bankruptcy
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Bankruptcy?
I'm on a debt management plan with CCCS but still struggling to pay everything. They didn't leave enough for things like MOTs, water bills, boiler breaking etc. I am also on the minimum amount allowed on the plan other wise I have to declare bankruptcy. I would just like to know is there a way to keep my home if I do file for bankruptcy? Or will it get taken with my possesions?
It'll get taken. You'll have to stick with it. Cant you find a way to earn some extra money, part time job?bankruptcy?
i have recently been imformed that the tsb are gonna try and file for my bankruptcy,if they get it does that mean al my other debts will be non payable as i would be bankrupt
If they make you bankrupt all your other debts will be included in the bankruptcy as well. But banks often threaten bankruptcy to scare you into paying up, but they will rarely carry it through unless they know you have assets a house, car, good income etc. If they serve you a statutory demand personally, then they are serious about it. If not, they prob wont do it. If you want to go bankrupt if may be quicker to file yourself.How does a bankruptcy in Ireland affect debts created in the United States?
Some types of debts are not dischargeable in the US such as student loan debts. Some are easily discharged such as credit card debt. How does a bankruptcy in the Rep of Ireland affect foreign debts?
NO EFFECT AT ALL BOTH DIFFERENT COUNTRIES WITH NO CONNECTIONS IN THIS TYPE OF THING AT ALL
NO COUNTRY CAN IMPOSE ANY LAW IN ANOTHER COUNTRY
IF YOU BANKRUPT IN ONE COUNTRY YOU WILL STILL OWE MONEY IN THE OTHERHow will my parents bankruptcy affect their debts with me?
In the past I took on some of their debt as they had trouble getting credit. This debt is held on credit cards which they and I have been paying off over some time.
They are likely to be forced to file for bankruptcy soon, therefore my question, what will happen to the debt on the credit cards which are under my name?
Will these be covered as I am a creditor to them?
PLEASE ONLY ANSWERS FROM PEOPLE WITH EXPERIENCE IN THESE MATTERS.
(a moral lecture is neither constructive nor desired)
Thank you.
I don't live at home.
I can provide proof of balance transfers from their account to mine.
ok, I had similar situation when I went bankrupt because I had borrowed money of my parents the year before to pay a rent deposit when I moved house. Although I had paid some of it off, I still owed them approx £1,000.
so, to the question, assuming the credit cards are in your name...
The money they owe you needs to be included (by them) in their bankruptcy petition. This is so thaat if they win the lottery while bankrupt, you will get something back.
If they are given bankruptcy then their assetts will be sold and the money used to pay off their debts pro-rata. So you will get some of it back, but not all of it.
Legally the credit card debt is in your name, so it is your problem, it cannot be written off in their bankruptcy, so you will still owe it to the credit card company.
If your parents say "this is a debt of honour" and pay you back, in preference to other creditors, once they are bankrupt then they will be breaking the law and liable to criminal prosecution.
That, of course, doesnt stop them paying you back once they come out of the other end, although legally (but not morally) they will have no reason to.
I dont know what kind of relationship you have with them, it must be pretty good for you to have covered some of their debts in the first place. So hopefully they will be OK about it and pay you back after the bankruptcy ends.
(for the record I paid my parents back every penny AFTER my bankruptcy was over).
and an aside for anyone else reading this who is in the position I was in, get your parents to put a codicil on their will, preventing you getting it all, giving it to someone they can trust to give it back to you at the end of your bankruptcy. Otherwise if they were to die your creditors would get your inheritance, not you. When your bankruptcy is over they can remove it again.What is the difference file bankruptcy and no to pay off debts?
Hi everyone could you please give me some advice telling me what is the best way to do my life easy because I am going crazy, I have a lots of debts and I dont know what to do I feel really scared filing bankruptcy or just no to pay. I never want to put myself in a mess, its horrible I am working very hard to pay my debts but I cant anymore. Please give me some advice. Thank you very much good people.
I have had experience in this area. Like other people, I went to a debt management company who offered to solve all my problems. Basically the way they work is work out what you can afford to pay, take the remainder from your income and pay this to your creditors. However, there is one important thing, the payments they make are after deducting their percentage.
This means that many creditors will not accept the plan because obviously, you are paying out money to someone else which is money they could receive to pay off your debt.
The best advice I received was actually from one of my creditors - to contact the CCCS (www.cccs.co.uk). They are like a debt management company but instead, are a charity, funded by many including your creditors. They do the same thing, but do not charge you for the service, have more sway with creditors and you feel better, rather than used by opportunist money lenders.
Hope this helps and I feel for you.How would my bankruptcy affect my wifes property?
If I file for my own bankruptcy how would it affect my wifes property? We live in a house which my wife bought jointly with her sister. I am not, and never have been, on the deeds or mortgage. Also how would it affect any property in the house?
In theory, any property belonging to your wife cannot be included in your estate for bankruptcy purposes. However, the Court may decide that you had arranged your property to be in your wife's name in order to defraud your creditors and order it to be included. You will need to be able to show the Court that the house was not bought with money that your creditors should have been able to recover.What happens after bankruptcy, how quickly can you recover?
I've recently decided that I cannot handle my debts and need to apply for bankruptcy (sequestration, here in Scotland).
I was wondering if anyone else has done this and what happened to them in the years that followed. I've opted for the Low Income Low Asset (LILA) bankruptcy and I'm told I will be discharged after one year from my debts.
I'm wondering if in 5-10 years time I will be able to get a current account/mortgage/loan if I need it.
How long does it take for your credit rating to recover?
I've been told by my debt advisor I can keep my basic bank account i already hold but I will lose my current account and credit card. I'm not fussed as I can buy a pre-paid mastercard from the Western Union.
I live in SCOTLAND - I can't do an IVA.
You can get limited credit even while bankrupt and after discharge its up to you to build up your credit rating again.
You won't have problems getting a bank account. A mortgage will be ok as long as you have a big deposit - but ths the same for everyone nowadays,
It all depends on your income really and if you are on a low income now - lets hope things improve.What is life like for Icelandic people in the wake of the bankruptcy?
I read an article recentl which described the people of Iceland as "desperately impoverished". How does life compare now to before the bankruptcy? I'm eager to understand how the financial crisis there has affected the regular persons life.
It's very cold. I can't afford the heating any more.How do i repair my credit after bankruptcy?
i just got discharged from bankruptcy 2 months ago and would like to repair my credit, but how can i if no one will give me a chance, been declined for 2 cards so far, any ideas? i'm in the u.k thanks.
You were only discharges 2 months ago and you've already applied for two credit cards? Here is your mistake, you need to start small, really really small. It's going to take a good while before anyone will trust you with a credit card. Start off by just keeping your bank account in order, not going overdrawn, not getting charges etc then after a few months ask your bank for a small overdraft, then after another few months try and get a small catalogue and pay the balance in full every month on time. After having that for a while, up your limit then finally after a good year or two you try for a credit card. Your only making your credit worse by applying for credit so soon as a bankruptcy, all your showing a creditor is that you haven't learnt your lesson. Your going to have to learn to live within your means until the bankruptcy has healed and then you can try and rebuild slowly.
Yes i have been made bankrupt and it was the only option for me.
You stay bankrupt for at least a year then they discharge you from it as they did me. It how ever stays on your credit file for either 3 or 5 years though. The credit file people will not take it off. They seem to think they are God !.
Pluss I have to pay £55.00 a week back to the official receiver until 10K is repaid. They said I had to make some contribution back to it as the rest was written off.
If you go to such as Natwest you can get a basic bank account with just a debit card and no cheque book.
So only do the bankruptcy as a last resort as it was for me.
Urm bankrupcy.
the fox2012 is completely correct. I have been down the same road to.
Road Runner ( meep, meep )
Only use it as a last resort - don't believe all this 'write off debt government loophole'!
The previous post are right about the bankruptcy thing as I have a friend who had to go down that route in the end.
He did tell me those comanies that say we can write most of your debts of are not worth looking in to. He said it is not all it is cracked up to be.
But yes it dose say on your credit file for some time and they are in no hurry to remove it.
Fred
Fred
Tax preparer Jackson Hewitt had to file for Chapter 11 protections for a short bankruptcy. Hewitt and other tax preparation firms were dealt a heavy blow when changing laws made it extremely hard for tax firms to secure funding for tax refund loans. Refund anticipation loans are frequent targets of certain customer advocacy groups. The loan product is often grouped together with installment loans as being exploitative of the poor. The proof is here: Loss of tax loan financing causes Jackson Hewitt bankruptcy, personalmoneystore.com/moneyblog
If bankruptcy is the last resort then so it has to be.
If you can contact the said lender and say look I am having real propblems and am keen to pay you back etc,etc and say here is what I have to pay out each week or month and this is what I can afford to pay you back until I get back on my feet a bit then I can increase the payment and get it all paid.
You can stress that you don't want to miss any payment and that you are not refusing to pay them. If things have gone pair shaped then they have for what ever reason it is to one persons particular case.
Alexender
Well thank you to everyone whom has replied to my original posting. I have read them and there is some really great replies.
So thank you again and I must remember to check more often on replies to posts in the forum.
Cheers
William