GOING BANKRUPT

[onlypassion]

Can anyone advise me on BR. I am reasearching this option incase my iva fails as I want to be able to act quickly if it does. Is it possible to avoid having the BR publicised in the local paper? What I am thinking of is going to a court in Manchester (200 miles away from me) You see my husbands family live there - he did too until 6 years ago. His family are aware of the situation, mine are not. His parents are happy for us to say we have moved in with them and file for BR at their local court. The BR order would then be published in the local paper in Manchester? Is this possible to do and would it actually work like that? I am sure this sounds a little extreme to many of you however our family and friends here would be hugely disappointed with us and would just make the whole debt thing really unbearable for the 2 of us. It would be great to be able to do it down there then kind of be able to have a bit of a breather knowing everyone close to us does not know we have gone BR.

Any advice?
thanks AGAIN!!!

[MelanieGiles]

Sorry onlupassion

You can only file for bankruptcy in the Court which has jursidictiom in the area you have lived in for the previous 6 months - or if you have recently moved the area which you have lived in for the majority of the previous 6 months.


Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[DebtDummy]

Hello onlypassion, your husband and you tell as much or as little as you feel like to your family. It's bad enough being under the burden of debt, but then to have to be concerned with their feelings as well can be somewhat overwhelming.

Moving 200 miles away will not change the fact the BR notice goes into the local paper and the London Gazette for 30 days. In your case the local paper would be local to your in-laws address as this is the address you will be using on the petition and living there as well. I could be in error about this though.Contact the court in Manchester and find out.

If you are renting the OR will contact your landlord to check if you own him/her money and you may be told to vacate the premises. Read your tenancy agreement about bankrupt tenants.

Have you ever seen the BR notices? They are very small and always in the back of the local paper. No one ever notices really. I never bothered looking until I thought about what would happen if the IVA failed.

Being spotted by friends and family in a BR notice is the least of your problems. Seek professional advice as you will be asked by the judge before he grants it. For more information go to http://www.insolvency.gov.uk. The website has the information, documentation and you can file online as well.

Good luck!! Post and let us know how things are going along.

All I have left is my humour.

[onlypassion]

Hi debtdummy.

My family are very nosey and read things like the BR notices etc and would def spot it, without a doubt! If it came to it and it was my only option then I would file for BR up here but if I could avoid it I would prefer to do so.

We do not rent, our home is in my husbands name as is the mortgage - no equity if take into account selling costs etc. Mortgage £114k secured value £120k max. So with regards to the landlord being informed that would not affect us.

We were going to say we moved to Manchester to cut living costs. We would continue to pay our mortgage etc for the home we had "left" however by "moving in with his parents" on a temporary basis, we would save on so many other costs whilst we got back on our feet, once we were we would return to our home here. I am "happy" for the BR notice to be published in ANY paper except my local one!

I am going to seek full advice on this and this really is just a back up plan. For now I want to be positive about my IVA being approved.

thanks for your reply.

[onlypassion]

Hi Melanie,

Thanks for that, it was a nice though while it lasted, but never mind at least I know the answer now. Fingers crossed for the IVA then!

thanks

[MelanieGiles]

Oh dear, Onlypassion

Please be very careful - and take professional advice. The Trustee in bankruptcy will investigate your case and find out where you were living - you will have bills in your name going to your current address, and are probably listed on the electoral register - and H M Land Registry will have your husband's house listed.

It is really not worth doing - and the judge at Court will definately question this.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[onlypassion]

Hi Melanie,

No I wont be considering that option any further rest assured. I just thought if it were possible I would do but I am not going to do anything illegal or whatever it would be classed as. I should have known it would not be possible anyway in something such as serious as BR. As I said earlier, I am just keeping my fingers crossed for the IVA and I will be fully researching and seeking legal advice on BR if I were required to take that route.

Thank you for your expert advice.
Andrea

[freelili]

onlypassion

I used to feel as you do and was afraid of my family finding out. I told them the truth when they were asking why I didnt join them on family trips, weddings etc, I just could not afford it. I couldnt have been more wrong and have recieved tremendous support from all of them and not one word of judgement. I found it tremendously difficult to do this but now I am so glad I did, believe me, you never know what is around the corner. I think you should hold your head up high as you are trying to sort your debts out. I appreciate that circumstances are different for everyone. I really hope everything works out for you.

Good luck

LILY

[Skippy]

I agree with Lily. I was terrified of telling people, especially my mum, but I'm so glad I did. I can't believe how supportive people have been. It also makes me feel better that people know the real reason that I can't do things - I couldn't spend the next five years making up reasons.

Three down, fifty seven to go until freedom!

[razamataz_]

I feel just as you do and i am considering bankruptcy but it is getting my head around fact of newspaper notice and also fact of losing new basic account little personal things really-but where i live is a small minded community and someone whom i spoke with at Myvesta said ' you have to think of you' not what others think and that it is drawing a line under your problems- but to me the naming and shaming thing is a horrid part and old fashioned, and it's time it stopped as there are enough other ways of learning about peoples real facts these days with technology and software.It's enough to put in London Gazette without penalizing folks further but i guess it's part of the punishment and better than prison cell[:I] good luck

[Dominic]

Do not be ashamed, you are facing up to your situation and taking action, positive action, anyone who cares for you and knows and loves you will not shun you and if they do they truely did not love or know you and were not worth knowing anyway if they only ever valued you by thew amount of of money you had access to.

[Skippy]

I would imagine that very few people read the bankruptcy section of the local paper. If people are small minded enough to judge you by what you have then they are not worth knowing. Hold you head high - you are taking steps to sort your life out.

Three down, fifty seven to go until freedom!

[Mr Loadsofbills]

In our local paper you'd need a magnifying glass to see them.

If people make comments then ignore them, they're simply not worth taking into consideration.

You've heard the saying 'people in glass houses....'

More bills than pence.