Bankruptcy help

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Post by stuffed » Mon Apr 14, 2008 4:30 pm
I am due to go bankrupt in the near future and I would like some advice,
Is it sensile to open an new bank account in advance and should I do this? If so, who do you recommend.
Is the OR in Cardiff or Swansea the most understanding or will the court pick one for me?
What about my car? I am looking for a job but live in a rural area where I need my car for everything. It is worth about £1,000.

Any other advice appreciated.


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Post by chris.g » Mon Apr 14, 2008 4:35 pm
Hiya and welcome to the forum,
Firstly, I would open a basic account with the so-op, unless they are one of your creditors.
The OR will be automatically appointed depending on where you file for br.
Your car should be ok, especially if you need it for employment.
Hope this helps and good luck
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Post by pippa » Mon Apr 14, 2008 5:21 pm
Hi Stuffed
Any bank account held at the time of your Bankruptcy will have to be disclosed and could be subject to review from the OR so may be temporarily frozen, it is usually suggested that you open another account on the day of your Bankruptcy. The Co op offer a basic cashminder account and accept undischarged bankruptees.

I am not sure if you can select the court that you would prefer, best to ring up your nearest and ask. That said regardless of where you petition, the OR has many assistant OR's one of which will be assigned to you. Although some peoples experiences are different, all those that I have come into contact with have been very professional.

I petitioned in Cardiff and was advised my car was exempt from the BR estate and it was worth approx 2.5k so you should be fine with yours.

Feel free to ask anything and good luck



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Post by MelanieGiles » Mon Apr 14, 2008 8:37 pm
Your car will definately be exempt from bankruptcy proceedings, given its low value and the need for you to use it to seek suitable employment. Where do you actually live?
Regards, Melanie Giles, Insolvency Practitioner


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Post by stuffed » Tue Apr 15, 2008 10:50 am
I live near bridgend. My Husband has a car but uses it to get our children to School. (my son is sometimes wheelchair bound and we need to transport him) My Husbands car is 8 years old and worth about £3.5k.
It is intended that I will go to work and my husband will look after the children for a while, he is very depressed at the moment.
I will need a car to get to work. We have no other assets so Bankruptcy would seem like the best option to pay our debts. I am at present on Jobseekers allowance but hope to get a job very soon.
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