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dazed and confused
Junior Member
United Kingdom
475 Posts |
 Posted - 19 November 2008 : 22:33:28
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Dear Forum
What is acceptable to put down as the Cause of Bankruptcy? I have approx. £40,000 unsecured debt, which is a Personal Loan, 2 Credit Cards and an Overdraft.
Most of my debt has come through consolidating other debts, general living, a car and holidays. I don't really have any major assets to show for this.
Plus, I am off to Canada in Jan. for 1 year and am lkely to be very skint so have just cancelled my DMP.
Are these acceptable reasons for BR?
What did other people put?
Thanks in advance...
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John
New Member
United Kingdom
73 Posts |
Posted - 19 November 2008 : 22:42:49
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Hi
it's not the amount of debt that caused the bankruptcy.
Assuming you were at the time of borrowing able to afford the credit, it's the change in your circumstances which ultimately led to your inability to pay that the OR is after.
Reduction in income, job loss, unexpected expenditure increase, that kind of thing.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 19 November 2008 : 22:57:25
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Hi John
Thanks for your reply.
Yes most of the debt has been an accumulation over quite a few years which started when I went to Uni. 10 years ago and I have never really got in top of it, but yes when I took it out I was able to afford the credit.
The debt has got out of control and combined with my rent / bills etc. increasing over the past 6 months since my partner had to go back to Canada, it has left me unable to make all the payments.
Should I also put down going to Canada i.e. no more regular income etc. or would this be frowned upon?
Thanks again. |
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John
New Member
United Kingdom
73 Posts |
Posted - 19 November 2008 : 23:20:35
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Hi
the SoA should represent your position as at the day you file the petition.
Likewise the court must deem you insolvent as at that day.
Therefore your planned trip to Canada is not relevant to the court or your financial position at this time.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 19 November 2008 : 23:29:48
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Ok cheers again John.
My court date is 05th Jan. I finish work on 14th Jan. but my last full pay will be 22nd Dec. so I will be pretty Insolvent!
So it's just the OR then who I need to tell that I will be out of the country then? |
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John
New Member
United Kingdom
73 Posts |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 20 November 2008 : 12:39:59
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Hi D&C,
Just dont write an essay like i did, it took my examiner ages to go through it. ;-)
Oh well my mistake i know now.
Good luck
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take it by the horns and live a little, otherwise life would be so boring!
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 20 November 2008 : 16:37:43
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Ok thanks John and Jo!
I will just try and keep it short and sweet! |
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scaredkez
Junior Member
United Kingdom
194 Posts |
Posted - 20 November 2008 : 22:55:01
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i wrote an essay too, but at the end of the day what the OR examiner accepted was i lived beyond my means, and that was what he was waiting for me to say after ages trying to explain it on interview.
good luck |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 20 November 2008 : 22:59:28
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Hi Scaredkez!
Thanks for your reply!
Yes, I think I have lived beyond my means also, but I presume you didn't put that down as a reason???
Did you have a phone interview or face to face? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 20 November 2008 : 23:04:10
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Hi Dazed & Confused.
the reason for the insolvency is that your girlfriend's visa expired in May and she left to go back to Canada.
Because her income was no longer comming into the house you couldn't manage the credit responsibilities that she was previously assisting with.
i.e. you could cope fine then there was an occurance that changed things.
going to Canada now doesn't really have a bearing because you still can't pay.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 20 November 2008 : 23:22:51
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Hi Paul!
Thanks for your reply!
Yes I am with you - it was about the time when she left to go back to Canada that I could no longer afford to continue paying all the debts.
But, I still think I have lived a bit beyond my means also (but I will not be putting that down on the Forms) - but I guess that's just up to the OR to decide upon!
Cheers again Paul for all your help. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 21 November 2008 : 20:26:47
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"Debtors Petition" for Bankruptcy is all about control and dignity.
I see no reason to crucify oneself in the process.
Simply answer the questions briefly where appropriate and in a lengthy manner when needed
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 23 November 2008 : 14:01:46
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Hi Paul
Thanks again for you reply and words of encouragement.
I just want it done now. I have so many questions and worries going through my mind right now I just want to know what's going to happen.
I just wish I had done this a long time ago - like 6 months ago when I really started to struggle. |
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Reasons for BR on Forms...
