hearing from you as anecdotal evidence is very comforting. Thanks again!
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ByNicky
#2915 Thanks Feenix for sharing your experience. It really is an encouragement for other people who are worrying about petitioning for bankruptcy to know thats is not such a bad proceedure as people may think.

Look forward to hearing how things unfold. :wink:
BySonic
#2920 Hi Feenix

Just to say all the best for your OR interview - though as myself and many others here'll testify it'll be fine, just be as honest as possible.

You'll wake up on Thursday 19th with the wonderful feeling of a massive burden finally lifted off your shoulders!

S
Bydoglover
#2933 Yes its now £460. I did mine on the 4th jan and had a phone call the week before from the court to tell me the fee was going up by a tenner.

It must be nationwide, i imagine.
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ByJaneClack
#2947 Thanks for that! So now we need an extra £10 - seems rotten that those who need the money the most have to find the money to do it. BUT, it's a lot better than debt for years and years....
Byfeenix
#3051 Just to update you. I had my telephone interview with the OR this afternoon, which so far so good. I have to provide him with a few bits of further information, and I would know within the next couple of weeks whether or not I would be investigated further and whether or not he would be calling a meeting of my creditors.

All my assets were classified as 'exempt' (TV, computer, bicycle) as required for normal day to day living with the exception of my car. In order for a car to be 'exempt' it has to be required for one's employment and as I am retired and only use it for social and domestic purposes it was not exempt. This means that the car technically is under the control of the OR. I had put the car in my SOA as valued as £600. The OR suggested that he would accept a payment of £250 from me or a friend or family member in order for me to keep the car. I said that my son could probably come up with the funds, and that I would confirm this after speaking to him.

I will report further progress as things unfold.
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ByNicky
#3053 Incredible! OR are not that bad really are they :wink:

Thanks for the update, pleased everything is going ok.
BySonic
#3093 Hi Feenix

Glad it went okay - a relief to get it over with, eh!

S x
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ByJaneClack
#3097 Well done! I bet you feel better now and thank you for sharing your experiences with us. We look forward to hearing from you again. :)
Byfeenix
#3152 Thanks for all your good wishes. I don't feel that I am out of the woods just yet, I'm just keeping my fingers crossed. The OR said it would be 28 days from the Petition for them to complete their work on looking at the case.

Feenix
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