what will happen once I have gone bankrupt

[samanthadm]

i have sent a message before but would like some info on what will happen once I have gone bankrupt? I have a car which I paid £2000 for I use the car for work and taking my son to the childminders and picking my stepson up from school 3 days a week which is an agreement with my partners ex wife and the courts. My stepsons school is 3 miles from our home and my sons childminders is 10 mins so its easier with the car. Will the courts see that I use my car for work and picking my son and stepson up from school or will they just make me sell the car? Also am I not able to keep my bank account? What will then happen to my wages that get paid in. I am confused as to what they do I think after court you have an OR to help you or guide you where and what money you can spend is this true. I would be grateful for any advice as I am filing the forms out as we speak for bankrupcy but am concerned at the same time. I am in an Iva and have spoken to the company who have suggested lower payments which will not help. iam left with 59 pounds a week and keep having to borrow of my dad to pay for my shopping my only choice is bankrupcy.

[Julie]

Hi sorry to hear of your troubles - we're in a smilar position, where hubby's IVA is set to fail after nearly 2 years. We wanted to lower our payments but creditors wouldn't accept so we too are completing the BR forms.

I would certainly think you'll kep the car as its withing the guideline value and a neccessity for you. With the bank account, I believe you can only have a basic account, which is probably what you have now anyway.

Does your IVA retain fees for BR? Hubby's doesn't but worth having a look in your proposal.

Try and take time to read skippy's blog - she's been down the same route and gives an honest and practical account of what to expect.

Try to keep positive and keep posting, others will give their advice soon xx

[samanthadm]

thank you for your comments. I am going to go Bankrupt companies keep offering to help me but I have heard they are after a fee. It seems this is the best place for advice.. stay in touch and let me know how things go..xxx

[kallis3]

Don't do bankruptcy with a firm who is going to charge you. It will cost you a lot of money for something you can do yourself.

You can fill the forms in online

http://www.insolvency.gov.uk/doitonline ... nemenu.htm

Plus £495 for the court fees.

[Skippy]

Please don't pay a company to 'help' you go BR. As Jan says you can fill the forms in online which is how I did it - you can amend and save until you actually submit them.

[Julie]

Samantha, don't pay anyone for filling in the forms, like the others have said you can do them yourself.

To be honest the forms are not too bad, I've had a look and if there's anything we need help with, we can post on here and we'll get help.

xx

[MelanieGiles]

I agree with the other experts - have a look at the forms first and have a go at filling them in. And rather than pay someone to do this for you, if you have any queries post them on the forum so that everyone can benefit and learn more about this procedure.

[samanthadm]

thank you all for your replies, I am taking your advice and have filled in the forms so far myself how easy it was. I would have paid £500 for someone to do that for me which is a waste of money. Can I apply now even though I paid some last month towards my IVA. I also had to get a car as my old one the engine blew up. My dad has lent me the cash to pay for the car will they take this away from me its value is £2800? Any suggesstions would be appreciate you repies....

[kallis3]

I would contact the court on Monday to see what their criteria is for bankruptcy - each court is different.

You are allowed a car, but I am not sure of the value of it. Melanie or one of the others will probably come on later and advise you about that.

[MelanieGiles]

I think that the car probably is at risk at that value - I normally work on an upper figure of £2,000 from my own experience.

You are likely to require a certificate of default or non-compliance with the IVA to be produced at Court, to demonstrate that the IVA has failed. I am sure that your IP will do this for you quickly, given the change in your circumstnaces you have described.

[samanthadm]

I finally told my IVA company that I am going bankrupt. I am just waiting for them to send me a letter. Im sure they will be over the moon. I have filled all the forms out for bankruptcy and now am just going to have to wait for the IVA company to give me the form for the courts. How easy do you think it will be. If anyone can advise me on how quickly there IVA company have worked for them that would be great. I am feeling a little stressed as the cat has now just cost me £300 right at a time when I have no money. Some support would be great.. Hope your all ok..

[MrsKnight]

Hello & Sorry to hear about your troubles. Regarding your car Am I write in thinking that you bought the car second hand at 2,000? If you bought it more than a year ago & done some millage in it then it will worth less than 2,000. We bought our car 3 years ago now for 3,250 & its now only worth 1,500 approx & we have only added about 10,000 miles to the clock. I think your car should be ok, plus you really need it for your children etc. Hope everything goes to plan for you.
Keep posting the people on here are a fantastic support during these difficult times.

[flumpy dog]

hi sam-just wanted to add a lil good luck to you x
if you need us friends and support are only a mouse click away x

[kallis3]

Once you have the letter, you can contact the court for a date. No idea how long that will be.

Don't forget you need the £495 fee as well.

[samanthadm]

Just a quick message to say thank you all for your support and great advice. I will keep you updated..[:)]