If you don't pay your mortgage and other creditors, then perhaps you can save for it out of this?
Good luck with the new house, it sounds as though it will be lovely.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi
Does anyone know when we fill in the Bankruptcy forms do I put half the loan and half the payments on each form as it is in joint names? Do I put half the mortgage and half the monthly costs? Can I put half the car each as an asset and a house we sold 4 years ago do I put half the profit on each form?? Sorry for all the questions!!!!!
Dee
You put the full amounts of the loans down as with joint liabilities you are both jointly and severally liable to pay the whole amount. You will need to put the car against the person wo actually owns it, and the house that you sold four years ago can be shown on a 50/50 basis.
Feeling stronger than I did last week - have appointment Monday to fill in the BR forms with the CAB. Going to book in for 2 October to take them in as they are open Tuesday and Thursday mornings and you need an appointment. Hubby gets 2 weeks and 3 days pay next week as that is when he is redundant - that will go a good way to paying the BR costs.
I am just going to hunt around and see if I can find allowable expenses anywhere.
Can someone tell me do I put the full amount of mortgage on each form (mine and hubbys as joint mortgage)and do I add the 9000 pounds redemption fee to the amount outstanding??
That fee is in place through to next May so I guess if they sold the house before then for less than the outstanding mortgage we would owe the outstanding plus the redemption.
You need to put the mortgage details on each form ( hubby's and yours if you are both on the mortgage ).
It may be helpful for the Official receiver if you put the details in for the mortgage and then in the box dirctly underneath put details of the Early Redemption charge of X% equal to £Y,000.
If you are handing back the house don't forget to put the mortgage in the UNSECURED section as well. This would be for any shortfall after the house is sold . I would suggest you take a stab at the value as this number hasn't got to be too accurate.
Paul Johns
Reviva UK
Assisted Bankruptcy Specialists www.revivauk.com
Thanks for that. If the house and redemption are 169,000, and they could sell it tomorrow for say 140,000 is what I am thinking - I then need to put 29,000 in unsecured is that right?
I personnaly think its rediculous to be expected to pay nearly £500 to go bankrupt. The reason you go Bankrupt is because you are insolvent and have no money so where do the courts actually expect you to find this money from?
Yes that is correct Dee. And I agree with you Steve - it is strange that a fee is charged for this, but the Insolvency Service do have be funded from somewhere.
We were getting the credit checks done now while we are still ok. We have been relly lucky though, we know so many people and we we know someone who has a place that will be ready in December that we can rent for as long as we want to. He knows our situation but is very happy to still rent to us.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
