Bankruptcy??

[tinks_25]

Hi,

I was wondering if anyone would mind answering some questions for me.

I am considering going bankrupt as I cant see a way out of my debt. I did a review online and it's showing that I don't have enough money to do an IVA and the option came up as bankrupt.

I'm worried about having to go to court and what might happen? And also how long after you submit your forms does it take to get you to court?

Also if i get a payrise after I go to court but before i am discharged will i get fined? (I'm looking for a new job).

Is it hard to get a bank account? My debt is with the HSBC?

Thanks v.much

Nicki

[Skippy]

Hi Nicki and welcome to the forum.

When you go to court you will see the BR clerk who will go through your forms. You will then sign the forms in front of the clerk. You will most likely be seen by the judge (although not all courts do this now) who will ask you if you have taken professional advice. Providing that you have s/he will grant your BR. After that you will be contacted by the Official Receiver to arrange a date for your meeting.

You will need to contact your local court to find out how long their waiting list is, and whether you need to make an appointment - some courts have an appointment system and others have a walk in system.

If you get a pay rise you must tell the OR. You will not be fined, but you may get an Income Payment Agreement if you have a surplus of more than £100 per month.

I have a Cashminder account with the Co-op. The Co-op and Barclays are the only banks who offer an account to undischarged bankrupts.

If you have a look at my blog I have written the full story of my BR, and there is also a table showing the amounts you could expect to pay if you received an IPA.

Good luck, and please post any questions - there is always someone who can help x

[tinks_25]

Hi Skippy13,

Thanks so much for your reply, i have just read your blog and find it really informative.

My main concern is what i was spending some of my money on, quite a lot was on clothes but i was younger than and battling depression, I hope they take this into consideration.

Do you think they could refuse BR because of my bank statements showing quite a bit of shopping?

Thanks again

Nicki x

[MelanieGiles]

How much disposable income do you actually have each month available to pay creditors? I would beware of online checklists - talk to an insolvency practitioner who will give this the human angle before you make any definate decisions.

[Skippy]

Don't worry too much - my bank statements showed quite a lot of shopping! The judge won't refuse your BR because of that, and you will get your chance to explain to the OR about your depression.

[tinks_25]

Hi,

I've been in contact with Payplan as advised by the CAB and unfortunately as its only one creditor they can't help me.

I have decided to go bankrupt and will complete the forms online.

They did mention that some companies will fire you over it, is this true?

Thanks

Nicki

[Skippy]

You will need to check the terms of your contract. It usually only affects certain professions such as solicitor or police officer, but it's better to check.

[tinks_25]

Hi everyone,

I have spoken with payplan and as its only one creditor they can't help me so looks like bankruptcy. I'm so scared about going to court, do you know what i should expect?

Thanks

[Skippy]

If you have a look at my blog I have written all the gory details of my day in court. The process will vary slightly from court to court, but it was nowhere near as bad as I was expecting (apart from the miserable security guard!) and most other people have said the same.

[tinks_25]

Hi,

As of yesterday I was made bankrupt, i now have to wait to speak to the OR to see how much i have to pay, but i think as my surplus is around £90 it may be nothing to start off with.

If I get a large payrise though I can imagine that the monthly payback will increase.

Skippy13 - Thanks a lot for pointing out your blog, it has really helped me.

[Viki.W]

Good luck for your debt free future Tinks. X

[kallis3]

Good luck from me too.[:)]

[Skippy]

Good luck for the future Tinks, and I'm glad my blog helped x