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Good evening to you all,i have spent hours resding this excellent forum and need some help.

 

firstly

my wife and I are preparing to go bankrupt after a failed iva and just recieving notice of mortgage shortfall after repossesion total £83000.

how do we file a joint petition?I know we have to fill individual forms etc is there any form we have to fill in?

 

secondly

we have a child on dissability allowance,can this be used towards paying debts.

 

thirdly

our son has a savings account with my wife as trustee can this be used by the 0R

 

lastly

our son being autistic loves his tv will they let us keep our sky hd package

his condition means we dont go out much at all sohe would be lost without his telly.

 

i know there is alot of questions but we need to go into this prepared

many thanks:confused:

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Good evening to you all,i have spent hours resding this excellent forum and need some help.

 

firstly

my wife and I are preparing to go bankrupt after a failed iva and just recieving notice of mortgage shortfall after repossesion total £83000.

how do we file a joint petition?I know we have to fill individual forms etc is there any form we have to fill in?

 

secondly

we have a child on dissability allowance,can this be used towards paying debts. no it should not

 

thirdly

our son has a savings account with my wife as trustee can this be used by the 0R no it can not

 

lastly

our son being autistic loves his tv will they let us keep our sky hd package

his condition means we dont go out much at all sohe would be lost without his telly. get a doctors note

 

i know there is alot of questions but we need to go into this prepared

many thanks:confused:

 

who's paying for the banlruptcy, or are you being made to go bankrupt?

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hi you do not petition jointly you each petition seperatly (you can do it at the same time though)

 

They wont take the sons account of the DLA, the SKY is not usually allowed in the calculation of essential expenditure ( this doesnt mean that you cantt ahve it just you have to pay out or your surplus) but they may make an exception if you have special circumstances

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who's paying for the banlruptcy, or are you being made to go bankrupt?

HI PGH7447

We are paying ourselves out of money which would have paid Iva if not failed.

we are worried that it is only a matter of time before our creditors come calling again and with our mortgage company demanding their shortfall

we want to get these debts off our back as soon as.

we are looking at filing petition towards end of april.

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hi you do not petition jointly you each petition seperatly (you can do it at the same time though)

 

They wont take the sons account of the DLA, the SKY is not usually allowed in the calculation of essential expenditure ( this doesnt mean that you cantt ahve it just you have to pay out or your surplus) but they may make an exception if you have special circumstances

 

 

thanks debt info

when we file our petitions,do we then just take both into gether and state we are married so we get seen at same time?

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you may get seen together, you may not, depends on the judge, some judges dont see you at all they just look at the papers and stamp the order.

 

Just a couple of thoughts for you

 

have you got a certificate of failure for the IVA, the judge will want a copy.

 

Have you taken any financial advice, some good free impartioal people are the CCCS, National debtline and CAB, Eveb if you know it is the right choice the judge will ask that you have taken advice so that you know what you are letting yourself in for.

 

Finally have you given any thought to your bank account, certain companies will not let you have a bank account whilst bankrupt, good basic accounts are barclays and co-op

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you may get seen together, you may not, depends on the judge, some judges dont see you at all they just look at the papers and stamp the order.

 

Just a couple of thoughts for you

 

have you got a certificate of failure for the IVA, the judge will want a copy.

 

Have you taken any financial advice, some good free impartioal people are the CCCS, National debtline and CAB, Eveb if you know it is the right choice the judge will ask that you have taken advice so that you know what you are letting yourself in for.

 

Finally have you given any thought to your bank account, certain companies will not let you have a bank account whilst bankrupt, good basic accounts are barclays and co-op

 

i have not recieved one yet but will chase one up,never thought of that so cheers Debtinfo.

i already have a nat west step account so hopefully that will be ok,just need to sort the wifes out.

the company with whom i had the IVA have said to me that now i have the notice of shortfall going bankrupt is the only solution.

I suppose thats good enough advice.

I have spoken to the mortgage company and they are happy to accept a token payment of £1 until our case is seen to,they will then discuss it with our O/R whatever that means.

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Be aware that, at the instant you are declared bankrupt, your bank accounts are controlled by the Official Receiver. They will probably be frozen until the OR does what he needs to do.

On the morning of the hearing but prior to it I would withdraw all the cash you can just in case.

 

As for the mortgage company they are obviously resigned to losing out on the shortfall. What they are referring to is that any shortfall is an unsecured debt and therefore included in the bankruptcy. The OR will be told about this (presumably by yourself in the first instance) and then any discussions will take place directly between the OR and the mortgage company.

I really do appreciate all those 'thank you' emails - I'm glad I've been able to help. Apologies if I haven't acknowledged all of them.

You can also ding my gong if you prefer. :)

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thanks for all the advice guys and gals you have all been very helpful.

I have two more questions

 

firstly

On s.o.a its asks "date incurred" does this mean date took out credit card?and reason for debt?these were taken out along time ago so what should i put down?

 

secondly

I have been looking at cardone banking should they close our accounts,has anyone had experience of this account.

I have the basic step account and my wife has a basic halifax account(no chequebook or o/d facility.:rolleyes:

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1) for creditcards it is when you spent most of the money for instance if you took a card out 10 years ago and used all the credit last week to buy a car, you would put last week down, if you bought the car 10 years ago and the rest is just interest i would put a date 10 years ago down. If there are no big purchases put down when you last used it.

 

2) Halifax will probably close the account, as i said before barclays and co-op do accounts specifically for these situations

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There is only one type of Barclays basic account and they froze mine and sent the funds to the OR!

 

The OR did send the funds back to Barclays as they comprised of benefits and student loan, but I could have done without the hasstle as some D/Ds were returned unpaid and I was charged for them. Fortunately Barclays waived the fees.

Edited by babybear39
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I was informed by the branch that it was Barclays policy to freeze accounts and send funds to the OR.

 

Anyone wishing to open a basic account should ask the manager at the branch what happens during BR.

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