I will be filling for bankruptcy soon and have some questions.

[debtinfo]

You must declare all debts to the OR, no exceptions. They have access to every financial document or file you have ever appeared on if they so wish.

You should not use any of your pre bankruptcy credit facilities even if they are cleared at the bankruptcy date. If a company is willing to lend to you after bankruptcy try and apply for it fairly and squarely.

 

you can open an a ccount before the bankruptcy, you must tell the OR,but if it has no overdraft the OR will usually let you carry on with the account. this is what most people do with a co-op cashminder account, it is specifically for people with financial difficulties.

 

on a £170pm surplus 50% will be paid to the OR, this is for up to 3 years, the OR will adjust it if you have any significant change in circumstances.

 

You only have to tell them if your contract stipulates that you do. will they find out themselves?, depends on how closely they track you.

 

It is not save to assume put the odds are in your favour, do you NEED the vehicle or is it just a convenience

[debtinfo]

They sound like good reasons to me.

 

The OR employs a company called moonbeever to make the collections they usually just set up a standing order

[debtinfo]

OT, but I've always wondered how the OR/IS thinks this type of calculation is right - if your surplus is £100pm, then you pay nothing, but if your surplus is £101-199pm, then you're left with less than £100pm....

 

My surplus is £80, so no IPA for me (apart from NT), but just wondered....

 

Cheers

Michael

 

 

Quite simple, they could have an IPA if they wanted to, but it is just not cost effective to be collecting £20pm, The collection company works on commission and so will only go so low

[debtinfo]

It is out of their hands, you are either insolvent or not.

[debtinfo]

The Fees for bankruptcy are currently £360 (for the OR) + £150 (for the court), so £510 in total if you are employed.

 

From April they will be £450 for the OR + £150 for the court so £600 in total

 

on a side note bankruptcies are vary rarely placed in a local paper anymore.

[debtinfo]

you do not need a solicitor

[debtinfo]

yes, the officer of the court can be the clerk on the day you go, that is how nearly all people do it. this is free in local courts but the high court charge £12

[debtinfo]

sorry i was talking about england and wales I know nothing about NI. If your in NI rapterman then disregard everything i have said:)