hi i am in about 20.000 debt and now i need to go bankrupt do you think my application would be acccepted i made all this debt before i moved in with my my now partner and just got into the world of spending all the debt is in my name and have started to make token payment of £1 to each creditor as with mine and my partners joint income we over spend 100 per month we have to small children with this debt being written off it would not make us better of for money just stops the worry of someone coming to remove good from our home any advice welcome i need to get this sorted and dont want to claim if it gets refused as i need to borrow the court fee from familt please help
As long as you are insolvent ie. your debts are greater than your assets and therefore you are unable to pay your debts when they fall due, and the court is satisfied that this is the case and the documentation is completed correctly with the fees being payable, a Bankruptcy Order wll be made.
From what you have said there shouldn't be a problem. As far as I am aware the main reason for BR being refused is that the person's Centre of Main Interest (COMI) is not the UK i.e. someone has moved from an EU country to the UK just to take advantage of the UK BR laws.
Have a look at the OR general expenses guideline figures - www.insolvency.gov.uk/DocumentLibrary/Policy/Excel/Household%20Expenditur.xls (opens in Excel) and if after the allowances for food, clothing, etc. you do not have enough to pay your creditors then you are insolvent and declaring BR will not be a problem.
very few people are refused mostly they don't get past the clerk if they're not happy with addresses or figures or incorrect paperwork. when filling in the forms ask questions on here and you will get plenty of help.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman) RevivaUK and Paul Johns helped me through it all i can't recommend them enough!!
Hi Lisa, you're making token payments of £1 to your creditors, which I presume is as a result of coming to some arrangement with them,as you cannot afford to make the minimum monthly payment, and arrears have also accrued. If that is the case, then there is no reason why you should get refused.
Do you think tins application would be accepted?
Posted - 20 October 2010 : 13:23:49
