BANKRUPCY

[KADGE]

Hi All
Anyone been through BR recently, just had the IVA rjected and now going to go down the BR route, not an easy option but don't feel like I can carry on like this anymore, life is just all about debt and hasbeen for the past few years.
Have very littl equity house worth about 94k mortgage 72k secured loan 18k
total joint income monthly 2500
mortgage 660
secured loan 250
gas/elec 200
council tax 110
petrol 80
food/houshold 400
Travel expense 80
House insurance 40
Car insurance 40
Car tax/maintenance 50

then all the other things on top so not left with a lot.
Do you hve to pay for a valuation on the house, or will they take it from the paperwork from the IVA???
So many questions so very very scared, just need to start to live again, my eldest son is ok he provides for himself but we also have a 16 year old so there are 3 adults living.

Anyone who has gone through this recently please feed me your thoughts and experience,

A very sad and unhappy Kadge

[Skippy]

Kadge, I went BR nearly a year ago and it was nowhere near as bad as I was expecting. I don't own a property so I can't advise you about the valuation, but hopefully one of the experts will be along soon.

I was in an IVA that I couldn't afford and it failed after 4 months. I knew I had to do something as I couldn't carry on worrying about money all the time.

You will need to give your local county court a ring and ask if they deal with BR, and if you need to make an appointment or can just turn up on the day. The fees are £485 per person. You can either ask the court to send you the paperwork, or you can complete it online - https://www.insolvencydirect.gov.uk/isolv/. I completed them online, and you can save as you go along.

If you have a look at my blog, and Scaredkez and Coco's blogs you can read more about our BR experiences.

[chris.g]

Kadge, we filed on Wednesday gone, day before Valentine's day. I must say I was expecting it to be really bad, and that the judge would give us a right grilling or not grant the bankruptcy. Not at all, he asked if it was the only way, I explained what we had tried, reduced payments/token payments/not enough surplus cash for IVA or DMP. He nodded, signed the forms and wished us luck. The court staff were good, non-judgemental and friendly- afterall, they see this avery day they work. Now we are waiting to meet the Official Receiver, apparently they have the final say on what you can and can't have/keep. Our house will be taken but we have moved into rented accomodation-private landlord, we explained about the bankruptcy and he was fine, I'd heard some horror stories about letting when bankrupt. As far as I'm aware, all the expenses for selling the house will be taken from any profit that there may be. The rest will be shared amongst any secured debt and any remainder will then be divied out to the rest of your non-secure creditors. The same for any other assets that you might have.
I honestly think that it isn't as bad as I thought it would be, yeah, you get your name in the paper but Warhol said everyone would have their 15mins of fame!!! Lol. Seriously, don't dismiss it and struggle on needlessly, it might be your best option.