GOING BANKRUPT TOMORROW, I THINK!!

[onlypassion]

Well my hubby rang the court today and they have told him they don't do an appointment system, he just needs to turn up with his forms and his fee and they will see him there and then. Can it really be done that quickly?

We both feel very nervous as we just want things to be accepted and cleared up there so we can really start to enjoy life again. It has been such a tough few months and I finally feel like we are heading towards closure.

My little boy has just been diagnosed with Autism and I really feel guilty as all of my time has been wrapped up in trying to sort out the financial mess we are in. Hopefully all being well the BR will be accepted and we can get everything finalised within a few weeks and then I can really start being a Mummy again and give him the love, committment and stability he needs.

Fingers (and toes!) crossed, will keep you all updated

Andrea.

[Skippy]

Andrea, I'm so sorry to hear about your little boy. I hope you get all the help and support that you can.

Regarding the BR, yes, it really can be done that quickly! I didn't have to make an appointment, it was first come first served and they see 4 people a day. I had a long wait, but that was because I got there an hour and a half before the court opened - I was determined to be seen! Once they actually opened it was really quick and painless - I was in with the judge for less than 10 minutes.

Good luck to you, hubby and your little boy x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Keepingmyheadabovewater]

have you thought of doing a iva

[iva experts]

Hi Andrea, sorry to hear about the recent news regarding your little one. Positive thoughts your way.

How fast your bankruptcy goes through really depends on how busy your local court is, if they say you dont need to make an appointment then you can just go down there whenever your free.

[:D]

Best Regards. IVA Experts

[Oliver]

Yes it really can be that quick. I think that Bankruptcy will hopefully allow you to finally put your debts to one side and allow you to focus much more energy on your family!

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[onlypassion]

Hi all,

Bit of an update first of all BR hearing went well, the Judge adjourned the hearing as she wanted us to take some further legal advice rerading the house as she felt we were not educated enough on what could happen to it under BR proceedings.

She said once the advice had been saught, to go back and the BR application would be approved so we are back on Tues. The people in the court were lovely and very very understanding.

John.l we have tried an IVA, we proposed a joint one, mine was accepted thanks to Melanie and her team but unfortuately Hubby's was rejected due to NR and basically going BR was the only real option. I should hope none of our friends are shallow enough to fall out with us for going BR, if they are then maybe they weren't really friends after all. Hubby is A HGV driver so job wont be affected.

Thank you all for your kind words of support
Andrea

[catullus]

Are you clear on what happens to your property in bankruptcy and do you intend to actually take some advice? I think that the judge would expect you to do so.

Happy to answer any questions.

[pippa]

Hi

I would appreciate a few more details too if possible, i have equity and want to know what sort of questions they would ask to show I understood the implications


Thanks

Pippa

[aguise]

All the best Andrea and totally agree if your mates are bothered they are not the mates you need.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[catullus]

Pippa

To be honest I don't know what questions a bankruptcy judge might ask you. I think that you have participated in some discussion on property and bankruptcy so you probably know pretty well all you need to know.

If anyone is heading down this route I really would recommend the Insolvency Service website http://www.insolvency.gov.uk/ because not only does it explain in relatively simple terms what will happen but also you can get access to the OR's technical manuals and guidance notes under the Freedom of Information section. A bit more technical but they can be very informative.

[onlypassion]

catullus,

We had already received advice but she felt there were flaws in what we had been advised. We have been to see a solicitor who gave us a free consulation. They have basically advised that for 3 years the home will hang in the balance.

There is negative equity in it at the moment but at it will be reviewed every year, if there is equity they can effectively take the house. We will be given the opportunity first of all for a 3rd party to buy the equity and reposession we were told, is a last resort. At the end of the 3 years a final decision has to be made by the OR on what will happen with the house.

An advisor at Thomas Charles has advised as there is neagative equity (about £6000) we should speak with the OR and offer to buy the house back straight away for a nominal amount, he said it could be £1 or they could request say £1000. He did state if we wre open and honest with the OR then they tend to be very helpful although it is 50/50 as to wheteher they would let us sort the house out straight away but I am sure it is worth a shot.

If worst comes to it and the house has to go, we would be given notice and would find something to rent, hopefully it wont come to that but we are aware it is a possibility.

Does the above sound rigt catullus? Is there anything else you feel I should be aware of? Also can you just tell me, once the BR is approved, can creditors still put charging orders on the home or are we protected from that with the BR? I ask as alliance and leicester have a final hearing for a charging order in Sept, just wondering if we will be able to escape this

Thanks
Andrea

[catullus]

That's a pretty good summary.

I believe that the OR will be prepared to sell your beneficial interest for a nominal sum but I think that it might cost more than £1 and whoever bought the beneficial interest would also have to pay the legal costs.The OR will guide you more on this but if you can't agree terms then your solicitor is correct that the OR will monitor the position for 3 years. In reality that means merely ensuring that you don't try to sell the property without accounting for any equity.

As to your question about charging orders, no they won't be able to enter one against your property after the date of your bankruptcy

[onlypassion]

Hi catullus,

Thanks for that, it has made things a lot clearer, we will just discuss things with the OR regarding the house, hopefully we will be able to make an agreement.

It is a relief about the charging order, at least we will be protected from any further action.

Thanks again.
Andrea