Bankruptcy - what will they take from my house and what to expect?

[antarctica]

I wouldn't do it. It seems very dishonest to me.

[sequenci]

Originally Posted by antarctica

I wouldn't do it. It seems very dishonest to me.

It's a difficult one to call as I appreciate that those who NEED to go bankrupt the most are the ones who will struggle to find the fees.

It's one of the most frustration paradoxes I come across in my job.

[antarctica]

Originally Posted by sequenci

It's a difficult one to call as I appreciate that those who NEED to go bankrupt the most are the ones who will struggle to find the fees.

It's one of the most frustration paradoxes I come across in my job.

Yes, that is true, and we are pretty desperate. I would be worried about getting into more trouble by taking out more credit though.

Luckily we can probably get the money from relatives. Although I feel bad about doing that too as we have borrowed enough money from them over the years and they have money problems too.

[will.t]

hi,tawneyowl is spot on i went bankrupt 3 years ago, ok it was a bit different as i owned my house so that had to go but i did keep everything else it wrote off £135,000 and as you can imagine its a big load of your mind,good luck with everything

[babydoll0141917]

subbing

[GottaDoit]

I agree, getting credit to pay for the bankruptcy is not a good idea at all, and could land you in trouble.

[antarctica]

Well we did it!

Apart from having a massive headache it went quite well.

Paid our fees around 10am then went off to get our forms checked an swear the SOA into court (which just consists of saying a few words after someone else, over a counter!)
Then headed home at 11am, had to be back to hear the outcome at 2.30pm.

The Royal courts of justice are bloody massive and we needed a map to get around.

2.30pm came, we all sat about in a room for 15 minutes, must have been about 30 of us waiting pensively.

Then about 2.50 we were all handed back our SOA's with a bit of paper stuck to the front saying that we have been judged bankrupt. No interview with the judge or anything for anyone.

So now waiting for the Official Receiver to call us at some point.

Glad it's over

Oh and we headed straight off to co-op to open our cashminder accounts.

[antarctica]

This is my husbands account of yesterday:

"
We got the tube to the Royal Courts Of Justice. When we got there, the man objecting to actors smoking was outside the court building with his placard. This is the same gentleman who interrupted the opening of the 4th Plinth at Trafalgar Square.

When we got inside, we had to go through the security checks. When we went to find the Court Fees Office, a woman offered to show us. She took us to a corridor and then gave us a whole mass of directions, so we just followed the signs as best we could. It is a rabbit-warren over there.

The sorted out the Remission for Court Fees and the Sworn Affidavit in one office and then paid the Official Receivers Deposit in the office next door. We were then told that we had to take our receipt and the Remission Document to the Thomas More Building all the way over on the other side of the complex. Fortunately they gave us a map which we followed. My wife is directionally-challenged but even I would have had a problem finding the place. You go through impressive looking corridors with many impressive doorways, only to exit from a poky corner door and then up some tiny stairs. There are lots of signs saying "Not This Door" because of the no-doubt many lost people going through the wrong door. We made jokes about all the men we saw in gowns and wigs.

We found the Bankruptcy Office which has its own wood and window screen inside the room, with its own internal doors, I kid you not. We all queued up so that they could check our forms, get us to sign bits and then make us formally swear that we are telling the truth, including on Exbibit Z (?!?). My wife and I did ours separately together at the same counter. We were then told to be back on the first floor at 0230pm, so we went home rather than wait there. It was about 1055am, after all.

It was a winding journey home as there is no sub-surface interchange at Bank. At least it gave us a chance to pick up a McDonalds to eat. My wife was already very tired from her several-day headache and so she went to bed for a bit after eating.

We got back to the First Floor at 0220pm and had to wait which was very boring. Most of the complex is a bit decrepit-looking, even the new bits. Even the grand bits have a dusty feel. I suppose the Legal fraternity like it that way. The Thomas More building is relatively "new", in that it was built at some point following the Second World War. But the Bankruptcy Court on the first floor looks really down-at-heel. Everyone was really quiet, even the staff. It was worse than a Doctors Waiting Room. Some people were very nervous, one couple was obviously not talking to each other in a very pointed way. We were kept waiting for ages without being told anything, until one of the staff from the second floor turned up quarter-hour late, apologised and started handing out the Bankruptcy Orders. It felt like a University Graduation, with people being called up, being given their Orders, and told they can go home now. One chap even shook the staff members hand.

Everyone rushed out with their Orders as soon as possible. I ducked around the corner to read through the front page, just to make sure I has been made bankrupt. I have been "adjudged bankrupt". There are small and tiny stamps and initials all over it, so we are officially debt-free now. The Order comprises several top-sheets stapled to one of the Statements-Of-Affairs that we submitted. One top-sheet is the Bankruptcy Petition that was made when we visited the second-floor office in the morning. The Top-top-sheet is the actual Bankruptcy Office.

There was a general scrabble for the nearest lift, not the ones that everyone had come up by. Everyone just wanted to get away as quickly as possible, as I joked "before they change their minds". Ourselves and everyone else just seemed to be in a race to get away as quickly as possible. Everyone seemed to be suddenly smiling, though, and wanted a drink to celebrate. It was 0255pm by the time we exited the Royal Courts, so we hadn't been there long at all. We made our way to sign-up for our Co-Op Bank Cashminder Accounts.

The form took about 5mins to fill-in. They took photocopies of our passports and told us that the process would take up to 2 weeks to finish. There would be a letter asking us to send in some ID, which we could ignore as we had done that in the branch. There would also be a subsequent letter with our account details. We activate the account by depositing some money at that point.
"

[jordash57]

Hi I am new to website so here goes. My husband and I are in the process of becoming bankrupt, could someone tell me I own my own home with negative equity have a secured loan and many other loans totalling to the region of 200k (including Mortgage) could i move out before declaring ourselves bankrupt or have i got to wait until its in motion. Also what is the procedure if i want creditors to make us bankrupt. I have a rented property that i can move into straight away. Please please help i am at my wits end

[antarctica]

Hi Jordash57 and welcome. You should start a new post as otherwise your question could get missed.

A
x

[wurzelyzf]

Antarctica,well done! I'm so glad you managed to do it,proper weight off your minds i'll bet? The phone call is nothing to worry about,really just to check through the details on your forms and generally to assertain how you got yourself in the situation. He (or she) doesn't judge in any way just doing their paperwork too. Then they contact all your creditors. Actually i had 2 debt letter s arrive today,i called them and as usual they were very aggressive initially trying to get me to pay and telling me how much more it would cost if i didn't blah blah blah,then i mentioned that i was declared bankrupt and they immediatelt deflated,and when i gave them my ref no for the bankruptcy i thought they were gonna cry lol. Don't get me wrong i'm not proud that i went bankrupt as i would have preferred to be working and paid what i owed but at the same time i can't deny that i felt a slight twinge of glee when i shut them up. Can't wait for a letter from either Blair oliver scott or Bryan Carter and co. Well done once again to both of you,the worst is over now.

[antarctica]

Hi there

Not a single creditor has called so far..

....wondering if they ever will.

[Regulus]

It's surely a testament to how screwed up the financial climate of the common man is in this country when something portrayed as being the final admission of failure (Bankruptcy) is actually a moment of genuine happiness and joy. But the fact is, despite the attached stigma, Bankruptcy can make people's lives far better and far far happier.

Personally I prefer to try and pay off all my own debts, but being in debt, I understand how sometimes its just not possible and I personally respect people who take the Bankruptcy road despite the stigma around it.

In many ways I wish that everybody who has serious debt would take Bankruptcy just to shove it in the face of the banks and the Government. They'd be bolloxed if that happened. Would finally make them wake up and realized the consumer needs to be treated fairly rather than demonized.

Respect to you on this front Antarctica.

[sequenci]

Originally Posted by Regulus

But the fact is, despite the attached stigma, Bankruptcy can make people's lives far better and far far happier.

EXACTLY, although I don't think the stigma is ANYWHERE like it once was - especially since the changes to the Enterprise Act made bankruptcy a much more simplified option.

In many ways I wish that everybody who has serious debt would take Bankruptcy just to shove it in the face of the banks and the Government. They'd be bolloxed if that happened. Would finally make them wake up and realized the consumer needs to be treated fairly rather than demonized.

Respect to you on this front Antarctica.

A fantastic statement.

[tawnyowl]

12 Days from thinking about bankruptcy to going bankrupt.I am very impressed.Maybe now you can warm up Antarctica and perhaps change your name to Tropicana,mmm,time for me to shut up,Good luck and best wishes for the future,Tawnyowl.

[antarctica]

Originally Posted by tawnyowl

12 Days from thinking about bankruptcy to going bankrupt.I am very impressed.Maybe now you can warm up Antarctica and perhaps change your name to Tropicana,mmm,time for me to shut up,Good luck and best wishes for the future,Tawnyowl.

Thank you

I rather like my username though!

[tawnyowl]

Ive just noticed how long youve been a member Antarctica,that must put you as one of the first,even more impressed.

[antarctica]

Originally Posted by tawnyowl

Ive just noticed how long youve been a member Antarctica,that must put you as one of the first,even more impressed.

I joined in 2006 for help with reclaiming bank charges!

[tawnyowl]

I also was very impressed with your husbands account of the bankruptcy day.A journalist couldnt have written it better.

[boston3603]

I have just read your posts and I am sorry you are so worried. The OR is not interested in anything other than can be seen as a viable asset. A computer say, bought for 600 is not going to get 50 if it was taken and will not touch such a huge debt. ( we owed the same). Your car will not be taken if under 1000 and your partners car will not be taken either , there are loads of reasons you will keep both vehicles. ORs are alright and not out to get you. They know when creditors cannot get anything. I had 300 in the house in cash which I had to hand over and things like shares need to be handed over, Life and pensions , for a fee of £50 per policy will be protected. I wouldnt bother going down the paying a little to each creditor route because they WILL keep hounding you. We tried this for 6 months and they dig themselves in. I had loads of jewellery but I did not tell the OR. instead I sold it at booties and put the money into a cheap holiday in summer. We have managed to save 1000 since january, because the benefits cannot be touched. This is our rainy day/emergency fund. Your home is safe as you, like us, rent. The OR can approach your landlord, but its of no benefit to them. Your landlord only cares about the rent, not your debt. There is nothing in our or any contract that says if you go bankrupt you will lose your home. Going BR is not easy because its mentally and emotionally draining. Logically, it is the only thing to do. Its easier than struggling continously. BR is a practical solution to a long term problem. Just take small steps at a time and before you know it, you will hear the words, "declare you BR". Chin upa nd take care xxx