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Anyone any experience of bankruptcy hearing?

(18 Posts)
crapwithmoney Sun 24-Jun-07 20:32:07

I am Reg but embarrassed MNer.

I have a bankruptcy hearing to go to tomorrow morning.

I am really worried about exactly what will happen whilst i am there.

I have to take 2 DC with me.

How long will it take?

I think i have all the info i need to take ready. CAB helped me through all the forms etc but she didn't really say what will happen when i get there.

Am embarrassed to even be in the situation where i can't pay my debts. Haven't even told my Mum. And CAB said it will be in the local paper under courts section so whole town could possibly find out.

crapwithmoney Sun 24-Jun-07 20:40:36

And what is the chance of bank closing my bank account?

crapwithmoney Sun 24-Jun-07 21:05:38


crapwithmoney Sun 24-Jun-07 21:15:06

Must be someone out there who has been through it or knows about it.

crapwithmoney Sun 24-Jun-07 21:24:33

lulumama Sun 24-Jun-07 21:26:34

look on moneysaving expert....motley fool websites..they might have more info

lulumama Sun 24-Jun-07 21:26:46

have you done a search on here?

AlistairSim Sun 24-Jun-07 21:29:02

Hi there.

I went with a friend to hers about two years ago, assume the process hasn't changed since!

I remember waiting for a clerk to check through all the paper work and sign off on it, think she may have had to sign as well.
Then she had to wait to see a judge but was only with him for a few minutes. Think he just asked her if she was sure she knew what she was doing etc. and that was pretty much it!

Very scary beforehand but a huge relief when it was over and she's now discharged and back on track.

Hop this is of some help, please try not to worry too much.

crapwithmoney Sun 24-Jun-07 21:29:25

Yes done a search on here but nothing i can find about the actual hearing part.
I wil look on MoneysavingExpert then.

crapwithmoney Sun 24-Jun-07 21:30:08

Thanks AlistairSim. Thats reasuring.

Dabbles Sun 24-Jun-07 21:33:26

nothing to worry about, all over very quickly.

you have done the hard bit gettign to this stage!

yes u will ahve to close bank accounts (afaik). but u can open a basic cash card account with soem banks afterwards. one u can still get a chq book, have direct debts s/os etc. but no debit/switch card. try Nationwide.

good luck

crapwithmoney Sun 24-Jun-07 21:35:35

Thanks. CAB advised i may lose account but upto each bank.
I have taken out all the money i had in there just in case. Its only £100 but need that for food etc.

eucalyptus Sun 24-Jun-07 22:31:36

My friend went bankrupt recently. The Court process is fairly quick as other poster said, then you will be contacted by the Official Receiver / Insolvency Service. They will send you a questionaire and will probably do a telephone interview.

Your bank account may be frozen, but you can open a new one if the bank agrees - best to go and talk to your bank manager, although the Official Rcevier will need to write and confirm OK.

Should all be faairly straightforward and in a year or less will all be over ...

crapwithmoney Mon 25-Jun-07 21:12:20

Thanks for all the advice.

All went well today and all sorted. I just need to wait for the pack of forms to come in the post, fill them out and then have the interveiw with the official reciever.

I will go into my bank tomorrow after i withdraw CB which i think goes in tomorrow!

It was a lot quicker than i expected though.

jajas Mon 25-Jun-07 21:15:50

Did you own your own house? Just wondered if it had been repossessed as I believe you can't get a mortgage for up to 6yrs after being declared bankrupt. Glad it went well for you (as well as can be expected under the circumstances). Were you advised by CAB to take this course of action?

crapwithmoney Mon 25-Jun-07 21:22:04

No house is housing association.
CAB worked out i could of paid my depts at £1 a month to each company i owed money too! That would of taken far longer than going bankrupt and she felt it would be less stressful to go for bankruptcy.
I had the deposit paid for by the British gas energy trust otherwise i doubt i would of been able to go ahead with it.

AlistairSim Mon 25-Jun-07 23:14:35

Glad to hear it went ok for you.

joash Mon 25-Jun-07 23:20:18

CWM - I haven't read all the thread but bankruptcy concerns me ... did the CAB advisor take you through all the pro's and con's of bankruptcy. There seems to be a universal belief that once you've been discharged, its all over. Whilst this can be true for many people, for some it can come back to haunt others years in the future. Is it too late to look at the possibilty of an administration order (although this depends on how much you owe overall).

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