Going for bankruptcy - advice needed please

[run4way]

Hello

 

I have decided to go for bankruptcy to get a fresh start. My mental health has deteriorated and I just want it all to end. I would like some advice please. I have unsecured debts in my name around 45k. Our house is in joint names with negative equity or just breaking even. We have 2 dependent children. Our mortgage payments and other essential bills are up to date. It was my mess of unsecured loans and overdraft which I kept hiding until now.

 

Am I correct in thinking that my interest in the house could be offered to my husband.

 

Apart from the two bankruptcy forms I fill in what information will the official receiver want from me.

 

Finally how long does is take before you know where you stand.

[Dodgy Geezer]

Hello

 

I have decided to go for bankruptcy to get a fresh start. My mental health has deteriorated and I just want it all to end.

 

Hello. I do so hope you mean its the pressure of debt that you want to end, and nothing more sinister.

 

Am I correct in thinking that my interest in the house could be offered to my husband.

 

Yes. The emphasis is on could, but with little or no equity, the O R is unlikely to force a sale as it would be pointless. Have a read here.

 

What will happen to my home

 

 

Apart from the two bankruptcy forms I fill in what information will the official receiver want from me.

 

Everything. And i mean everything, including bank statements, and all credit agreements. Whether you provide them, or the O R contacts your creditors direct, liability will have to be established. Its so much quicker if you can do it.

 

But dont worry, its just part of the process.

 

Finally how long does is take before you know where you stand.

 

With no assets, and or, little or no equity, it could be over in a little as 6 months. A lot will depend on how long it takes to complete your case.

 

As for how soon you will feel better, well, i know of nobody who has yet regretted going BR.

You will feel better the moment your interview with the O R has finished.

I cant stress enough the Insolvency Service are not Judge, Jury, And Executioner. I thought my interview was handled very well in a polite informal way. Im sure everybody else's is too.

 

Please keep us updated on your progress, and dont hesitate to ask anymore questions.

 

Im not an expert, but im 9 months into my BR and wish you well.

[Crapstone]

Hello

 

I have decided to go for bankruptcy to get a fresh start. My mental health has deteriorated and I just want it all to end. I would like some advice please. I have unsecured debts in my name around 45k. Our house is in joint names with negative equity or just breaking even. We have 2 dependent children. Our mortgage payments and other essential bills are up to date. It was my mess of unsecured loans and overdraft which I kept hiding until now.

 

Am I correct in thinking that my interest in the house could be offered to my husband.

 

Apart from the two bankruptcy forms I fill in what information will the official receiver want from me.

 

Finally how long does is take before you know where you stand.

 

Hi run4way,

 

I've just looked back at your past posts and it doesn't seem that you have been able to get much advice so far.

 

Have you thought bankruptcy through or are you just scared because of receiving letters from debt collectors or threats of statutory demands and court action?

 

If none of the debts are secured then there isn't any rush and you should advise the creditors of your health issues or have someone do it on your behalf backed up with a letter from your GP. If you haven't yet seen your GP I would urge you to as it seems that it's getting past the stages of just being a pain to deal with ( from the tone of your posts) and it's affecting you severely.

 

Lots of people here have been in the same boat with both secured and unsecured debts that seem an impossible mountain to climb but we hang in there and take it a step at a time.

 

Hopefully your husband is being supportive and will do his bit to share the effort it's going to take whatever path you choose.

 

Your health and your family are more important than any greedy High St lender and your reasons for your debt doesn't matter. Blaming yourself isn't going to solve anything but you can look at it as living and learning....everyone makes mistakes.

 

Keep posting and Cag will get you through this. If you don't get an answer to any important questions click the red triangle to alert the site team or post the word 'bump' to get your thread back up on the most recent ones so we can see it.

 

best regards

[bigpaddy1754]

i went bankrupt 3yrs ago, i was trying to pay everybody i worked 7days aweek then i broke down. my brother took control and sent all my papers into the court, i got a date and when i went to court, a very nice chap talked to me and then said we should go and se the judge, he went in and after 10 mins he came out of the court, he just said the judge has looked at the paperwork and has made you bankrupt, without seeing me as he said i was not well enough to appear. when i left that court i felt like new man. oh! by the way i owed £82,000.00. bigpaddy

[loobyloo85]

All the best run4way

[homespun]

point.

there is no such thing as an unsecred loan.

if you ow 1000 or more they can put that charge against your home,therefore it then becomes a secrued loan.

someone need to really tell the public that there is no such thing as an unsecured loan.

[majorprobs]

Hi all, i really need some help as everything is slipping through my fingers and i dont have a clue what to do and would really appreciate some advice. I have been trying for years to get out of debt and have literally now tried debt management and every other idea i could think of. I have had a slow list of major impacts involving my family which has torn us apart and i feel like i am loosing everything. I have had to move out of the house that i shared with my wife and 3 children and even now that could be repossessed. I have been foolish and taken out loans to pay other loans and i know it was stupid and my own fault but i want the stress to stop it is costing me everything i hold dear to my heart (family). I earn a reasnably good wage but my ex partner does not and since a recent tradegy the debt has just mounted up and up with loans. overdrafts and secured loans etc etc etc.

 

I really want to be able to stop the continuos calling, letters and texts that i am getting even though i have been paying what i could. My wife has said she would allow us to get back together if i try and sort this out even if that means we loose everything and start our lives afresh. the house has 2 secured loans (both taken out within the last 2 years) and a mortgage totally costing us £900 - £1000 per month and is now heavily in negative equity, my other debts all loans overdrafts etc total £35000 or more. The total time for the dmp would be 7 years but the house has not been paid for the last 2 months and my wife is now looking for another house with the council but they have said we can not just hand back the keys as this would not help her request for a property. I honsetly cant cope anymore and need someone to slap me into shape before it goes even worst. Please let me know what my best option is should i just go bankrupt or is there a point in trying to sort this out to make all the creditors happy. I will never again use credit as it has cost me so much in my personal life, this will be the 15th year of my wedding and i am in so much pain inside knowing how stupid i have been to take loans and credit cards like i have in time. If i go bankrupt can i face nay jail terms i have not been dishonest just stupid, i know i will loose everything and am i best to let the house go first because that is going to happen soon anyway i really dont have a clue and really need someone to advise me before i have a total breakdown, each day it justr gets worst and seeing my kids and wife each day knowing i have caused thier pain as well is tearing me apart. PLease can someone let me know what vto do and what to expect as i am so afraid i will make a bad situation even worst.

[homespun]

major probs.

 

my adivice to you would be to contact these people asap.http://www.nationaldebtline.co.uk/

 

 

if you have kids and you own the house and you go bankrupt,they will normaly give you a year to sort everything out.

read there webb sit to its very interesting.

you arent the only one i can assure you.

dont quote me on that ,but contact these people and they will help you all the way through it and advice you on the best way to go.

you wont do time,but tell them everything,and if you go bankrupt be honest with them to.

 

good luck

 

alan

[Dodgy Geezer]

Majorprobs.

 

Could you copy and paste this in a new thread and we can try and help.

 

 

[majorprobs]

Hi dodgy Geezer thanks so much for your offer of help i have posted a new thread i hope i have done it right