Bankruptcy advice and questions

[toddle2u]

I would tell them you sold it to raise some cash to pay creditors and is no longer in your possession. At the moment 2nd hand laptops worth about £50 if that

[geministar2007]

would i not require proof of sale for this?

[palomino]

You must disclose every single debt to the Official Receiver. Amongst lots of other things the OR will advertise you BR, requesting creditors to lodge their claims with him hence so you can be found out if you omitted the debt. The OR takes a dim view of people trying to hide things from him.

[Stornoway]

mIGHT BE MORE APPROPRIATE TO TRY AND ARGUE THAT YOU NEED THE LAPTOP FOR WORK OR STUDY PURPOSES - IE. RESEARCH ETC. iN OTHER WORDS ITS A TOOL THAT IS REQUIRED FOR YOUR TRADE - I THINK THIS MAY MAKE IT EXEMPT FROM ANY REQUIREMENT TO SELL IT ?

[palomino]

One question we have overlooked : was the loan specifically to buy the laptop? Was the loan amount secured on the laptop?

 

If there is no documentary link between the loan agreement and the laptop ... err, what laptop?

[geministar2007]

when filling in the forms and you get to the section about why you have become bankrupt.

 

I take it you can put in all reasons, my main reason is the fact i was a student studying for my degree so debt was thrown at me and also the fact i havent been able to find the job i thought i would after study therefore my income has always been low so i have been unable to pay back overdrafts and so on.

 

Also could i include my history of depression? I have been on antidepressents on 2 different occassions in the past 7 years. I have read depression can contribute to eratic spending? What does anyone else think? I have also be treated for possible borderline personality disorder.

 

Also i take it this section i state i have been on a DMP for X amount of time and the reason i have decided on BR is the interest and charges keep racking up i will never be debt free in this lifetime!

 

I am not trying to fob off my debt with excuses but want to include as much as possible.

[phat256]

hi gerministar thisx is what i put for reaons

 

" i had real difficulty in maintaining repayment to my creditor as i am on low income and lost my job last year. Indeed, in my previous job, my hours were reduced gradually as our company were losing profit. Then shop i was working at closed down. I was then facing unemployment and as such could not afford to pay anything towards my creditor My debt have increase gradually over the years and have basically got out of control. I was just repaying mainly interest and charges applied to the debt and as such i could not make a real attempt at reducing my debt. The stress has put a real strain on my realtioship with my partner and on my health.

i have just started a part time job after being unemployed for more than 6 month, between October 2007 and May 2008. In the meantime, i was illegally evicted by my previous landlady which put me a lot of strain also on my finance as i had to find a new accomodation very quickly. i first tried to negotiate with my previous creditor but i wasn't successfull as they wanted me to make large payment of money to which i could not maintain. I was advised to make contact with national Debtline and the Citizen Advice Bureau which advised me due to my current situation to go bankrupt and they are continuig to assist me. "

 

i would mention to them about your history of depression and your mental health issue maybe with a letter from your GP to confirm your difficulties you are facing as they will accomodate your needs during the interview.

 

i hope it does help ! good luck

[phat256]

my council tax arrear were over 4K it was all been wiped out after my BR order.

 

If you partner was at the time living with you at the time your council tax arrear then i think your partner may become liable for it. i am no expert to it. but i know they have tried with myother half , although he is BR too !

[gizmo111]

DO NOT MAKE UP ANY STORY TO THE OFFICIAL RECEIVER FOR ANY REASON.

 

Your laptop will be safe, they are interested in items with a single second hand value of around £200. This is an old item and has a low resale value. If you had bought it last month then it would be a different story, but this will be of no interest to the OR at all.

[gizmo111]

Whose name are the arrears in?

[Sugarbabe47]

Geministar2007 - Hi there,

If you search this site you will find my thread on Bankrupcy from start to finish - in detail as well...lol...it was scary, I worried a lot, slept less, was stressed out...anyway have a read.

I am just feeling the benefits now and not held to seige with bailiffs etc...tis a good feeling - financial freedom!!!

 

I wished I did this sooner and saved myself a couple of years worth of stress and ill health - but I battled on!!!

 

Take care

Sugar x x x:D

[geministar2007]

thanks yes the loan was for the laptop soley. i will be honest, but whos to know if i sold it or not?

[geministar2007]

hi sugar thanks for advice could you post the link and i'll have a read. I actually cant wait until i get my appointment and can move on with my life. I'm still under my DMP at mo, so not too much grief but wont be paying my next stallment of 32 quid (reduced rate) in a couple of weeks.

[geministar2007]

myself and partner. i have discovered via a question i posted on myvesta that you cant file a BR claim for c tax arrears in the current tax year, which is what i owe for sept/oct/nov/dec and shorlt Jan. Why can't i include it. I cant afford it, so it is a debt i will struggle to pay.

[loobyloo85]

Hi, it is very unlikely that they will ask you for the laptop, as after the bankruptcy fees have been taken, they would receive nothing for it anyway. Any asstes worth under about £2000, the Official Recievers are unikely to ask for at all. Try not to let this worry you. The HFC loan will then be written off in your bankruptcy x

[geministar2007]

thanks looby

[geministar2007]

i am filling in my BR forms and the section with regard to renting (i rent my flat) asks land type freehold or leasehold.... as i do not have a tenancy agreement does anyone know what i would put in this section??

[Sugarbabe47]

Hi Geministar

I included ALL this years C/Tax arrears in my B/R, as it is a debt, as I was advised to - I then got a revised bill for Dec - Jan - Feb from my local L/A.

Sugar x x

[Sugarbabe47]

Hi Geministar:)

 

Here's the link I think! http://www.consumeractiongroup.co.uk/forum/formal-solutions-bankruptcy-administration/154615-advice-needed-please-bankrupcy.html

 

Take care

Sugar x x x:D

[phat256]

hi geministar thw OR will get all your credit agreement even if u don't suplly them .

 

as palomino said included all your debt even family/closed one , arerars from utilities, secured debt too etc.....

 

 

At your interview your OR will have already a huge amount of info about your finance , trust me i was surprised by some of the questions they asked me which realted to transaction yyears and years ago lol .

[palomino]

You will need to ask your landlord.

[geministar2007]

would i be right in saying if my landlord owns the whole house i live on a side annex, that he owns the property as freehold. He has no mortgage and a garden. therefore i would be renting a freehold home????

[palomino]

That's correct, but largely irrelevant. The fact that matters is that you are renting.

 

On you form I would leave this blank as you don't know the answer.

[geministar2007]

ok will leave blank i'm sure the OR will ask and i'll explain i don't know and explain the property situation.

[geministar2007]

Ok feeling pretty happy i have done my BR from.

 

Just wanted a little bit advice on the income and outgoings section.

 

I live with my partner we are not married and recieve working tax credits.

I have noted his contribution to household, basically i have halfed everything, so he pays half of rent, c tax and so on and added the figure to my income. I have then listed everything i pay out which comes to nearly 1200 a month and my overall income is 1550 a month (includes partners contribution). Will this mean i will have to pay something via IPO or something???? as have 350 a month left which works out at 80.76 a week in pocket.

Should i increase a section a little? What makes the OR decide a IPO should be done what level of income would i have to have available??

 

In the outgoings section i have not listed car insurance (this is my partners bill, his car) i presume i leave that out as i dont pay that?

 

Some advice on this would be great. As i really do not want to be paying out money again!!!

 

Can anyone tell me the reccomended living allowance on sections such as clothing and food??

I have put £390 food and HK (2 of us), 65 clothing (only me).

 

Thanks