Bancrupcy, where do I start? I have many questions but do not know where to start, we had a company ring us "moneymeans" and said they could help us go bankcrupt there fee is £1,000 and then we would need a further £1,500 for the courts! does this mean I cant afford bancrupcy either?!
they sent some information on bancrupcy which I read and still feel confused really and worried about all the paper work im going to need as I probably havent got most of it now, they said they will deal with the paper work side for us and fight our corner for the best "deal" from the judge. I know it is cheaper to do it on our own as I have read on here but what about all the paper work they need?
I know we can stay in our house for 12 months while we find somewhere else to live which im hoping we are a priority with our local council as we have two children aged 10 and 12, most letting agencies will not accept bancrupts, I know im jumping the gun as we havent done it yet but I dont want to make the same mistake as we did on our IVA by picking the first firm and bad advice.
If anyone can help as much as possible, any information would be greatly appreciated. Im so glad I found this site. xxxxxxxx
The company that has approached you is trying to make money from your misfortune - ignore them !
BR fees are £510 per person (£360 if you are on certain benefits) and slightly more at the High Court in London.
Don't worry too much about the paperwork, if you haven't got statements the Official Receiver can get these from your creditors.
When you see the judge (and not everyone does) he grants the BR but has nothing to do with your payments. These are set by the Official Receiver.
If you have a look at my blog I've written about my BR experience, including the paperwork the OR asked for.
If you have any questions please post and someone will be able to help you xxx
Which IP firm are you with? And are you sure the IVA is failing or are you just fed up of trying to get support from the firm you are paying to look after it?
Please don't pay a compnay to help you go BR - we'll all help you for free.
Have you got any of your review reports? This will tell you what you've actually paid in and if any of yoir creditors have been paid. Your original chairmans report should list your debts.
With regard to your property, do you have any equity in it? You may not necessarily lose it if there's no equity and you can afford the mortgage repayments.
If you can't raise the equity then it usually follows that an extra 12 months is added on, making it six years rather than five.
Something you need to discuss with your IP I think.
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