bankruptcy

[nikkib1967]

I am in the process of becoming bankrupt. I have had excellent advice from CAB but just wanted further information. My debt are jusy under £30k mainly due to ex partner and not being able to repay a credit card due to change of job and circumstance. I ahve been told by CAB that if my car is worth more than £2k then it may get taekn off me. I need the car for work as I travel 50 miles per day and also do home visits within my currnet job role. My car, if sold by a private dealer woudl probably fetch at a currnet rate of £2, 500k max. Would it be easier for me to sell my car now and get a cheaper and more economical one - or will this appear dodgy when i decide to go bankcrupt?
Also I am living with my partner but due to all this pressure our relationship is struggling - can i go bankrupt on my own even if he is still sharing a house with me?
Does this make sense? I have not yet filled for bankruptcy as am saving up for the £600 needed. once I do go bankrupt does anyone know how far back they will look into my account? I have recently changed banks to the Co-op who are excellent and am in the process of re-jiggin all my direct debits? Is there atime limit on when you need to go bankcrupt?

Any help would be brilliant. Thank you.

I am in the process of becoming bankrupt. I have had excellent advice from CAB but just wanted further information. My debt are jusy under £30k mainly due to ex partner and not being able to repay a credit card due to change of job and circumstance. I ahve been told by CAB that if my car is worth more than £2k then it may get taekn off me. I need the car for work as I travel 50 miles per day and also do home visits within my currnet job role. My car, if sold by a private dealer would probably fetch at a currnet rate of £2, 500k max. Would it be easier for me to sell my car now and get a cheaper and more economical one - or will this appear dodgy when i decide to go bankcrupt?
Also I am living with my partner but due to all this pressure our relationship is struggling - can i go bankrupt on my own even if he is still sharing a house with me?
Does this make sense? I have not yet filled for bankruptcy as am saving up for the £600 needed. once I do go bankrupt does anyone know how far back they will look into my account? I have recently changed banks to the Co-op who are excellent and am in the process of re-jiggin all my direct debits? Is there atime limit on when you need to go bankcrupt?
Any help would be brilliant. Thank you.

Hi, im not to sure about your car, We was allowed to keep ours and is worth around 2k.

They will want to know of any assets you have sold within i think 3 to 5 years, including cars.

They wanted a years worth of bank statments.

They will also freeze any bank accounts that are open.

You can go bankrupt on your own, but if you have any joint debt they will chase him for it.

Good luck, it will be worth it in the end

Hi, im not to sure about your car, We was allowed to keep ours and is worth around 2k.

They will want to know of any assets you have sold within i think 3 to 5 years, including cars.

They wanted a years worth of bank statments.

They will also freeze any bank accounts that are open.

You can go bankrupt on your own, but if you have any joint debt they will chase him for it.

Good luck, it will be worth it in the end

Have a look at Bankruptcy and Living With It

Going to answer a few points but will do it in caps so you can see where I have, I am not shouting at you :)

I am in the process of becoming bankrupt. I have had excellent advice from CAB but just wanted further information WELL DONE ON GOING TO THE CAB. My debt are jusy under £30k mainly due to ex partner and not being able to repay a credit card due to change of job and circumstance. I ahve been told by CAB that if my car is worth more than £2k then it may get taekn off me. I need the car for work as I travel 50 miles per day and also do home visits within my currnet job role. My car, if sold by a private dealer would probably fetch at a currnet rate of £2, 500k max IS THIS PARKER GUIDE? LOOK AT POOR PRICE. Would it be easier for me to sell my car now and get a cheaper and more economical one - or will this appear dodgy when i decide to go bankcrupt? YOU CAN SELL YOUR CAR NOW AND BUY A NEW CHEAPER ONE. KEEP RECIEPTS FOR SALE AND PURCHASE AND USE EXCESS MONEY FOR YOUR FEES. AS LONG AS YOU ARE ABOVE BOARD AND PUT IT ALL ON YOUR FORMS THEN YOU WILL BE FINE.
Also I am living with my partner but due to all this pressure our relationship is struggling - can i go bankrupt on my own even if he is still sharing a house with me? IF HE IS SHARING YOUR HOUSE HE IS OBVIOUSLY CONTRIBUTING TO THE BILLS. YOU NEED TO FILL IN THE FORMS WITH YOUR FULL HOUSEHOLD BILLS AND YOUR OWN PERSONAL EXPENSES AND YOUR FULL INCOME AND THE AMOUNT HE CONTRIBUTES TOWARDS THE FULL HOUSEHOLD BILLS. IF HE MOVES OUT THEN YOU LET THE OR KNOW ABOUT YOUR CHANGE IN CIRCUMSTANCES.
Does this make sense? I have not yet filled for bankruptcy as am saving up for the £600 needed. once I do go bankrupt does anyone know how far back they will look into my account?THE OR IN GENERAL ASKS TO LOOK AT 1-2 YEARS OF STATEMENTS BUT CAN GO BACK AS FAR AS THEY WANT TO IF THEY FEEL THE NEED. ANY STATEMENTS YOU DON'T HAVE, THEY CAN GET SO DON'T WORRY. I have recently changed banks to the Co-op who are excellent and am in the process of re-jiggin all my direct debits?IF IT IS A CASHMINDER ACCOUNT THEN YOU WILL BE FINE, THE CO-OP DON'T FREEZE THIS ACCOUNT, THEY ARE VERY BANKRUPT FRIENDLY Is there atime limit on when you need to go bankcrupt?NO
Any help would be brilliant. Thank you.GET OVER ONTO THE FORUM I LINKED TO AND THEY WILL HELP YOU WITH THE FORMS AND YOUR SOA.

Best of luck it all

I have a feeling that bankruptcy can't do you out of making a living so if you need your car for your job then it can't be seized as an asset (although huge caveat it's not my area of specialism and it's a few years since I worked with folks who did handle bankruptcy).

If you had a huge flash expensive car that could be traded down then downsizing might be an option but I can't see a car worth £2,500 would fall into that category, especially if you're using it to drive a few hundred miles a week for work.

Ask CAB but hopefully you should be ok

Many thanks for all your help much appreciated indeed

The OR will generally allow a car of up to £2k but you do get a few who will be sensile and let you keep one worth £2.5k or offer to have some one to buy his interest in the car, which is usually a little bit negotiable.