quote:

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Originally posted by Bigal4787

Donna,
I was in a similar position in 2005, when I got divorced. I came away with no equity in the house even though I'd paid 90% of the mortgage for years, I was landed with all the debts that mainly my ex wife had accrued over the years, plus a legal bill for £10,000. I've been gradually reducing those liabilities since then,having paid off 2 large loans(the payments were £630 per month in total), my next target were the credit cards. Luckily I was in relatively well paid jobs, however in July 2010 after being an insolvency examiner with the OR in Liverpool for over 2 years as a contractor, I along with others had our contracts terminated with less than 2 weeks notice, and I haven't been able to find another full time job since, so I'm now in the same position as many people on this site, the only thing is, I know the processes and procedures of bankruptcy, which is why I'm only too happy be of help on this forum, to allay any fears they may have about the bankruptcy process.

The upshot is, that based on what I know now, I should have declared myself bankrupt in 2005, after the divorce and being saddled with all those debts, instead of carrying on for 5 years. So your husbands situation is similar to mine, plus he's been unemployed inbetween, which is a common thread in peoples accounts, of how they became insolvent.

Instead of paying all that money into a DMP(which is adnmitting that you are insolvent), bankruptcy may well be the best option. The OR doesn't take things like TV's, furniture etc, as they realise that you have to make your home habitable, especially with young children about. The only things to consider are:
House - is it rented, or owned? if owned, what is the mortgage and equity position?

Car - what is the value?, is it neccessary to enable you to get to work, as if it is the OR is likely to exempt it from the proceedings(i.e. he won't take it)

Hope this helps


Big Al

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quote:

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Originally posted by Bigal4787

Donna,
I was in a similar position in 2005, when I got divorced. I came away with no equity in the house even though I'd paid 90% of the mortgage for years, I was landed with all the debts that mainly my ex wife had accrued over the years, plus a legal bill for £10,000. I've been gradually reducing those liabilities since then,having paid off 2 large loans(the payments were £630 per month in total), my next target were the credit cards. Luckily I was in relatively well paid jobs, however in July 2010 after being an insolvency examiner with the OR in Liverpool for over 2 years as a contractor, I along with others had our contracts terminated with less than 2 weeks notice, and I haven't been able to find another full time job since, so I'm now in the same position as many people on this site, the only thing is, I know the processes and procedures of bankruptcy, which is why I'm only too happy be of help on this forum, to allay any fears they may have about the bankruptcy process.

The upshot is, that based on what I know now, I should have declared myself bankrupt in 2005, after the divorce and being saddled with all those debts, instead of carrying on for 5 years. So your husbands situation is similar to mine, plus he's been unemployed inbetween, which is a common thread in peoples accounts, of how they became insolvent.

Instead of paying all that money into a DMP(which is adnmitting that you are insolvent), bankruptcy may well be the best option. The OR doesn't take things like TV's, furniture etc, as they realise that you have to make your home habitable, especially with young children about. The only things to consider are:
House - is it rented, or owned? if owned, what is the mortgage and equity position?

Car - what is the value?, is it neccessary to enable you to get to work, as if it is the OR is likely to exempt it from the proceedings(i.e. he won't take it)

Hope this helps


Big Al

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quote:

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Originally posted by gettingoutofdebt

I've left the following in your other post:

It's highly unlikely that you will be refused BR. I was just about able to pay my minimum debt payments but the amount I had left over for food, clothes, etc. was a lot less than the guideline amount the OR allows. If I allowed myself the amount the OR allows for expenses then I was insolvent by quite a bit.

Have you completed your I&E on the SOA form? If you add the amount you pay to your creditors on top of the amount you have on your I&E form do you still have money left over or is it a negative amount?

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