Bankrupcy questions

[Shadow4]

Hi all, I wonder if anyone could give me some advice?

My hubby and me have been told by CCCS to go bankrupt as we have around £43k in debt (most of it from a shortfall when our house was repossed last year). We were both working until recently and sharing our surplus income between our creditors, however it was still going to take us 29 years to pay the debts off hence we were advised to go bankrupt.

 

My hubby lost his job last month so we are now living on my part time wage and tax credits, housing and council tax benefits so I have wrote to all our creditors telling them we are only able to afford token payments.

 

We currently have two cars -mine worth approx £700 and my hubbys worth approx £1600 - would I be allowed to sell my car before going bankrupt to raise the bankrupcy fee? Also do you think we would be able to keep my hubbys car which is needed for me to travel to work and take the kids to school?

At Christmas time we bought the kids prezzies which will show up on our bank statements - highest was £279 for a tv for our son. We also spent £399 on a tv for the sitting room as our old one was broken - would there be any danger that the official reciever would be interested in these?

Please advise.

[homespun]

hi.

when you have a shortfall in you repossesd home it no longer becomes a priority debt,so even if they took you to court you would only be able to pay them a token amount.

as for your tvs,they may well look at that as you could have paid that money to your creditors.

however,you wont be forced to seel that last car as you need transport and its not worth more than 3000.

going or,would wipe it all away and you would have fresh start,and if you read my story,you will see how it happend to me.

if you dont own anything,and they will look,then go br,saves them chasing you for the next 29 years or so.

 

www.nationaldebtline.co.uk

 

these people will really help you .

 

heres there number.

 

0800 808 4000

 

good luck

[loobyloo85]

We currently have two cars -mine worth approx £700 and my hubbys worth approx £1600 - would I be allowed to sell my car before going bankrupt to raise the bankrupcy fee?

As the car that you want to sell is of low value, it will not affect your bankruptcy by selling this to raise the money. If anything, it frees up extra money within your budget and shows you are trying to cut back.

Also do you think we would be able to keep my hubbys car which is needed for me to travel to work and take the kids to school?

Any car less than £2000 does not tend to be realised in bankruptcy, so this should be fine. Generally if you have a good reason for keeping the car they also let you keep it.

At Christmas time we bought the kids prezzies which will show up on our bank statements - highest was £279 for a tv for our son. We also spent £399 on a tv for the sitting room as our old one was broken - would there be any danger that the official reciever would be interested in these?

I cannot see the official receiver looking into assets like this, especially if they were purchased for someone else.

[Shadow4]

Thanks for your replies. We have decided to bite the bullet and go for it I have gone through everything with the CCCS and Im putting my car up for sale next week to pay for the fees:(