bankruptcy help...many questions

[linipoohpooh]

A credit company i owe money to has taken me to court.We hadone hearing but it was postponed due to me not agreeing with the amount owed.I've tried to sort out the disagreement but they have me over a barrell.I also haver other unsecured dates so n advice from citizens advice i will agree to the bankruptcy.I owe it to my children to make afresh start.

 

I'm scared though......

 

Will everyone know about it,will my employers get to know and will it affect my job(nursery nurse).What will happen to my pay.Will the OR have and just give me what i need.

My home is rented from my ex partner(complicated).The car is owned by him but i pay all the bills on it.He agreed when we split that i could use the car as i needed it for work and school for my daughter.What will happen to these.

Then what happens to things in the house,will someone come in and add up everything thats there,like daughters computer,dsi,hi fi or cd's/dvds. Will we lose all these things.Got visions of being given £50 a week for living on and left with just fridge,cooker and one tv.I'm really scared as bankruptcy is the only option.

 

Lin

[loobyloo85]

Hi,

Bankruptcy is no longer issued in the local papers, so your local friends and family will not know you have gone bankrupt. The only place bankruptcy is registered is in the Insolvency Register, which only insolvency practitioners tend to look at.

Bankruptcy can affect certain employments, mainly those which deal with money. However, with you being a nursery nurse, I cannot see your job being affected by bankruptcy at all, so try not to worry about this.

Your pay, in turn will be safe. The official receiver may ask for you to pay into an income payment order for 3 years, which will be any spare money you have left after income and outgoings have been taken into account.

If the car is owned by your ex partner, they cannot touch this vehicle, and I am sure if within reason, you will be able to continue making payments for the use of his car.

It is very unlikely they will touch your goods such as TV, Fridge etc, but you would need to check with the official receiver about this.

 

All the best x

[Dodgy Geezer]

Hi Lin.

 

Welcome to CAG.

 

I wont contradict any advice given by the CAB. I will say however that Bankruptcy may not be the only way forward. If you are prepared to discuss your details, without giving any personal info away, then maybe there are other options.

You say they have you over a barrel, why is this?

LoobyLoo85 has posted excellent info as usual regarding BR.

Yes it is VERY SCARY, but nothing to be ashamed of.

I PROUDLY tell anybody interested that i was made BR because " S**T Happens " Aint that the truth.

Best wishes for now. We are here if you need us.

[linipoohpooh]

thanks guy's but i'm still unsure what to do....back to CAB 2moz and will need to decide before monday....thanks

[Dodgy Geezer]

Lin.

 

Unless you know something we dont, there really is no rush other than impatience.

If you do it, make sure its because its the right thing to do, and not because you feel pressured.

 

Remember what granny said, " There is more than one way to skin a cat "