Does anyone want to tell me thier bankruptcy experience?

[unhappyperson]

I have name changed for this

Dh and i have decided our only option now is to be made bankrupt.

What happens once you have finished in court?
Will they freeze our bank account there and then and leave us with no money?

We know we will lose our house, but what other things will they take?

We have a family car but is'nt worth that much plus dh needs that to get to work, are they likely to take that?

We will have to rent when our house is taken, thankfully my fil will be a guarantor for us, will that cause a big problem?

We know this is going to be a hard few months for us, but looking forward to a fresh start.

Their

is your house in negative equity? is it worth sellingthe house to clear debts rather than going bankrupt?

I went bankrupt a few years ago. Can't answer many questions because i was on beneifits in HA property but i did lose my Bank account. Natwest told me i would get a letter before the account was frozen but i didn't. They froze it with no warning and i was left without money until benefit payments could be sorted via giro. Barcleys are good for a basic account and fine with bankrupts having an account.

Have you spoken to anyone at CAB? They helped me through the whole process and can advise you with any questions you have.

I was very relieved when it was all over. I still got a few calls/letters from companies i owed to but they were fine once i phoned them and explained.

Yes the house is in negative equity unfortunately.
We have spoken to lots of people, no one seems to know the answers,

Its got to the point now where poeple are knocking on the door.

I dread doing the shopping now as our card has been declined so many times.

Last night someone rung the door bell,and i swear they opened the door but must of seen our dog and shut it again, thats also starting my make my heart skip a beat

then as you know, probably bankruptcy is the right way to go.
dh went bankrupt a while ago. it was such a releif for him. he was in council flat, and they did take the car, but aside from that, nothing. the car actually broke down completely just before they took it. so saved him massive repair bill anyway.

they might come and look and see if u have anything worthwhile (like £3000 flat screen tv etc), but most people dont.

you have a guarentor, which is good, but u still may have some problems with renting. i would start ringing around now to find out so u are preapred.

i hope the fresh start is good for you

You may not necessarily lose your home. I know cases where people didnt (was advisor at CAB)

When you have got to the stage that you are at with people calling around and cards being declined, then really you need to put the wheels in motion, which will put a hold on any action. Have you tried to negotiate a payment plan already? I'm sorry I don't know any details and these things are different for everybody. Contact a debt advisor at CAB and they will look at your options, you may have to wait a few weeks though they seem very busy atm.

In the meantime do some research of your own (as you are from asking on here) get some stuff from your local court which will explain the process.

And finally if someone comes into your house uninvited phone the police, its called breaking and entering - even if you do owe them money - and they will be arrested. If a balif calls you DO NOT have to give them access they can only seize goods if you let them in and legally you don't have too (unless its HM Customs).

oh and re The car the administrator of the bankruptcy legally has to leave you with the tools of your trade, as well as essential household things, so if car not of great value and is essential to DH's work then in all probability they will allow you to keep it.

Not sure if it's okay to mention other forums but Money Saving Expert has a good section on bankruptcy with lots of people offering support. Don't know much about it myself, but best of luck.

Thank you everyone

We are selling everything we can to raise the money to go bankrupt also saving for a deposit for renting.

Why did we get ourselfs in this mess.

unhappyperson, I came on this thread today for the very same reason: DH and I have realised the only way out is bankruptcy so I have started researching to see what we need to do.

It is no help that you are not alone, but, you are not the only one.

AWNW, thanks for the information.

This very long post should answer most of your questions but briefly, your bank account will probably be frozen straight away unless you've already opened a basic bank account, you won't necessarily lose your house if you can continue to pay the mortgage, but it may be better for you to rent anyway. If the car is low value and needed for work you shouldn't lose it. Your FIL being guarantor shouldn't be any sort of problem.

Good luck!