smudgerz

Hi all, has anybody got any experience of going bankrupt? My brother is in deep sh*t and owes thousands to everybody. How easy is it, what do the courts look into? Any info would be greatly appreciated. if you would rather pm me thats cool,

Thanks for your help.

Smudge.

Ginge !

costs about 400 quid and he has to prove hes payments can not be paied off ect,,,, not that hard tbh and a hell of a lot easier than having the balifs knocking on the door,,,,,,, just open a account for him in you name cause he wont be able to have one soon

he wlll not be allowed to own anythign of value too for a few years

BUT companys frown less upon that then him being defaulted with a CCJ belive it or not

The DIVA

iTrader: (3)

Depends who he owes the money to mate.........If you go personally bankrupt and you have not been Fraudulent or reckless with the money,you will generally be discharged and back to some of normality in about 12 months.........

However if you owe the money to banks,cc companies etc and they can prove you have been reckless with there money and not just got in the shit because of other circumstances the bankruptcy can last as much as 15 years...

Obviously all cases are individual so i would recommend he seeks professional advice immediately.........

smudgerz

Ginge, do they look into his bank details? the reason im asking is he sold his house over a year ago and the money he had from that has gone paying back family etc. Cheers

Smudge.

smudgerz

Will do, cheers nightdavva, he owes money to banks and cc companys, ....

Greg Shepherd

i know the feeling on debt

Ginge !

they will look at his spending as if hes got loads of loans ect they wanna know where its gone ect

do not lie to the court too, they usually quite sympathetic anyway so no need to lie,,,,,,,, paying family off aint a valid reason if he owes the tax man ect cash

seek pro advice though, start with CAB and get into contact with pros

smudgerz

How do you mean Greg?

smudgerz

He has tryed to get in touch with CAB but they are rock hard to speak to

Greg Shepherd

i owe shit loads about 40K not got no one after me thoe as pay every month never missed payments but only have about Ł50 a month to last after payed bils these are c/cards and a loan

the saint

iTrader: (1)

mate the forms are not very nice and i`d only do it as a proper last resort. i was going to hense why i know about the forms as i have them here now lol but i`m not going to bother as i`m not lossing my cars over it.

MarkTurbo

Isnt there a thing called an IVA or something where you pay back as much as you can afford for a set time then the rest is written off

Ginge !

you aint bankrupt if you own cars though,,,,, you can sell them to pay the debts off

greg get advice mate as if you are struggling to pay it off then its deffo a solution

you think anyone here witha business would noit file for bankrupcy rather than work for 50 quid a week for the next 5 years or so

get advice, i had about 20k in debt and i battled to pay it off as i was told by my dad to " do the right thing"

what a load of bollocks that was,,,,,,,, even though it was payed off in 2 years i STILL was black listed,,,,,,,,, wouldnt have changed if i filed bankrupct apart from i wouldnt have had 2 years of living on fook all and working 55 hours a week to pay off a debt for a flat that i no longer was alowed to live in

the companys also fucking LIE to you and scare you saying they will reposess things that are your parents to pay the debt off even though they fucking cant

Greg Shepherd

ginge not struggling as such

i just male sure everything i need to pay each month is paid before i spend my money on me does get me down going three four weeks in a row with no money at all

wednesday tomorrow might win the lotto

smudgerz

Does anyone know anything abot iva's? do they look into it as much as going bankrupt?

Cheers for your help, the lad is stressed to the max, just trying to get him to get help.....

Ginge !

get the advice first mate,,,,,, no matter what us net geeks say the cases are all gonna be different tbh

smudgerz

Will do, just trying to show him hes not on his own with debt and to get some ideas. Thanks again.

Greg Shepherd

cant help with iva etc as i try my hardest not to get too deep and luckly never missed a payment

tell him go get some proper advice soonmner rather than later


as just spoke to my mum and her freinds daughter was struggling had bailiffs knocking missed payments but with the right help turned out she could pay everyone bvack but at reduced monthly costs so she ok now ie no bailiffs knocking

rsnissan

iTrader: (9)

feck me 40K have you got anything to show for it?

Ginge !

greg the agree as going banlrupt gets em nothing

doing that though actually screws your credit rating anyway so there aint much point IMO

would be a better choice going bankrupt as they would have NO problems reposessing your house ect

TemptRS

i was watching "bank of mum and dad" the other day and this guy owed over 100k and wanted to go bankrupt. His accountant said that if his credit card statement etc showed he spent the money here there and everywhere ie:clubs,shopping etc then he may not be able to get credit for up to 15 years!! so he ended up selling his clothes,car and house to avoid that!

so i wouldn't go bankrupt unless you REALLY had to. He'll have to sell his cars and everything before considering that - i would.

AKRS1

im in the same boat get charged a hell of alot interest a month i think it may be better taking a big loan out and paying one monthly payment

Greg Shepherd

i did that took abig loan out but manage to build up c/c again

plus about 13k of the debt is interest on the loan and payment protection
what have i got to show for my debt

erm loads of interest paid

m8s that owe me big time

did have a boat off my own that i brought but now got dads old one but that still his

so nope live at home and nothing of real value to show for it

Ad4m RST

only loan/debt i have is student loan which by the time my degree finishes will be colossal....that and what i owe my parents

my uncle is a solicitor and works alot with bankrupcy cases, i read a book he gave me once about fighting debt etc and it had loads of little tricks to get out of trouble.....

1st was to send a monthly cheque payment for a debt and write on the back 'Final Payment'. If it isn't queried and they cash it the debt is technically written off. Try this across the board to everyone he owes he's bound to get lucky with a couple....

i'll fish out the book for some more help, basically uses our so called rights to find loopholes.

Greg Shepherd

1st was to send a monthly cheque payment for a debt and write on the back 'Final Payment'. If it isn't queried and they cash it the debt is technically written off


now thats interesting

Ad4m RST

worth a try i rekon

Zanderford

fook me greg 40k thought mine was bad and i only owe about 9k

rsrob