Should we go bankrupt?

[JNJL]

Saw financial advisor today, house will come down by just over £300 per month based on current interest rates.

 

We are just re-doing all of our income/expenditure based on no debts to see if we can realistically afford the house. In an ideal world we would like to stay in the house to keep the children settled and to avoid all the upheaval but we need to be realistic that if we can't afford it then there is no point keep trying to put off the inevitable.

 

Paying about £190.00 per month to all of our debts (excluding car)

 

Have another thread running under debt collection industry posted yesterday 'sainsburys taking us to court'. Sorry not sure how to link it from here

 

Thanks so much for taking the time to help

[JNJL]

What do you want to do.......... by that I mean how important is the house to you?

Because even if you choose BR you may well be able to keep house.

 

How would we be able to keep the house and go bankrupt and is it quite a risky thing to do? i.e once bankrupt and then we still end up losing the house we will find it even harder to rent and could end up with negative equity in house so will have to pay that back?

[JNJL]

Hi

After many sleepless nights and to and froing we have finally made the decision to go bankrupt. I have read on here several times that it is making the decision to go bankrupt which is the hardest thing and it is so true but now i feel like a weight has been lifted - though not looking forward to telling my parents about what a failure their daughter is! However the thought of a clean start and being able to live life again is making me feel better.

 

We have found somewhere to rent and are awaiting the reply from the credit referencing the estate agents use so have just about everything crossed in the hope that they will approve our application. If they do then we need to pack up and move and then send they keys back to the mortgage company.

 

Has anyone got any advice here or been through the same thing - do we literally just put the keys in the post and then what happens from there?

[JNJL]

Hi All

 

Just an update on our situation and more advice needed please???

 

We have now moved into our rented place, we managed to find a really helpful letting agent who found us a landlord who wasn't interested in our financial background just as long as we pay the rent - there are still some good samaritans out there, obviously as well as you guys on here!

 

We did put our house on the market but no sale yet, so if can't get a sale this week then keys going to have to go back to mortgage company!

 

We are now ready to apply for our bankruptcy, we have made the decision to both go bankrupt and are just trying to get the money together. My husband has spoken to the bankrutcy clinic who have said they will deal with the whole process for us from start to finish for a fee of £1500 (between us) which we can by instalments -

 

has anyone heard of this company, i believe it is part of the company 'fresh finance', i gather if we pay them they will pay the court? Any advice would be really helpful as ever?

 

Also do we need to keep paying CCJ's up until the point we go bankrupt?

[Lula]

Hi, I am really not an expert in this but I think that if you are going to go bankrupt then you do not need a company to do it for you, check with the court and find out how much they charge for the bankruptcy petition, I think you will find it an awful lot less that this company want to charge you. I would also question the ethics of a company that want to help you file for bankruptcy bu putting you further in debt.

 

Just my tuppen orth

[JNJL]

Understand your point, just think the idea of someone doing it all for us is quite appealing as completely tired and drained with the whole process - bit of a cop out but with a house and my husband running his own business just wanted some advice. We are just worried as we hear so many stories of people get more ripped off? I think bankruptcy fees through court would cost us about £700 each anyway i think?

[palomino]

The cost for a debtor's petition is £150 for the court fees and £345 for the Official Receiver's fee. If you are on benefits. and in certain other circumstances, you may not have to pay the court fee.

 

The for a creditor's petition is - very roughly - £1500.