bankruptcy help asap

[heidi1974]

Hi, i need a bit of advice.

we are going bankrupt at the end of this month, we borrowed £25,000 off my mom and dad for furniture, my mom and dad had borrowed it off there mortgage so we pay them £270.00 a month back. we had brought a 38inch tele £1800, tele stand was £599, trunk £499.00 and so on.

when we go bankrupt can they take these items for them to sell, and for me to get cheaper ones, my dad has said they are hes items untill we have paid him in full, or can they take the items after i have finished paying my mom and dad back ?? my husband is know on benefits and i work part time, i only get £263.00 a month at the moment.

the other thing is if i put my mom and dads money that we owe on the bankruptcy then they will loose there house, as they cannot afford to pay the £270.00 on top of there mortgage.

[heidi1974]

any advice on the above will be great.

[loobyloo85]

Hi

 

Any assets in your name in bankruptcy will need to be realised. However, sometimes, as far as I am aware you can appeal to keep the goods in bankruptcy, plus with them being of a low value, it is unlikely that the Official Reciever would receive any monies for these assets after all fees are deducted, so wouldnt be worth their while.

As you are on benefits, they would probably not issue you with an income payment order, which is where they require you to pay into bankruptcy monthly for 3 years. Therefore, your mum and dad's repayment would be safe. However, you may want to read into this further. If you do have an ipo they would need whatever is left from you at the end of the month to pay into bankruptcy.

 

I hope this helps, and good luck

[heidi1974]

thank you for the reply, could they take any of the benefit money if we have any spare, or if we have any lump sum, as we have not received a penny yet we are having to borrow money off my mom and dad to live, my husband has been off work for 4 weeks today, now they are saying that my husband has got to claim for me as well as im on such a low income. im also having phone calls from mortgage, asking why i have not claimed for our mortgage to be payed, i have been advised that what is the point of claiming this when the house will be going with the bankruptcy, plus i said they will not pay for the mortgage for 13 weeks, the mortgage advisor said they will pay it stright away, i have not heard this before, is this right.

[loobyloo85]

An income payments order will not usually be made if your only source of income is state benefits.

 

I have come across the following website, which is easy to follow and gives good advice about bankruptcy, I hope it helps:

 

Piggy's Site - Bankruptcy Advice

[palomino]

I suggest you also have a long discussion with National Debtline who are very helpful.

National Debtline – Free, Confidential Debt Advice – Call 0808 808 4000

[heidi1974]

thank you both for the web sites, i have had a look at them both, i will be calling them today just for more info, as i am starting to get a bit worried as its not long now before we go to court.

there was a firm i had rang up and they said i could keep all of my items, keep our car and van, would not pay a penny, fill my forms in for me but it was £1100. how can people charge this amount, just to fill two forms in and be on the end of the phone if needed.

[babybear39]

thank you both for the web sites, i have had a look at them both, i will be calling them today just for more info, as i am starting to get a bit worried as its not long now before we go to court.

there was a firm i had rang up and they said i could keep all of my items, keep our car and van, would not pay a penny, fill my forms in for me but it was £1100. how can people charge this amount, just to fill two forms in and be on the end of the phone if needed.

 

Stay well clear of companies like this

[heidi1974]

been there done that, with debt free me. never again would i pay anyone to help me again. i have been given advice from a firm who citizens advice use to help me fill forms in, they are very good, they are a Insolvency Consultancy firm. I just seam to get more stressed the closer it gets to court. thinking is this the right thing we are doing but i no it is.

[gizmo111]

How are you paying your mum and dad at the moment? If you only have £263 per month and they need £270 per month?

 

The OR will leave you a surplus from your I&E and you can do what you wish with this.

 

The goods you bought will most likely no be touched - as a general rule then anything that has a resale value of around £200 the OR will be interested in.

[heidi1974]

hi, well the money i earn going stright to my mom and dad for there mortgage with a little bit from my tax credit. the money that i will still owe them when i go bankrupt is being sorted out by the firm i had rang up, just waiting for a phone call back how to do it. my tele is going to my moms, i no i should not remove it but we have had it for quite a few years now so its quite old but i am not risking for them to take it, plus it has 2 small cracks in the corner of each side. how else am i going to keep my tele if i dont take it there. i have nothing else for them to have, we have nothing.

[heidi1974]

also i will only be working till september, as my little boy starts school, so i will need to find another job around him.

 

we have been paying our bills our mortgage since we moved in here in 2001, now in 2009 my husband has lost his job we are going to loose our family home and nothing to show for it, apart from a tele, beds, ect. we have been working our tits off over all these years to pay our mortgage of £1300 just to keep a bloody roof over our heads so i think we are doing the right thing. sorry but im a bit ****ed off but there is nothing else we can do. we have asked the mortgage firm for help but they are not botherd.

[gizmo111]

hi, well the money i earn going stright to my mom and dad for there mortgage with a little bit from my tax credit. the money that i will still owe them when i go bankrupt is being sorted out by the firm i had rang up, just waiting for a phone call back how to do it. my tele is going to my moms, i no i should not remove it but we have had it for quite a few years now so its quite old but i am not risking for them to take it, plus it has 2 small cracks in the corner of each side. how else am i going to keep my tele if i dont take it there. i have nothing else for them to have, we have nothing.

 

What firm? Sorting out what? Why have you chosen BR? The OR really will not be interested in your tele.

[heidi1974]

we had gone to citizens advice, as my husband is out of work, we are in a lot of debt, we have got a mortgage of £155,000 we pay £970.00 a month on intrest only, we have told them about my husbands hours had been cut, that was in december and we have asked them to change our rate as our rate is really high, they will not help us in anyway, but now my husband is out of work we cannot pay anything to our mortgage. we have been adviced to go down the bankruptcy road by a few firms who we have spoken to. i had asked a firm about bankruptcy and they said they would fill the foams in for us for 1100. just to fill to forms in for us. we then have been having phone calls from the mortgage as i had rang them and told them what we was doing (bankrupt) and since that day i had 2 phone calls, so i had rang up citizend advice up told them about them keep ringing me up and also i was stuck on the bankruptcy forms, they have given me a phone number of the person they use to help them, so he is going to sort out what i can put on the form for us to carry on paying my mom and dad back there money, but i have got to go to citizens advice on monday to go and have the forms checked before we go to court. the only thing we have got for the bankruptcy to sell is our tele that we payed £1600 about 4 years ago, my trunk, tele stand that we payed £499. and £599 for this is all we have that is in value for resale and i dont want them to go, if we sold them on ebay then i would only get about 200-250 each for them.

[phat256]

one advise stay well clear and i mean stay away of any firm willing to charge to fill up the bankruptcy form.

 

if we need help ring the national debtline they will help you to fill it for free or ask away in this board or this one . keep the money to pay for your bankruptcy fees !

 

Bankruptcy & Living With It - MoneySavingExpert.com Forums

 

if you are really going bankprut and want peace of mind from your creditors, change your phone number or unplug it ! if tey are persistent just say to them that you are seeking independent advise for th emoent and u will get back to them later , don't mention nothing else.

 

don't part of any of your belonging, your Or will be interested in item which can have a high re-sale value such as antique pablo picasso painting etc.....

 

advise you to seek advise from the national debtline, they will help you for free and are non judgemental.

[heidi1974]

hi all, i need some help on one of the questions on the bankruptcy forms section 4= what of yours is claimed and what is its prescent value.

 

is that just the amount owing to the secured creditors.

also i have been told that the amounts owing can be estimated, and i have also been told that they have to be the right amounts (what is right).

apart from that i have done everything else, was told it was the best form the citizens advice have ever sin in the last 10 years.

 

i need a reply asap as im going to court monday morning.

[majik]

Hi Heidi

 

Please see my comments in red

 

Hi, i need a bit of advice.

we are going bankrupt at the end of this month, we borrowed £25,000 off my mom and dad for furniture, my mom and dad had borrowed it off there mortgage so we pay them £270.00 a month back. we had brought a 38inch tele £1800, tele stand was £599, trunk £499.00 and so on.

when we go bankrupt can they take these items for them to sell, and for me to get cheaper ones, my dad has said they are hes items untill we have paid him in full, This is not true the items are yours and as far as i know your parents would be classed as unsecured creditors. This means that when your go bankrupt you cannot pay them anything and that they cannot take your goods your debt to them would be "written off" in the bankruptcy Someone please correct me if im wrong but that would be my interpretation of it. You could get into serious trouble should you continue to pay your parents as this would be showing preferential treatment to one creditor over another.or can they take the items after i have finished paying my mom and dad back ?? my husband is know on benefits and i work part time, i only get £263.00 a month at the moment.

the other thing is if i put my mom and dads money that we owe on the bankruptcy then they will loose there house, as they cannot afford to pay the £270.00 on top of there mortgage.If you go bankrupt you cannot pick which debts to write off, as far as i know it is all or nothing with the odd exception (Council tax and Secured debts)

[heidi1974]

thank you for the message, i understand what you are saying, i have found out what you are saying is very true, the money from my out goings is the only way that i could pay my mom and dad back i have been told, but i need advice on the a bove on section 4 thank you, i need it asap.

[heidi1974]

i have also been told not to say anything about this money my mom and dad have borrowed us, as this would be a big big problem, as when i go bankrupt they could ask my mom and dad for the money i have paid them for the last 8 years, this is a joke as i have been paying my debts the same as my mom and dad, its just that i have not been paying them for the last 1-2 months but still been paying my mom and dads money, what i no is wrong but if i dont pay them then they will loose there house, im already loosing mine why should they loose there because of this that we are going though. what ever happens i will carry on paying them even if i have to get another job to pay them.

i am under a lot of stress at the moment, but this is the right thing for us to do, i have also talked to a lot of people about the this and they have said this is the best thing for us to do.

please can someone give me advice on the above please.

[babybear39]

You could risk not telling the OR anything about the debt to your parents Keep it an informal arrangement...

[heidi1974]

thank you i am going to. im not saying anythink about it.

 

 

i need some help on one of the questions on the bankruptcy forms section 4= what of yours is claimed and what is its prescent value.??

[babybear39]

I think you only need to put high value items in there such as exspensive jewellry, paintings etc. worth over a few thousand each

 

Can't remember sorry as my BR was almost 2 years ago. Call the court Monday morning or ask when you get there they should be able to help.

[heidi1974]

thank you for the message, its on list of secured creditors, name of creditors, address, account or ref number, amount owing, what of yours is claimed and what is its prescent value? (B), net amount owing (A-B)

 

the one im stuck on is what of yours is claimed and what is its prescent value.

[heidi1974]

Dear All, We did not go bankrupt due to us being told by a police man the wrong court, when we did find it we was waiting in ques, sent here and there, 1 floor then go to 2nd floor, by the time we got in the right place the lady behind the counter said i can see you but cannot see you as you are late, so my husband lost it and said shove the forms up your arse and walked out. i had to say sorry for my husband, we had been here since 10.30 but people was sending us all over the place and thats why we was late. so i have now made a new appointment for the 27 may, we no where we are going now so we will not be late for this one.

 

We are also loosing the house we have court the 5 june.

 

We have also just found out that my husbands income based JS benefit that he was trying to claim is not going to receive any money from it as i work part time at a school, they have said a couple can live on 101.00 a week so the money i earn from work and working tax credit is paying for hes benefit. when you only earn £347.00 a month and have to pay petrol of £35.00 a week, it does not pay me to go, so i have just handed in my notice.

 

We will be glad when this is all over and done with and started a new life. it is not easy going though all this, sometimes im on the edge of breaking down but i just keep saying to my self chin up all over soon.

let you all no how i get on soon.

[babybear39]

Dear All, We did not go bankrupt due to us being told by a police man the wrong court, when we did find it we was waiting in ques, sent here and there, 1 floor then go to 2nd floor, by the time we got in the right place the lady behind the counter said i can see you but cannot see you as you are late, so my husband lost it and said shove the forms up your arse and walked out. i had to say sorry for my husband, we had been here since 10.30 but people was sending us all over the place and thats why we was late. so i have now made a new appointment for the 27 may, we no where we are going now so we will not be late for this one.

 

We are also loosing the house we have court the 5 june.

 

We have also just found out that my husbands income based JS benefit that he was trying to claim is not going to receive any money from it as i work part time at a school, they have said a couple can live on 101.00 a week so the money i earn from work and working tax credit is paying for hes benefit. when you only earn £347.00 a month and have to pay petrol of £35.00 a week, it does not pay me to go, so i have just handed in my notice.

 

We will be glad when this is all over and done with and started a new life. it is not easy going though all this, sometimes im on the edge of breaking down but i just keep saying to my self chin up all over soon.

let you all no how i get on soon.

 

You'll get through it everything will look brighter once it's over, especially when the BR is discharged. I made myself BR on 1st November 2007 and my discharge was issued the following July.