Advice about Bankruptcy

[rippedoff15]

I have completed all the details requested on the forms via the insolventry web site and ready to submit, but iam currently not working and unable since a fall and signed off until thje end of march 09 therefore we have no cash to pay fees, how can file for bankruptcy if i can not pay fees

 

cheers

[Trilby274]

Take a look at this link - you will need adobe reader

The requested resource (/HMCSCourtFinder/tiles/Her Majesty's Courts Service -Forms and Guidance) is not available

 

 

ex160a_e.pdf (PDF 1MB) is the one you need

[rippedoff15]

Iam looking to file BR early in the new year, we have got a house which has now got tennants in for 6mths months and the lender is happy once house is sold they get repaid and the payments from the rent is sent direct to the lender, we are in a rented house with my family once i file BR can they remove our house hold goods from our family home i share with my wife and kids.

 

Cheers

[bgqs]

I dont understand your situation fully. You have a lender which has agreed to take payments direct from the current tenents once the house is sold ?

 

Surely, the new buyer of the house will determine whether he wants the current tenents to still reside in the house.

 

Besides, if you have a lender and you are unable to continue with the repayments, the lender would normally seek repossession of the property. Filing for Bankruptcy should be a last resort in any case.

 

I think you need to be more detailed so that help or advice can be offered.

[rippedoff15]

Some Details

 

1, We have a family home, but due to illness unable to pay the repayments, so we put a tennants into the house who makes payments which covers the loan repayments.

 

2, We have signed up with lender who will arrange to sell the house in about 6mths using local agents, but as houses are not selling they have given 6mths until they start pushing the sale, but they requested the repayments be kept upto date, so put tennats into the house for 6mths so the paymets can be made.

 

3, When i file for BR in Jan 08 can they take items from our rented house which i share with my wife and kids, the house is rented from a family member thus very very cheap.

 

cheers

[gizmo111]

They wont take your personal items. However your house will be included in the BR and the OR will decide who gets proceeds after secured loans are paid. Have you take advice on this? What is the totla of your other debts?

[rippedoff15]

Hi thanks for replying

 

i have a total debt of over £87k

[AA99]

That may sound a lot but it's not in today's day. Please only consider bankruptcy as an absolute last resort! Check out a lot more threads on here, look at the ones that are causing you the most trouble and I think you'll find some answers to not giving up your home..... Good Luck

[rippedoff15]

Hi All

 

I have input all my details on the insolventry web site rerady to print off and take to my local country court, can anyone confirm how much the BR will cost in total

 

regards

[sequenci]

Hello there.

 

Do you receive any state benefits?

 

The Bankruptcy Deposit is £345

The Court Fee is £150, you may be able to get a diso**** on this if you are on a low income hence me asking about the benefits.

 

Have you had advice about bankruptcy as an option?

[rippedoff15]

Thanks. iam currently on Empolyment support and have been ill for the last 6 mths, i own around £60k and my company has gone under as well, which means BR is the only way to move forward. Do i still have to pay the full amount to file and do i have to book an appointment at the court or just hand in the papers

 

 

cheers

[palomino]

If you are on certain benefits or are otherwise impoverished then you are exempted the court fee (not the Official Receiver's fee). To judge if you are entitled to an exemption read http://www.hmcourts-service.gov.uk/courtfinder/forms/ex160a_e.pdf.

 

If you are entitled to an exemption then the form to complete is here http://www.hmcourts-service.gov.uk/courtfinder/forms/ex160.pdf.

 

When you go to court you will appear before a judge and will have to swear an affidavit about your financial affairs. The forms you need are 6.27 and 6.28 (you should also read the 6.28 Guidance Notes) all of which are available here Forms. You'll need to scroll down a bit.

[geministar2007]

Rippedoff i would call the court you intend filing for bankrutpcy at, as some courts do not deal with BR. The clerk at my court was very helpful in relation to if i was exempt from the court fee. I was on working tax credit and this means i had automatic exemption. I also believe if your income is under just over 14k a year then you will also be exempt from the fee.

 

good luck keep us posted!

[rippedoff15]

Today i have been informed that a company have issued action to reclaim a debt via a personal guarantee to the sum of £28k also i have got 3 CCJs as well, what will happen to the claim as it was confirmed today.

 

I have been paying small amounts regarding the CCJ claims should i stop paying once i have filed for BR.

 

any feedback would be great

 

cheers

[gizmo111]

The claim and the CCJ's will be extinguished by your BR.

[rippedoff15]

Just Thinking, i have completed all the details on the Insolventry web site which are ready to submit, one of my debt has issued a CCJ for the sum of £28k which i can not repay and they called stating if i do not pay they will issue BR so if they issue do i have pay fees or let them issue, our house has no spare cash as it already has got 2 secured loans on it and at present we have have tennets living in it and the rent is sent direct to the lender who is happy for this as they are selling it.

 

We are selling the house jointly with the lender and the tennants are on 6 mths lease only as iam unable pay the morgage following an accident by putting tennants in funds are paid towards to morgage and once the house is sold the 1st charge & 2nd Charge will be repaid and their is no extra funds,

 

any feedback will be great

 

cheers

[rippedoff15]

Well just booked a date with my local county court 10th FEB 09 at 10am they were ok, and only asked for the papers, i will let you know how it ends up,

 

cheers

[palomino]

one of my debt has issued a CCJ for the sum of £28k which i can not repay and they called stating if i do not pay they will issue BR so if they issue do i have pay fees or let them issue, our house has no spare cash as it already has got 2 secured loans on it and at present we have have tennets living in it and the rent is sent direct to the lender who is happy for this as they are selling it.

 

 

 

It is unlikely that a creditor will petition for your bankruptcy (unless it is a government body such as HMRC which has a statutory obligation to to do this) because a creditor's petition costs a lot more than a personal petition, and in any case, once you are bankrupt the Official Receiver apportions the available assets equally in percentage terms to all creditors. Hence the petitioner would receive a lot less than the debt.

Nevertheless it is quite legitimate for a non-government debtor to take this action and it cannot be completely ruled out.

 

You haven't stated explicitly however your post seems to imply that the personal guarantee is secured on your house as well as the house being mortgaged. Is this correct? Note that secured debts are not included in any bankruptcy and remain secured if you are bankrupt. Unsecured debts are of course included in the bankruptcy.

[rippedoff15]

I have got a debt of £17k which barclays want to place a charge on our house, their are already 3 charges on it at present which uses all the value, if the charge is placed and once the house is sold the first 3 charges will be repaid , what will happen to the barclays charge as by then i will helpful BR.

 

The barclays account is behind payment to the sum of £176.98 thats what the solicitior is stating should i pay the outstanding and will this stop the court placing the charge and once iam BR the debt is gone.

 

Cheers

[gizmo111]

I'm not sure what property you have and where you will be living after the BR?

To be sure any negative equity and charges are included, you must hand the keys back to the lender before the BR.

[rippedoff15]

hi all

 

i have had action to place a charge on our house from Barclays to the sum of £17k their is no extra funds in the house and already loans secured on it, we are behind with the barclays loan to the sum of £180.00 if we pay the amount stated on the court papers will this stop them placing the charge or can they still place the charge.

 

I have already applied to be made BR on 10th FEB 09 and the house is up for sale, should i let barclays place the charge on it and when iam BR will the barclays loan become unsecured and included in my BR.

 

Cheers

[rippedoff15]

Hi

 

We are living in a rented house now but our house has got tennants in it who have a 6mth lease the rent they pay is paid direct to the lender, what should we do regarding the tennants ?

 

cheers

[palomino]

If the total of the charging orders meets or exceeds the value of the property then any further charging orders will have no effect in practice. You might as well not fight that one and give yourself some peace of mind.

 

If the property is repossessed and sold then all the secured debts will be paid first (after your lawyer's fees of course). If there is still some debt payable then it becomes unsecured (the security has been used up).

 

Unsecured debts are included in a bankruptcy, so your best strategy in your circumstances is to sell the house or wait until it is repossessed and then go bankrupt. Since you have no equity left in the house then you can sell it for what you can get for a quick sale. Probably not a lot, but since any shortfall to pay creditors becomes unsecured and then included in your bankruptcy you will neither lose nor gain anything and therefore have no interest in the matter.

 

Please note that I am not recommending you go bankrupt. Bankruptcy is a serious business and you should take advice from Citizen's Advice Bureau and National Debtline. I am merely saying that IF you decide to go bankrupt then this is probably the best way of proceeding.

[Mixed Nuts]

I've had a similar post on this and basically, when you go BR any unsecured debt goes, however, ALL secured debt stays. The only way the secured debt goes is if you are repossessed/sell first so the secured debt becomes unsecured and then go BR.

 

Oh, and just to add to that, if you put a bit more info in your thread heading with specific details you'll probably get a quicker response. It may be better to ask the same question in the BR section rather than this bit...

a lesson learn't myself

[rippedoff15]

thanks for the help

 

cheers