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Bankruptcy - can anyone help with my questions?!

(5 Posts)
cheekymofo Thu 07-Dec-17 15:05:15

Hi,

I have come to the conclusion that bankruptcy is my only option.

I have a couple of concerns though and was wondering if anyone had the answers?

If both me and DH go bankrupt, will they take the cars off us?

We have 3DC and have 2 qashqai' worth about 10k each. Both on finance. One is in my name, the other in my mums. Finance for both is solely in my name. We share moving the kids (2 of which need car seats) so need something that can fit all 3 of them in. I'm not in a position to get rid of the cars.

Secondly my DH should receive an annual bonus. How does this work if we went bankrupt now and he receives it in April? He may get moved on to monthly next year - will this affect it. Tbh we are in such negative DI I'm not sure it will make any difference to our income if that makes sense.

What happens in terms of bank statements? Will they need the last 3 months?

Thanks for any help. Really appreciated!

Rockchick1984 Thu 07-Dec-17 15:09:03

Are the cars loans or hire purchase?

Rockchick1984 Thu 07-Dec-17 15:12:25

Generally with a bankruptcy, unless your car is worth under £1000 you will be expected to get rid of it.

Re bonus, it will be taken towards the bankruptcy while you are undischarged. An income and expenditure will be completed and any spare money will be taken towards the money you owe. There are strict figures regarding how much you need for essentials - I recall is being something like £20 per month for hairdressers which I thought was unfair as you can’t get one person’s hair trimmed for that round here, and the amount was for my family of 4!

DancingLedge Thu 07-Dec-17 15:14:24

You need serious advice from people who know what they're talking about, NOT internet randoms.
m.stepchange.org

cheekymofo Thu 07-Dec-17 15:22:40

Cars are HP!

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