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Bankruptcy

madzone

madzone

Physically unfavourable
Has anyone ever been through it? Was it worth it? What were the short/long term implications? Would you do it again? What amount is it worth going bankrupt over?

So many questions so little time
 
Unless you have to do not do it. (You can be left with just the clothes you stand up in and the "tools of your trade." (If you have a trade.)
 
personally i would take qualified advcie on this madz. it could have long reaching implications that you could avoid by using an IVA or some other vehicle
 
me best mate who was £50K in debt declared himself bankrupt 2 years ago.

he went to court and everything.
dunno the extact details but he's debt free now.
so much calmer too!

but i think he may have problems in getting loans including a mortgage....:(
 
That reminds me - does it affect the spouse of the person going bankrupt?

We don't own anything Chy but it may have implications for the tenancy agreement iirc
 
Pingu said:
personally i would take qualified advcie on this madz. it could have long reaching implications that you could avoid by using an IVA or some other vehicle
Click to expand...

I'm going to call CAB and have had a brief look at the debt advice trust site. It's more to gain some personal insights that I ask here
 
madzone said:
That reminds me - does it affect the spouse of the person going bankrupt?

We don't own anything Chy but it may have implications for the tenancy agreement iirc
Click to expand...


As had been stated you really need professional advice about this.
You would also need to "sell" anything valuable you have to friends you can trust for a nominal amount like £1, well before there is any inkling you are going bankrupt or someone else makes you bankrupt
Get all the cash you can to-gether and make sure it is somewhere bailiffs can't find it.
(Bearing in mind this could well be illegal.)
 
Having been through it I would advise you to get some serious and professional advice. When it happened to me I was rather surprised that five years later I was given gold credit cards, a platinum with £25k limit, so in the long term it did me no harm at all.

Pingu's site is useful, and the CAB are helpful. Before you do it get professional advice.
 
madzone said:
Can one partner/spouse go bankrupt without the other or would we both have to go bankrupt?
Click to expand...
I believe that is the case unless you have joint accounts and that might stuff you. NOTE: I only believe this to be the case.
 
dessiato said:
I believe that is the case unless you have joint accounts and that might stuff you. NOTE: I only believe this to be the case.
Click to expand...

Thanks - it's all stuff I'll ask CAB or whoever we end up going to but I'm imptient :D
 
Wanderer said:
I've been told that IVAs are a waste of time and that you're better off declaring bankruptcy.
Click to expand...
IVAs can mean that you keep your house, if you've got equity and that sort of thing is important to you, that is.
 
have you thought about asking some randoms on the internet?

might be worth a shot.


eta here ya go this could be just the palce to ask:

link
 
I went bankrupt 3 years ago.
Call the CCCS (consumer credit counselling service http://www.cccs.co.uk/ ) for free impartial advice. They will get you to give them an outline of your financial situation, and then tell you what your options are.

If you do decide to go bankrupt, they can talk you through the whole procedure and you won't have to pay a penny, apart from the fee you pay to the court for the bankruptcy, which was £350 in 2005 iirc.

For me it was the only option, I didn't have property or children, and it would have taken me 10 - 20 years to pay off the debts I had.

I now have zero credit rating, but also no debts, and i manage to get by for internet purchases etc. with a 'pre-pay' card. I have a 'basic account' like the ones they give to 14 year olds, with no debit card.

If I do decide to get a mortgage one day (before the 6 years is up when the bankruptcy will be removed from your credit file) it will be at a higher interest rate and will also need a deposit of 15%.
 
dessiato said:
I believe that is the case unless you have joint accounts and that might stuff you. NOTE: I only believe this to be the case.
Click to expand...

This is true, if you have don't have joint debts then only one partner needs to go bankrupt.

Regarding assets, they aren't interested in anything less than £500 and don't take computers and that sort of thing because there's no resale value.

You might want to check your tenancy agreement though in case there is a clause regarding insolvency.

I second the suggestion to contact the CCCS, they are really good.
 
sparklefish said:
Regarding assets, they aren't interested in anything less than £500 and don't take computers and that sort of thing because there's no resale value.
Click to expand...


This isn't true. They took my PC, they will take anything that you declare on the form. Don't declare anything as assets or they will take it. If you have any expensive items, you could maybe give them to a friend to look after before you file for bankruptcy.
 
JerryLundegaard said:
This isn't true. They took my PC, they will take anything that you declare on the form. Don't declare anything as assets or they will take it. If you have any expensive items, you could maybe give them to a friend to look after before you file for bankruptcy.
Click to expand...

Really! Don't trust the CAB then, their advice is crap.:D
 
I wondered if they would take my PC because I run a website as part of my business? It's not me that's thinking to go bankrupt so I don't know what's going to happen really.
 
chymaera said:
As had been stated you really need professional advice about this.
You would also need to "sell" anything valuable you have to friends you can trust for a nominal amount like £1, well before there is any inkling you are going bankrupt or someone else makes you bankrupt
Get all the cash you can to-gether and make sure it is somewhere bailiffs can't find it.
(Bearing in mind this could well be illegal.)
Click to expand...

Very poor advice... disposing of assets in order to evade debts... I've got no moral prob with this, but if you think creditors haven't heard of this little trick before.. :rolleyes:
 
madzone said:
I wondered if they would take my PC because I run a website as part of my business? It's not me that's thinking to go bankrupt so I don't know what's going to happen really.
Click to expand...

I'm sure the forms ask you to declare anything of value so unless you had a spanking new PC then just don't put it on the form.
 
sparklefish said:
I'm sure the forms ask you to declare anything of value so unless you had a spanking new PC then just don't put it on the form.
Click to expand...
Or put it on the form at its reasonable second hand price - PCs are notoriously worthless second hand anyway :)
 
How do they know what you've got anyway? Is it mostly done on trust?

Looking around I can't see anything of value apart from my pc, my camera (and even then it's only £200) and my stereo. The first two I need for my business so presumably they couldn't take them.

I have the car but I need that for my business.
 
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