Should I go bankrupt?

[SXGuy]

Re: Should I go bankrupt?

IF raises a good point, and i was indeed asked that very question.

"Why did you repay some debts over others"

My reply? it only came to my attention that i was insolvent after the fact, and had all intentions to pay each other creditor.

Now they accepted that answer, but my circumstances were very different to your own, so dont take what i say as your answer.

[IF]

Re: Should I go bankrupt?

Last Dec, sale completed 9.12.2011

Now it really depends on when you go BR as the OR may see it as favouring one creditor over another especially if you were insolvent at the time of paying your Mum and your Ex. Then the OR would ask for money back. Just so you are aware this could be the case.


IF...x

[jon1965]

Re: Should I go bankrupt?

Last Dec, sale completed 9.12.2011

[IF]

Re: Should I go bankrupt?

Hi all and thanks for your help so far.
I am about to investigate the UE route but a question on BR would be about the recent sale of my house.
The house was bought in 1990 just prior to my marraige but in my name only. It was however bought to be our marital home. After I left my wife continued to live there with DWP paying some of the mortgage and I paid the rest. It was always agreed that it was our house with equal interest.
During the sale my mum paid for some work, skip hire, man with van etc which was repaid out of the sale proceeds and I gave my wife (still married although apart for 10 years) 7.5K . If i do go BR could the OR chase either her or my mum for the money?
I am still on a fact finding exercise atm prior to decisions
Ta
Jon

Jon, when did you sell your house?

[SXGuy]

Re: Should I go bankrupt?

Dont think so, if they ask, your mother was a creditor because she paid for the workman for you.

You could also say that the money you paid your wife was to repay money she lent you.

Anyone you owed or owe money to is a creditor.

When i went BR, my mother had lent me thousands, she ended up being my biggest creditor, i listed her in my BR.

[jon1965]

Re: Should I go bankrupt?

Hi all and thanks for your help so far.
I am about to investigate the UE route but a question on BR would be about the recent sale of my house.
The house was bought in 1990 just prior to my marraige but in my name only. It was however bought to be our marital home. After I left my wife continued to live there with DWP paying some of the mortgage and I paid the rest. It was always agreed that it was our house with equal interest.
During the sale my mum paid for some work, skip hire, man with van etc which was repaid out of the sale proceeds and I gave my wife (still married although apart for 10 years) 7.5K . If i do go BR could the OR chase either her or my mum for the money?
I am still on a fact finding exercise atm prior to decisions
Ta
Jon

[philnicandamy]

Re: Should I go bankrupt?

Hmm if only i'd known about UE 5yrs ago....

[philnicandamy]

Re: Should I go bankrupt?

The OP is also currently unemployed and has already seen first hand losing a job opportunity because he has a DMP. Adding bankruptcy isn't going to help.

I agree..but as I said in previous posts job's are sure "difficult" to obtain now with the current climate but not impossible once bankrupt or discharged bankrupt....but as I said bankruptcy needs to be researched you need to know ALL the bits & bobs before deciding as once all other options are useless its the LAST resort to your financial probs

[jon1965]

Re: Should I go bankrupt?

Thanks all.
I have posted a longer explanation on the unenforceability board --->Help and advice please - allaboutFORUMS.
I don't want to duplicate it and if i am honest am not that savvy about forums etc (or is it fora?).

[Talay]

Re: Should I go bankrupt?

I've heard many times about the list you mention...never had any solid proof however it exsists and as for financial positions its not always so cut & dry i've known a few bankrupts in the financial sector still able to keep their positions

I don't have a reference to hand but some time ago someone with access to it came out and spoke about it. I'm guessing it was on MSE but it could be from another place.

You're right that it doesn't (didn't ?) matter to some, if not many finance jobs but I'll wager there is a world of difference between keeping on a loyal worker who has gone through BR and looking through a list of CVs and finding a reason to throw some aside. You'd need to jump through all kinds of hoops to get it past compliance these days.

The OP is also currently unemployed and has already seen first hand losing a job opportunity because he has a DMP. Adding bankruptcy isn't going to help.

[IF]

Re: Should I go bankrupt?

Hi jon1965 and welcome to the BR board. There's a lot to take in right now but don't be afraid to ask anything.
The only 'silly' question is an unasked one!!

Best Wishes
IF...x

[philnicandamy]

Re: Should I go bankrupt?

Good advice from everyone as usual....have a look at what people suggested and then and finally then if all other options are closed then bankrupty MAY be a solution..but its not a quick fix as others have said and can have implications on your life for many years to come

[PlanB]

Re: Should I go bankrupt?

I have debts of c.40K over about 18 creditors . I have no assets and my only income is ESA. I am paying £1 per month token payment to each creditor as a token payment

Were any of these debts credit cards or loans taken out before April 2007 which have the potential to be unenforceable Maybe it would make sense to establish that first before making a big decision like BR. If you're only making token payments your credit rating has already been shot to pieces so why not take a punt on getting rid of these 'live' debts before you make your mind up about the next step

[philnicandamy]

Re: Should I go bankrupt?

You are right that it does not show on your credit file after 6 years but that is not the whole story is it ? All mortgage lenders and probably all other financial institutions have access to another list, compiled out of the Gazette (as it is public information against your credit history, which is private), which permanently declares your bankrupt history.

I've heard many times about the list you mention...never had any solid proof however it exsists and as for financial positions its not always so cut & dry i've known a few bankrupts in the financial sector still able to keep their positions

[SXGuy]

Re: Should I go bankrupt?

Ok Talay, i can see that from your point of view, BR would not be the best option, from mine, it was.

Im self employed, so BR has never affected me at all.

I recently secured a mortgage, so BR never affected that either.

I used a mortgage broker, not once was i asked if i had ever been bankrupt.

So while some may ask the question, there are others who do not.

I get that you may not be able to work for the financial sector but that is not the only job sector out there.

All im trying to say is, for a lot of debt and no asset BR to me, is the easy road out to recovery. Of course any one debating whether BR is right for them or not, should weigh up everything before making a decision.