Should I go bankrupt?

[jon1965]

Re: Should I go bankrupt?

Thanks PlanB , Bham law centre can't hep as I live outside their catchment area. Goint to try Coventry law centre

[PlanB]

Re: Should I go bankrupt?

Thanks PlanB , Bham law centre can't hep as I live outside their catchment area. Goint to try Coventry law centre

Birmingham Law Centre may not see you but the Birmingham Legal Advice Centre doesn't have a catchment area policy and they just told me there is an appointment free on 10th July

[Never-In-Doubt]

Re: Should I go bankrupt?

Jon

So what's the latest then? Have you made any decisions or just enquiring...?

I notice you have your PA hard at work, make sure you pay her the bag of nuts at the end of the week

[PlanB]

Re: Should I go bankrupt?

Jon

So what's the latest then? Have you made any decisions or just enquiring...?

I notice you have your PA hard at work, make sure you pay her the bag of nuts at the end of the week

Niddy. I think it's reached a point where I may just bundle him into the back of my car and drive him to a Law Centre myself

We're getting there slowly

[Never-In-Doubt]

Re: Should I go bankrupt?

Niddy. I think it's reached a point where I may just bundle him into the back of my car and drive him to a Law Centre myself

We're getting there slowly

But and I mean this with the greatest of respect, it has to be Jon's call - last I spoke he was only 50/50.

I think what you're doing here is awesome but please no pressure, this is something that needs 100% concentration and last time I spoke to Jon it was evident he was not ready to take the plunge and I suggested he do nothing for a week and instead considers options, including speaking to 4 mods who have been through it.

Anyway, I only want what is right for Jon but for the same respect it must be his decision.

[Riz]

Re: Should I go bankrupt?

Rizzle, could you explain what a transaction at undervalue is, the house was sold on the open market for the best price I could get at the time and in line (although the bottom end) of the estate agents valuation. I have no connection with the purchaser.

When you give money to someone, and do NOT receive adequate consideration in return.

To take a extreme example....

Imagine you have £10K, but are about to go bankrupt anyway, and that £10k will not stop that. Rather than the OR/creditors take that, you decide to buy a boiled sweet off your cousin in return for the £10K.

Obviously in any reasonable terms, that is taking the pee, and is clearly a ruse to avoid the £10k being taken in the BR.

Insolvency law recognises that people try that sort of thing, and categorises it as a Transaction at undervalue.

Doesn't have to be so extreme or silly, but you get the idea.

In fact, a pure gift can be considered one.

The law then allows the bankruptcy trustee to look at such transactions within a reasonable time-scale, and if necessary take legal action to reverse them.

Now back to your sale......

I'm NOT saying the sale itself might have been a TUV.

I'm saying that giving your OH money from it might have been?

Or at the very least if there is no firm reason in law for her to be entitled to the money, the OR/trustee may take a very close look at it.

[PlanB]

Re: Should I go bankrupt?

But and I mean this with the greatest of respect, it has to be Jon's call - last I spoke he was only 50/50.

I think what you're doing here is awesome but please no pressure, this is something that needs 100% concentration and last time I spoke to Jon it was evident he was not ready to take the plunge and I suggested he do nothing for a week and instead considers options, including speaking to 4 mods who have been through it.

Anyway, I only want what is right for Jon but for the same respect it must be his decision.

Please don't misunderstand my good intentions. The point of going to a Law Centre is to get objective legal advice on all his options including any impact of them on a non related court case No pressure from me I assure you

[Never-In-Doubt]

Re: Should I go bankrupt?

Please don't misunderstand my good intentions. The point of going to a Law Centre is to get objective legal advice on all his options including any impact of them on a non related court case No pressure from me I assure you

Oh I don't, I know what he's like - I spoke to him for a good 2hrs myself, not like your 4hr marathon - but still, he's getting there as you say

Just conscious that it must be his doing, 100% of it. Once you go BR there is no going back.

But thanks, I do appreciate your efforts and I'm sure Jon does as well.

[jon1965]

Re: Should I go bankrupt?

I appreciate everyone efforts so thank you ALL very much.
One of the issues as you know Niddy is that I need to raise the funds, and most of the charities now will only do that if you get a referral from a debt counsellor or such like.
There really are only a few things to iron out now before I make my final decision and I am not sure if legal advice will help.
1) Money but I am a man with a plan and also have also applied to the Elizabeth Finn Trust and the irony of that will not be lost on some of you
2) The sale of the house and the giving of half the proceeds to my wife.
Before all the other stuff got overwhelming I had consulted a solicitor with regard to divorce. I had explained to him the situation about the house (my name, always lived in it together until I left, DWP paid part of the mortgage when she was there by herself and i had always considered it as joint property. Bought it August got married in the Dec
3) My mum had paid some of the costs of the sale that were needed upfront as well as other costs incurred (man with Van, skip etc) so she was repaid out of the proceeds before division. I did this because of the rip off fees the solicitor would have charged to make separate payments.
4) Just how long will I be subject to oversight by the OR.
Likely 1 year BR but then another 2 (i think) of paying my debts off.

Thank you Rizzle for explaining that to me and to the other Mods who have offered advice, to one inparticular who has guided me through the worry of changing bank accounts etc.

Plan B you are just awesome and have gone above and beyond

Niddy knows what I think....Niddy and god (I will wait for the bolt of lightening)

[Never-In-Doubt]

Re: Should I go bankrupt?

One of the issues as you know Niddy is that I need to raise the funds, and most of the charities now will only do that if you get a referral from a debt counsellor or such like.

Ok, do you want a referral from a debt counsellor? If so PM me and we'll try and arrange it....

[Never-In-Doubt]

Re: Should I go bankrupt?

1) Money but I am a man with a plan and also have also applied to the Elizabeth Finn Trust and the irony of that will not be lost on some of you

You can't pick your family as they say, but hey - what a strange way of getting your hands on some of it

[jon1965]

Re: Should I go bankrupt?

Was that because i didn't say thank you to you?

Thank you FLOWERPOWER

[Riz]

Re: Should I go bankrupt?

2) The sale of the house and the giving of half the proceeds to my wife.
Before all the other stuff got overwhelming I had consulted a solicitor with regard to divorce. I had explained to him the situation about the house (my name, always lived in it together until I left, DWP paid part of the mortgage when she was there by herself and i had always considered it as joint property. Bought it August got married in the Dec

That's the thing, the above is not something I really know a lot about.

Property side, especially around separation/divorce is not my thing.

Hence saying that they "might" look at it.

Perfectly possible it wouldn't be a problem at all. But I think a further legal opinion would be wise.

[PlanB]

Re: Should I go bankrupt?

Ok, do you want a referral from a debt counsellor? If so PM me and we'll try and arrange it....

The Birmingham Legal Advice Centre has debt counsellors as well as lawyers which is why I suggested that combo http://www.lawworksclinics.org.uk/bhamlac/index.php . But if Jon can get the same help over the phone/internet it will save him the round trip to Birmingham with all that expensive petrol.

I'll leave it to you lot now

[Never-In-Doubt]

Re: Should I go bankrupt?

Ok, do you want a referral from a debt counsellor? If so PM me and we'll try and arrange it....

referral sent, hoping you'll get what you need shortly.