Author Topic: Can I go Bankrupt now or do I have to wait??? Just want to be finished with it!!  (Read 18384 times)


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Hello everyone,

I hope I can get your help. I am looking to go bankrupt and have tried all the other measures. I have been to various financial advisers who seem to have conflicting advice (which is useful!) and am no further forward. I have a few wrinkles I would like ironing out, if I can, from people who know what they are talking about.

1. After over a year of begging them, the mortgage company have finally repossessed my house and put it up for sale. Do I have to wait for them to sell it before I can declare it as debt on my petition? Especially if I have no idea if there will be a shortfall?

2. There is a secured loan on the above property of £20,000 + all their fees and interest from non payment. Do I have to wait for that to be released from its secured state before I can declare it in a bankruptcy? Also, and I don't know if this changes things, my husband is a joint signatory on that loan, so how would that work with regards bankruptcy, as it is only me going bankrupt?

3. I have been coerced in to being a signatory on a 25 year business lease, as the landlord refused to allow my husband to have the lease without my name being on there also. Some racial reason was given, regarding him being a "flight risk". This was in October 2014 and I have no dealings with the business, have no income from the business, which is running at a loss anyway. I just want my name off the lease without jepoardising it for my husband. Can this be done as part of my bankruptcy? Can the judge demand my release from this lease?

4. I have opened a cash account with Barclays, which is designed for people who have gone bankrupt. No cheque book or overdraft, but allows you to set up standing orders and direct debits and have a debit card. It is a fluid account with no extra savings - just somewhere for my wages and tax credits to go. Will the OR really freeze this? I hope not because I opened is especially because I knew I was going to have to go bankrupt.

5. I should also point out that despite the lease situation mentioned above, I am separated from my husband and receive no money from him. Bearing in mind that I am supporting 2 children on a part time job and the benefits I am provided with, is there any way to get a discount on the huge fee for filing a petition???

Basically, I am wanting to go Bankrupt tomorrow if that makes sense and just need to know if I can or whether I have to wait out all these obstacles first. The stress is not good for my health.

Thank you in advance to all who can help me. I am desperate!!! :-(