Hello i am currently a single mother living with my parents, if i was to file for bankruptcy would my parents be effected in anyway as i will have to use there address?
Also i have a joint bank account with my ex partner and we have a joint loan of around ﾃつ｣3000, how will this be effected as i have rang the bank and they wont split the loan down the middle so we can close the account.
And one last question, how does it work am i correct in saying you still have to pay so much on a regular basis after filing for bankruptcy, how is it worked out and how long do i have to pay it for?
Bankruptcy questions as living with parents
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Bankruptcy questions as living with parents
by jakesmam on 29 Dec 2007, 23:11
- jakesmam
- Posts: 2
- Joined: 29 Dec 2007, 23:00
- Location: cleveland
Re: Bankruptcy questions as living with parents
by Hg on 30 Dec 2007, 00:31
Hello
- if i was to file for bankruptcy would my parents be effected in anyway as i will have to use there address?
No actual effect at all (especially if you don't have the same name (!) ), however the address would be used in the advert.
- Also i have a joint bank account with my ex partner and we have a joint loan of around ﾃつ｣3000, how will this be effected as i have rang the bank and they wont split the loan down the middle so we can close the account.
They will chase your ex partner for the full amounts outstanding.
- And one last question, how does it work am i correct in saying you still have to pay so much on a regular basis after filing for bankruptcy,
Yes
- how is it worked out
It is a proportion of the money you have left over from income after meeting essential expenses; but not all of it so that it isn't worth your while working!
- and how long do i have to pay it for?
Three years.
- if i was to file for bankruptcy would my parents be effected in anyway as i will have to use there address?
No actual effect at all (especially if you don't have the same name (!) ), however the address would be used in the advert.
- Also i have a joint bank account with my ex partner and we have a joint loan of around ﾃつ｣3000, how will this be effected as i have rang the bank and they wont split the loan down the middle so we can close the account.
They will chase your ex partner for the full amounts outstanding.
- And one last question, how does it work am i correct in saying you still have to pay so much on a regular basis after filing for bankruptcy,
Yes
- how is it worked out
It is a proportion of the money you have left over from income after meeting essential expenses; but not all of it so that it isn't worth your while working!
- and how long do i have to pay it for?
Three years.
-
Hg - Posts: 640
- Joined: 14 Jun 2007, 22:02
- Location: The chair of Gh, who locked himself out his account!
by jakesmam on 31 Dec 2007, 11:19
Thank you for your reply, sorry can i just confirm when you siad they will chase my ex partner for the outstanding amount, so he will be unable to pay monthly like he already is now?
Also ive read up about keeping your car but how will i know for definate, its worth about ﾃつ｣1200 i'd say. This will be very difficult if they take it as i live around friends houses at the moment and my son is at nursery or family look after him whilst i work so i'm back and forward taking him and picking him up will they take this into consideration.
One last question the amount you pay for the 3 years does anybody have any ideas what i might pay. i earn ﾃつ｣515 per month and get wtc and ctc of ﾃつ｣515 for nursery fees, chb ﾃつ｣79.60 per month and out of that i have to run my car and pay my mam or whoever i lodge with ﾃつ｣50 per week for me and my son, obviously i currently have my cards to pay and the usual phone bill etc.
I am sorry to ask all these questions i feel silly but i have no where else to turn and nobody seems to know a lot about it.
Also ive read up about keeping your car but how will i know for definate, its worth about ﾃつ｣1200 i'd say. This will be very difficult if they take it as i live around friends houses at the moment and my son is at nursery or family look after him whilst i work so i'm back and forward taking him and picking him up will they take this into consideration.
One last question the amount you pay for the 3 years does anybody have any ideas what i might pay. i earn ﾃつ｣515 per month and get wtc and ctc of ﾃつ｣515 for nursery fees, chb ﾃつ｣79.60 per month and out of that i have to run my car and pay my mam or whoever i lodge with ﾃつ｣50 per week for me and my son, obviously i currently have my cards to pay and the usual phone bill etc.
I am sorry to ask all these questions i feel silly but i have no where else to turn and nobody seems to know a lot about it.
- jakesmam
- Posts: 2
- Joined: 29 Dec 2007, 23:00
- Location: cleveland
by Hg on 31 Dec 2007, 17:49
---
Thank you for your reply, sorry can i just confirm when you siad they will chase my ex partner for the outstanding amount, so he will be unable to pay monthly like he already is now?
---
If he is currently paying monthly and doesn't breach the terms of the agreement then it will most likely carry on as it has done.
---
Also ive read up about keeping your car but how will i know for definate, its worth about ﾃつ｣1200 i'd say. This will be very difficult if they take it as i live around friends houses at the moment and my son is at nursery or family look after him whilst i work so i'm back and forward taking him and picking him up will they take this into consideration.
---
If getting to work without a car will cost more than getting to work with one, or if it's not possible, then you shouldn't have a problem keeping it.
To avoid hiccups and preventable hassle it's best to have your argument for keeping it well prepared in advance.
In terms things that you can put ﾃつ｣signs in front of, what would you have to do in order to get to work if you didn't have the car?
---
One last question the amount you pay for the 3 years does anybody have any ideas what i might pay. i earn ﾃつ｣515 per month and get wtc and ctc of ﾃつ｣515 for nursery fees, chb ﾃつ｣79.60 per month and out of that i have to run my car and pay my mam or whoever i lodge with ﾃつ｣50 per week for me and my son, obviously i currently have my cards to pay and the usual phone bill etc.
---
I wouldn't like to guess without knowing your full circumstances. However... have you filled in the forms yet? Once you've filled it in and you can see the numbers that are left if you do the arithmetic on the figures at the bottom of the pages, you are looking at the same information as they will use to decide!
---
I am sorry to ask all these questions i feel silly but i have no where else to turn and nobody seems to know a lot about it.
---
Don't feel silly! Everyone should have questions if they're thinking about going bankrupt, and everyone here wants to help and reassure you that it's most probably going to be a lot better than you thought!
Have a wonderful year in two thousand and great, I'm sure it'll be the year everything all starts to go right for you!
Thank you for your reply, sorry can i just confirm when you siad they will chase my ex partner for the outstanding amount, so he will be unable to pay monthly like he already is now?
---
If he is currently paying monthly and doesn't breach the terms of the agreement then it will most likely carry on as it has done.
---
Also ive read up about keeping your car but how will i know for definate, its worth about ﾃつ｣1200 i'd say. This will be very difficult if they take it as i live around friends houses at the moment and my son is at nursery or family look after him whilst i work so i'm back and forward taking him and picking him up will they take this into consideration.
---
If getting to work without a car will cost more than getting to work with one, or if it's not possible, then you shouldn't have a problem keeping it.
To avoid hiccups and preventable hassle it's best to have your argument for keeping it well prepared in advance.
In terms things that you can put ﾃつ｣signs in front of, what would you have to do in order to get to work if you didn't have the car?
---
One last question the amount you pay for the 3 years does anybody have any ideas what i might pay. i earn ﾃつ｣515 per month and get wtc and ctc of ﾃつ｣515 for nursery fees, chb ﾃつ｣79.60 per month and out of that i have to run my car and pay my mam or whoever i lodge with ﾃつ｣50 per week for me and my son, obviously i currently have my cards to pay and the usual phone bill etc.
---
I wouldn't like to guess without knowing your full circumstances. However... have you filled in the forms yet? Once you've filled it in and you can see the numbers that are left if you do the arithmetic on the figures at the bottom of the pages, you are looking at the same information as they will use to decide!
---
I am sorry to ask all these questions i feel silly but i have no where else to turn and nobody seems to know a lot about it.
---
Don't feel silly! Everyone should have questions if they're thinking about going bankrupt, and everyone here wants to help and reassure you that it's most probably going to be a lot better than you thought!
Have a wonderful year in two thousand and great, I'm sure it'll be the year everything all starts to go right for you!
-
Hg - Posts: 640
- Joined: 14 Jun 2007, 22:02
- Location: The chair of Gh, who locked himself out his account!
Re: Bankruptcy questions as living with parents
by jacob2008 on 30 Aug 2008, 08:18
jakesmam wrote:Hello i am currently a single mother living with my parents, if i was to file for bankruptcy would my parents be effected in anyway as i will have to use there address?
Also i have a joint bank account with my ex partner and we have a joint loan of around ﾃつ｣3000, how will this be effected as i have rang the bank and they wont split the loan down the middle so we can close the account.
And one last question, how does it work am i correct in saying you still have to pay so much on a regular basis after filing for bankruptcy, how is it worked out and how long do i have to pay it for?
Hi
First you have to think about your child and then yourself what type of future do you want for the both of you? Yes as H.G has told you you may have to pay for up to threes years but only if you have surplus money left over after all your deductions. If you decide an IVA then please take good advice because there are lots of sharks out there.
Thanks
Jacob2008
- jacob2008
- Posts: 13
- Joined: 27 Jul 2008, 10:37
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