Bankrupsy

[kerriesmum]

kerriesmum

Bankrupsy

Hello, im a little embarressed, to say i need to go down the Bankrupsy route. I have been advised by my I.V.A case handler this is the way to go as i can no longer afford to pay anything.
I dont know anything about it. Have any of you gone bankrupt?.
Who do i contact for advice as in the best companies?
Can i keep my basic bank account?
will my employer sack me because of it?
please help i need some advice

[WELSHYORKIE]

Kerriesmum - See business and finance where you posted this originally

[kerriesmum]

sorry i posted twice i am just trying to get as much info as possible

[Bbbananas]

You don't need any 'companies' to assist you - in fact, avoid them where you can. Don't shell out any more money for so-called 'advice'.

In the first instance, go to your local CAB, they will advise you. You need to present yourself to the County Court to obtain all the application papers. If you need any help with the papers, once again your CAB should be able to help you. You will have to pay a fee to declare yourself bankrupt - unfortunately this is quite steep - around the £600+ plus mark. You will then be appointed an Official Receiver. He will advise you from then on - don't worry, a lot of this is done by telephone unless your case is particularly complicated.
Also, don't be intimidated or frightened of the whole process. BR is very common, courts are extremely busy, and you may find them surprisingly helpful & friendly - they certainly won't (shouldn't) be judgemental.
You are allowed a basic bank account - but no cheque book. I advise the Co-op who are very good in these circumstances.
It shouldn't affect your job unless you are in finance, such as an accountant. Or if you are in the police or armed forces. Or a company director. Which I suspect you aren't?

[Bbbananas]

Also - there is a website called Motley Fool who have a section called Dealing with Debt. They have a forum on there, much like this one (but more serious, obviously!) where you can gets lots of advice, support and help. There is one poster in particular called Manzanilla who is great at giving advice, in fact I think she works for the CAB herself in her 'day job'. Get yourself registered on there.

[kerriesmum]

No sallabannans i am a lowly cleaner !.
£600 oh dear i dont think im going to be able to raise that kind of money.

[kerriesmum]

motley fool ok will check it out after i finish work many thanks sallabannanas you have been very helpful x.

[Bbbananas]

No problem kerrie. And don't be embarrassed about it, you would probably be surprised at the number of people you know who have been through it - but most people keep quiet about it due to embarrassment, shame or thinking others' will look down on them. Boll0...s to all that - there are a lot of reasons people have to turn to bankruptcy and it is for no-one else to judge.
Motley Fool are great. Over £500 is a lot to find I know, but the MF people may be able to advise you on this. I am afraid everyone has to pay, no matter what their circumstances, so there is no way out of it.

(And cleaners aren't 'lowly' - OK?!! xx

[kerriesmum]

your are very sweet sallabanannas. Right i think i need to focus on how to raise the money. I will pop into my local county court this week and get the info i need.

[Bbbananas]

Good for you. Don't be frightened to ask for advice. And don't be persuaded to part with any more money other than the bankruptcy application fee. There are a lot of finance companies out there who offer help - then charge you a whopping fee for it. You should not have to pay any more other than the above fee.

[Bbbananas]

On the subject of Motley Fool - just to help you Kerrie - Go to discussion boards, then 'managing finances', then 'dealing with debt'. that is where you will find the discussion forum. Like I said, a poster called manazilla is particularly helpful & very knowledgeable - she's been contributing on there for over 10 years. But almost everyone on there is struggling with debt and lots of personal experience of bankruptcy etc. You will not be made to feel guilty or be judged. xx

[Bbbananas]

And look out for SON1C also.

[Dee Sa]

kerrie- I do hope that you can work this all out, I would be worse than you, I go to pieces if I get letter in a brown envelope from the pension people, cant find the courage to open it.
Its not the end of the world, so put on a brave face and hope all goes well for you.
Take care of yourself, dont let your health go down.Good luck.
Dee

[B00]

Have a look here kerriesmum, hopefully some further advice for you. The rest of that forum is worth a good look too, apart from here (obviously!) it's the best forum out there :-)

http://forums.moneysa...orumdisplay.php?f=136

[kerriesmum]

I have been on the website you have suggested sallabannanas and they are very helpful thankyou for suggesting them x

[Bbbananas]

Good. I found them very helpful and supportive when I had difficulites a few years back. It's nice to find people that not only know how you're feeling, but can give you practical advice as well as support. x

[jamxtart]

Look into a debt relief order aswell, if your on a low income and have certain debts under £15,000, u may be able to go for one of these instead x