Bankruptcy Questions

[UPINSMOKE]

I am applying for Bankruptcy on the 24th October but need some questions answered can anyone help please.

My daughter who is 14 has a bank account with the same creditors that I owe money too. Would her account be effected?? Or can I mover her money into a new account with another bank.

I am also stuggling with the part of the form about assets, I have a car but what else must I list.

I have camera equipment, golf clubs,video camera, computer, etc also bought my daughter a laptop for use with her school work. Will I need to list all of these?? What other things must I list. There also does not seem to be a lot of room on the form for listing lots of things. Would I need to list on a seprate peice of paper.

I also have to raise the funds for Bankruptcy, can I stop paying my creditors to do this or is this not allowed. I am not behind with any payments as yet but I know I will be in the near future.

There are many mor questions I could ask but will leave that for now.

Regards Mick F

[MelanieGiles]

Hi upinsmoke and welcome to the forum

1 Your daughter's account will not be affected
2 You must list all assets to the best of your ability, but normal domestic assets are unlikley to be affected unless they are of material value.
3 It would seem sensible to stop paying creditors in order to save the money to pay for the bankruptcy.

Don't hesitate to ask any more questions. That is what we are here for!

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Soulgrowth]

Good luck upinsmoke ... and keep in touch ... we are all here to support each other [:)]

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[scaredkez]

hi upinsmoke good luck with the petition, just the same as what melanie has already said, my 14yr old was able to keep his account as i was not a signatory on it, my younger ones we are still trying to find out if they can use them, i didn't list my camera or computer, as they are worthless in the sheme of things if they go to auction, so as assets all i listed was my house and car.
anything else feel free to ask.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[UPINSMOKE]

Still filling out the forms. Under Personal Pensions what do I have to put. I pay into a firms pension but that is taken out of my wages. I also have a pension from the post office as I was retired on ill health grounds some years ago but this I put under other income was this right or do I need to put in the pension section.

Also under assets it asks for monies in bank accounts. Can I do this now as I know this will change over the next few weeks before my petition on the 24th Oct.

The only other thing is that 2 weeks ago before I decided to go bankrupt I contacted a firm to help with my depts. They sent a rep to see me and I stpidly sighned some papers with them including a direct debit form. I am wondering if they can chase me for anything oweing to them for fees etc. the agreement was that I set up a basic bank account the send the the bank details. They would then act on my behalf to contact my creditors for me. I was to pay them 3 monthly payments of £308 while they sort everything out with the creditors. After that I would pay so much to them as payment to creditors and also £50 a month for their expences. I have not given them my ne bank details, but they do have a wage slip, credit agreement from one of my crediters, and a bank statement from my old bank that I use at the moment.

I am worried that they may try to get money from my bank at the present as I signed the direct debit form. Could they fill out the details from my statment on the direct debit to get money from my current bank account. I have written to them say I do not with to continue with their sevices and to return all of my documents to me. But can they ask me to pay any fees or take any without my permission. I am really worried about this. And do I have to declare what I have done to the court or the OR.

Mick

[Adam Davies]

Hi Mick
Contact your bank and cancel the direct debit,they will not be able to take any money from your bank if this is cancelled.
I doubt if they will want any payment as you have let them know.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[UPINSMOKE]

Hi Mick
Contact your bank and cancel the direct debit,they will not be able to take any money from your bank if this is cancelled.
I doubt if they will want any payment as you have let them know.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

With the direct debit form I only signed it I did not fill out any bank details. But was worried they may use it to fill out from my back statement they have. They do not have any details from the new account at all. I cannot cancell if I don't know if they have used the form??

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

If they filled in the details onto the direct debit form, that would be illegal and you could sue them for fraud. Somehow I don't think this will be necessary, but do chase them to return your paperwork.

With regard to the pension income - list this under income, and declare details of the occupational pension also on the pensions section of the forms.

With regard to the bank accounts, I suggest that you leave that blank until the day before the hearing, as the figures may well change a little by then.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp