bankruptcy - any practical advices?

[marthara]

Hi! i have decided to start a bancruptcy proccess, therefore i need some practical advices or may be links to the similar threads.

 

Currently i have 2 bank accounts - both working. (on one of them i have tried to save some child benefit money- unsuccessful)

 

will they both be blocked or just one? (if i keep silence about second one)

 

do i need to open a new bank account after a subbmitin a petition or after the court desision?

 

i still have 2 working credit cards one for £800 and one for £270...

from one of them i'm gouing to pay court fees,,, and spend the rest

again- will it be blocked right after petition or after the court?

 

if possible i would like to save 1 credit card just for emergency situations (the small one for £270)

is that possible somehow? (my surname on this card was little bit misspeled)

 

or it will be blocked any way -even if i don't declear it and don t have any debts on it?

 

any bad consequences if i keep silence about second bank account with £0 on it and second credit card ?

 

currently i am uneployed but i have some worries -if i start to work before bancruptsy - can they deside to make me pay some money towards my debts? (don t think i will earn a lot - no more then £5.80 per hour) but any way - some better off i possibly will have

 

can i do everything by myself or better go to CAB? (i think a que for a money adviser is not small there)

 

(gouing there any way on next monday -ask for appointment)

 

thanks

[debtinfo]

Hi the first thing i would say is what i say to everyone, if you have not already then you should take some free advice from the likes of CAB, National debtline, or the CCCS. It is a requirement when you get to court that you have taken some advice, not necessarily to tell you what to do but to make sure that you are aware of all the consequences.

 

At most courts you petition and have the bankruptcy order granted on the same day. Some courts have an appointment system, some have a walk in system so you should ring your local county court to find out and also to make sure you are in the right juristiction.

 

Once you have made the decision to go bankrupt you should not use any more credit at all, ie you should not use credit cards to pay the bankruptcy fee.

 

Banks - Any overdrawn bank account will be closed by the Official Receiver (OR). Most accounts in credit will not be closed by the OR but many banks will refuse to do business with you and close your accounts as soon as they know you are bankrupt. The main exceptions are the CO-OP and barclays basic accounts which are bankrupt "Friendly". these are the most consistant ones some other banks have been known to leave some accounts open but it is very hit and miss.

 

You must not use any credit facilities after your bankruptcy without the explicit authority of the card provider to do so. If they want to let you use it then they will accept an application by you to do so. (it is not likely that they will)

 

You must declare all cards on your forms regardless of if you have a debt on it. Remember this is an official court document and is covered by section 5 of the perjury act which carries a maximum penalty of an unlimited fine and imprisonment.

 

You must understand that bankruptcy is a protection granted by the court you must accept all of the restrictions along with the advantages of using it. Bankruptcy is also an investigation into how you have handled your finances.

 

The OR will assess your income and expenditure if you start to work they will deduct all reasonable expenses from the income and the remainder (your surplus) if above £20pm will be paid into your bankruptcy

 

Hope that helps, If there is a wait at the CAB try CCCS or national debtline as you can get advice over the phone