only option is to declare myself bankrupt.

[clairew]

Having concluded that my only remaining option is to declare myself bankrupt, I now need to get the fees together.

What I wanted to ask was, would it be possible for me to open a basic bank account with the nationwide (I hear they will give them to bankrupts). I want to do it now, before the event so I can transfer all my direct debits and my salary from the bank that I owe £20k to. I figured that if I did it now, and got a very basic account, maybe the OR will not freeze this account at bankruptcy. It would also mean that I would be able to get the money together to pay the fees as I wouldnt be paying my loan to my current bank automatically out of my salary. I am currently robbing Peter to pay Paul and figure if I just stop paying everything for a couple of months it will give me the time and money to get the bankruptcy process underway. I am also hoping that by opening the basic account now, I wont have trouble getting my salary when I am actually declared bankrupt.

Also I wonder, do I have to tell my employer (I am a legal secretary). I have read my contract back to front and inside out and I cannot find anything in there to do with BR but I really dont want my employers to know, I will be ashamed and worried that because I havent been here very long they will find a reason to get rid of me.

Just so you know, I am 25, I owe about £25k in loans and credit cards. I have no assets, I live in rented accomodation and I am stupid! Spending beyond my means and now look where I am. This is a very scary prospect. Also, can you tell me do the OR's come round to your house to check on your possessions or do you just disclose it all on the forms.

Thanks

Claire

[MelanieGiles]

Hi claire

It is unlikely that the Official Receiver will freeze your new bank account, but the bank might. Best to explain your intentions to them up front to assess if they have any particular policy in this regard.

You do not have to tell your employer, unless your contract states otherwise, but you are obviously aware that this will be a matter of public advertisement in your local paper. And being a firm of solicitors they may well ready the legal notices section as a matter of course.

The Official Receiver will not come round to your house, so don't worry about that.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[freelili]

Hi Claire

You are being so hard on you, forgive yourself, we all make mistakes, well I certainly did. I just wanted to add, if you do open a basic account REMOVE funds BEFORE the bankruptcy order is made as any money in the account is seized and becomes part of the bankruptcy estate. I read somewhere that bankruptcy is like an elephant from the front and a mouse from behind. There is lots of support and info on the sister bankruptcy site (at the top of this page.

You are young enough to start again, there is a new life on the other side of a rubber stamp and you will never walk down this road again, right?

Good luck

LILY

I asked God for a solution and have to live with his reply.

[Skippy]

Hi Claire, please don't be so hard on yourself. We have all made mistakes, and it takes courage to admit that and to take steps to move on.

I am 32 years old and was 65k in debt. My IVA was accepted and failed and the only option left to me was BR. I petitioned for my BR last Thursday and it was nowhere near as bad as I thought it would be. The people at the court were lovely and didn't judge me. I have my meeting with the OR next Tuesday. I have been posting all the developments on my blog, and I will continue to do so (my blog probably should be on the BR website, but I can't be bothered to re-type it all!) until everything is sorted out as I hope it might help someone else.

Good luck, and keep posting to let us know how you get on x

Onwards and upwards!!!

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Clairew
I had debts nearly triple yours with no assets so do not feel stupid.You have made a sensible decision in sorting out your debts and in about a years time you will feel that it was the best decision that you ever made.
This forum and www.bankruptcyhelp.org.uk will support you throughout the bankruptcy procedure and beyond.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[jamesfalla]

Claire

I deal with a fair number of bankruptcy clients and unfortunately in my experiance, your account will be frozen by the court whether it is a simple card cash account or not.

Quite often I have come across instances where the OR says the account will not be frozen only to find that it happens anyway causing inconvenience. If you need to get the money for bankruptcy together, there is nothing to stop you opening a new basic account now and then opening another one after your are declared bankrupt

In terms of letting your employers know, I suggest you find a friendly face at work and ask them the hypothetical question - if I were to do this what would heppen...... Better know where you stand now rather than have trouble later

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk

[jamesfalla]

Also I would like to add to Andy's comment

Claire, you should try not to be too hard on yourself. Unfortunatley it is all to easy to borrow money and let your spending get out of hand. You are most certainly not alone. I would be most surprised if there were not other people actually at your place of work who are in exactly the same position as you.

You can take some comfort in the fact that you are acting to resolve the problem.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk