Advice about Bankruptcy

[rippedoff15]

Hi All

 

I have now got my date for the BR hearing at my local court which is 10th FEB is this the only court hearing ? or are there a few to attend, i have had a few creditors chasing me this week, should i inform them that i have applied for BR or not inform them at this time.

 

cheers

[palomino]

There's only one court hearing. You will have several meetings with the Official Receiver. These may take the form of telephone calls.

 

Until you are actually bankrupt I wouldn't advise telling anyone what you plan on doing. After all, you are not bankrupt yet, and perhaps you might win the lottery and withdraw your petition.

And telling creditors gives them the opportunity to make things difficult for you when you really would like to make things difficult for them.

[rippedoff15]

Iam just sorting out my details regarding filing for BR, iam currently a director of my own company which is no longer trading and it has creditors should i include the company debts in my BR. Because if the company has no funds creditors such as the bank will chase me the the funds and clearly iam unable to repay.

 

anyfeed bank is great

 

Cheers

[palomino]

Is this a limited company?

A limited company is a corporate body in its own right. Any company debts belong, and are payable by, to the company.

Any creditors of the company are only able to chase the company. The bank might chase you because you have a personal guarantee (do you?) but otherwise they can only chase the company.

[palomino]

I should add that your bankruptcy does not affect the company, although your position as director will be affected.

If necessary/desirable you need to do the corporate equivalent of bankruptcy which is administration.

[Tau]

Bank of Scotland phoned me the day I was declared BR. I took great pleasure in telling them I owed them nothing. They insisted I did until I gave them the OR's details

[rippedoff15]

Hi All

 

Thanks for all the help, i have been given a date by my local court when the BR hearing which is 23 Feb 09, we currently live in a rented house and our own house has been rented out long term, once i have been BR will the tennants have to move out ? i have informed the morgage lender and they have requested that payments be made direct to them to cover the loan.

 

They lender have stated once iam BR they will not be selling the property quickly due the the slow down in the housing market, but can the OR handling my BR force the tennants out and sell the house on the cheap, the house at present has got no profit at all but the tennats are happy to stay and pay the lender, also the tennants have asked to buy the house after April should i sell it cheap to them ( it will help them get cheap house ) because the lender can not chase me for the short fall as i will be BR

 

 

Any Help will be great

 

Cheers

[gizmo111]

They will need to make an offer to the OR - explain the situation ot him and see what he advises.

If you have a shortfall on this house and continue to rent it any shortfall will not be included in the BR - I suggest you take legal advice before going ahead with the BR.

[rippedoff15]

Hi All,

 

This morning i have been sent a judgement for a debt to the sum of £29k i have completed all the paperwork regarding my BR which is on 23rd Feb 09, should i say imform the company who are claiming against me. i have included the debit within my BR and it is unscured debt as well.

 

Cheers

[toddle2u]

I would just inform them that you have petitioned your own BR nad it is due to be heard on 23/02 and the next correspondence that they will have will be from the OR

[palomino]

It depends on how nice the creditor was to you.

Personally I wouldn't bother writing as the OR will be doing that for you.

 

Bear in mind there is a miniscule possibility that the petition won't be granted.

[rippedoff15]

I have had my date regarding the BR which is 23rd Feb 09, i had a debt with Barclays Bank to the sum of £17k they applied to have a charge placed on a property i own with my wife, which was in court on 4/2/09 i have had papers off the land register asking me if i object to the charge being confirmed on 25th Feb 09.

 

If on 23rd Feb iam confirmed BR can they still have the charge or should i inform the of the BR now ? Or should i let them have the charge but then the property will be in neg value and should i estimate how much short fell their will be and include that in my BR ?

 

IE House value as of today £165,000

 

Morgage £131,000k, 2nd Charge £21,000k, 3rd Charge £4k, 4th charge £13K, 5th Charge ££17k total of £186,000 leaving shortfall of £21,000.00 should i add this short fall in my BR

 

Any Feedback is great help

 

cheers

[gizmo111]

You really need to keep all your questions in one thread - what are your plans for the house regardless of the charging order?

[rippedoff15]

We have got tennants in it who are buying it for £155k their is a shorfall, anyway should i included the short fall in my BR.

 

will only use the one thread now still new

 

cheers

[gizmo111]

If there are charging orders and negative equity then you will need the permission from the lenders to sell at the lower price.

[rippedoff15]

I have written to lender asking for consent to sell the property, and waiting for the confirmation we are hoping that the sale price will clear the 1st & 2nd charge which is the same lender, if their is no funds left after the sale will the rest of the charges become unsecured debt and include them in my BR

 

cheers

[gizmo111]

All the charges will have to be removed before you can give title to the purchasers.

When areyou expecting this sale to complete?

[rippedoff15]

We have had an offer off the tennants who are renting the house at present, the main lender is informed us they are happy at the price of £155k which clears most of the 1st & 2nd charge but nothing off the rest.

 

If thats the case can the other charges/companys stop the house sale, as unless the housing markets increases its going to be years before the house has funds to clear all the charges.

 

or when my BR is competed will the OR sort out the house issue, and what will happen to the charges, i have included the debt relating to the charges in my BR totals

 

cheers for the feedback

[rippedoff15]

I have just finished the BR papers ready for the 23rd Feb, total debt of £101k, i hve not informed any creditors yet iam letting the OR to inform them, so far all the creditors have been ok, i have spoken to few who seemed to confirm once the have the BR numbers / confirmation the debt will be written off, the secured creditors have also been ok so far.

 

I have got a question when i file the papers on 23rd Feb 2009 how long is it before iam BR is completed or will the OR confirm in writing. Also once iam BR or during the time after the court hearing can the creditors send debt collection companys to take our belongings such as TV , or household goods, i do not have any assets at all and we live in a rented house.

 

cheers

[palomino]

When your bankruptcy is declared in court you are bankrupt from that instant.

[rippedoff15]

My wife has asked when i have been made BR will all details be in my local papers etc

 

cheers

[gizmo111]

It will be in the local papers and the london gazette.

No one can come and take your things.

[palomino]

As gizmo says it will be in your local papers. You should buy one and check out the Public Notices to see what actually goes into the notice - it will be in the Public Notices columns, probably along with many others.

 

You can also browse the London Gazette website to find out goes there. A listing is also made on the Government's Insolvency website but you can only search by name on that site so if you don't know anyone who is bankrupt then you can't see what's in there.

[rippedoff15]

Quick Question, i have completed the form 6.27 & 6.28 and also applied for the court fee to be cancelled as iam on empolyment & Support, iam in court on monday morning at 9.30am are their any our forms i need to take ? , i have made the form live and sent the in the Insolventry service and iam hoping to the made BR on monday

 

just concerned if i have missed out anything

 

cheers

[rippedoff15]

Hi All

 

Well just got back from the court hearing which was over in about 20mins the judge was fine very nice and even confirmed that the whole of the UK was in debt. The judge has issued a Bankruptcy Order on Debtors petition and stated todays date and time. I have spoken to the OR from the court and will be having a telephone interview on 11th March to confirm details.

 

they have stated my TSB account will not be frozen and they have on issue around the house due to no profits in it and the main lender is sorting the sale and tennant are paying the rent for the next few months.

 

But got home to lots of bills lol

 

Thanks for all the help

 

Cheers i can smile now or are their ways for the creditors to stop the BR ?