Help Plzzzz

[hellmamab]

Firstly hi everyone, hope someone can help me.

 

I am employed have no assets and 30k in debt, i have been looking at a possible self bankruptcy, where you send the relevant forms to Accounts of Bankruptcy, the only problem being i am not sure if i have what i need to do this. The thing i am confused about is the "charge". If you have no assets how does this charge happen if it based on assets? The only thing that is concerning me at the moment is one creditor threatning to take me to court to freeze my bank account, and as i type another expected at the door tonight (not to worried about that). Just find conflicting stories on the web. Is it possible to declare yourself bankrupt without the charge been issued and expired?

 

Thanks for all your help.

[IdaInFife]

sorry but i do not understand your post

 

do you mean a charge for payment? which if you receive one after the 14 days you can then go BK

 

or do you mean paying the £100 - this cannot be waived

[hellmamab]

Sorry not really sure what i mean myself, have copied and pasted the paraghaphs below, i was thinking i couls just fill out the relevant forms send them off with payment and they would take care of the rest, but the info below has confussed me.

 

there must be an expired charge for payment outstanding which you have made no payments on or a poinding. As Far as i'm aware i don't have this so does that mean i can't go BK

 

 

 

A borrower who wanted to declare BK had to wait until their creditors took legal action, but now, thanks to the new changes in law, anyone who wishes and fulfils certain criteria (see below) can apply for their own bankruptcy to the 'Accountant in Bankruptcy'. The minimum amount, which they must owe in order to qualify for bankruptcy, has also changed from a previous figure to a minimum of £1,500 for a self-declaration. However, if a lender wants to declare one of their customers bankrupt they must be owed a higher minimum amount of £3,000.

 

Seq is personal bankruptcy and this can be petitioned for by any individual who meets certain requirements. Here a couple of most common requirements, although there are others. As mentioned above your debt must be over £1,500; there must be an expired charge for payment outstanding which you have made no payments on or a poinding - usually for Council Tax arrears - following on a summary warrant. If you don't meet these requirements then you can't petition for your own bankruptcy.

 

Thanks for your quick reply, sorry for not explaining properly up to high doe, and burrly man never came to door tonight despite a letter stating they would be here.

[IdaInFife]

so you have had no court proceedings at all for nay of your debts?

 

would you qualify for LILA?

You will be able to make an application for your own bankruptcy under the LILA scheme if:

 

• your income is less than £229.20 per week before deductions for tax and national insurance contributions (ignore any social security benefits or tax credits);
  
• you are not a homeowner;
  
• you have no single asset worth more than£1,000; and
  
• your total assets are worth less than £10,000.
  

http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=01_bankruptcy#low_income

[hellmamab]

Thanks for your reply Ida no i do not qualify for LILA have already looked into this. Thanks for your help, will have to sit and wait it out, hope they don't take to long to take me to court.

[IdaInFife]

No probs we are always here

 

there are other options if you have a look on the national debtline link i posted up earlier

[Joemcm35]

From the 15th November 2010 there will be a new route to bankruptcy which will be known as 'Certificate for Sequestration'.

 

This has been introduced through the Home Owners & Debtor Protection (Scotland) Act 2010.

 

The procedure would be that a debtor would approach a money adviser (at a citizens advice bureau or a local council) or an insolvency practitioner (IP). The money adviser or IP would assess whether the debtor is capable of paying the contracted payments (loan repayments loans; minimum balances for credit/store cards; etc). If the assessment reveals that the debtor is incapable of paying the contracted repayments then the debtor, if they request it, can be issued with a 'Certificate for Sequestration' for which there will not be any fee.

 

With the 'Certificate for Sequestration', the debtor will have 30 days within which to complete an ‘Application for Bankruptcy’ to the Accountant for Bankruptcy along with a £100 application fee.

 

Should you wish to enquire more about this then approach a money adviser at your local citizens advice bureau or local council after the 15th November.

[hellmamab]

Thanks for this info Joem, I have already made contact with CAB not really much they could do for me, Said they would get thier Finance team to contact me that was over a month ago still no contact but might hold off until Nov 15 and go and see them again. Thanks.

[alfied]

Have you checked out a trust deed??

[hellmamab]

Does anyone know much about the 'Certificate for Sequestration'. Do you have to have assets? Do you have to have a charge for payment? or do you just go to advisor with income and expenditure?.

Thanks in advance for any info.

[IdaInFife]

still got another week to wait,

 

this is a last resort as the advisor will go over other options with you and make sure you have considered it fully and you must be able to make contributions from an income

 

you can contact the aib and they should be able refer you to a IP/trustee