Author Topic: help with bankruptcy  (Read 1875 times)


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help with bankruptcy
« on: Jan 27, 2009, 06:37:57 PM »
My hubby and I are going ahead with bankruptcy can anyone help with the following questions

1, Is it best to open a cashcard account before or after?
2, What can baliffs come and take?
3, What does it mean by assets? we dont have anything of much value even my car is only worth £650
4, Will they take into account that I have a 3 year old and I am pregnant with number two?
5, will I have to default on all my bills? (ie gas, childcare ect ect) if they freeze our accounts
6' what about my wages
7, Would it be best to pay to get the insolvency debtline to help us fill in forms? or similar
8, Should I still be paying my creditors?
9, What happens about the mortgage payments as i dont mind losing the house?
HELP!!!!!!!!!! ???


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Re: help with bankruptcy
« Reply #1 on: Feb 09, 2009, 10:30:38 AM »

I'll try and answer some of these questions.
1. By cashcard do you mean a Maestro/Switch? You may be given a very basic cashcard, one that does not allow you to pay for things electronically. Your best chance would be to open one first, but it may still be revoked.
2. Bailiffs have rights, there is a helpful link below to a site with a guide to bailiffs in the Debt Help section.
3. You will be able to keep your car because of its low value. Assets will otherwise include your home, any investments ie premium bonds and heirlooms of value, caravan, boat etc
4. The bankruptcy judge may suggest an IVA in light of your circumstances, but only if it will serve you.
5. No, if you go bankrupt, you will save money on all the unsecured debt you have had cancelled so you can afford your bills.
6. Your may have to contribute some wages to your debt but not always the case. Depends on what your wage is.
7. Try Citizens advice, CCCS or alternative for help with forms.
8. Yes, pay your creditors for as long as possible, it will only help you.
9. You won't pay a mortgage on a house you no longer own.
Hope this helps