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[The Sheriff]

The receiver will check and, if they think you have taken the piss, can make life very unpleasant.

[moggy]

Legally it affects company directorships and some financial regulatory licences according to Gov site

HKT,The main thing is to listen to your official receiver,mine was brilliant.He was on my side,his side,and the creditors side.But remember they cant have what you don't have.Seven years on i can have,a £4000 credit card.The wife a £2000 credit card,me £2000 overdraft,wife £1000 overdraft.Me £10,000 personal loan,wife £7500 loan.OK only with the bank we use,we have not taken any of it.But it there if we want it.Its so important to know the ins and outs of bankruptcy,its not to be taken lightly.But if you are honest with the official receiver,you can still keep a good credit score.And still be able to obtain credit,just don't fall in to the same trap again.Yes its stressful yes it keeps you awake at night,but in the end its worth it.As i said before if i can give any info to anyone to help,pm me or ask here.As far as i am concerned,we on OOF are (sister sledge mode)Family. .PS yes i know my spelling is 'dangle berries',and that's with spell check.But i am sure you get where i am coming from.Dean.

[05omegav6]

Thank you, everyone

For me it will be a last resort, basically the transition from self employment to monthly pay has been a struggle, coupled with failing to sell ze German... So ze German is being returned and I then have to complete an income/expenditure process to clear the agreement balance. If I am unable to afford the revised payment then either they write it off or I go pop... But shall cross that bridge as it happens... I have a card and a bank loan both of which have a finite term, so if it is all likely to take seven plus years to sort, then bankruptcy becomes the shorter option, but if it can be dealt with in five years or less, then bankruptcy becomes less viable

Hopefully will be able to make a definitive choice by the end of August...

[moggy]

The receiver will check and, if they think you have taken the piss, can make life very unpleasant.

Ste with respect sir,my wife and i owed approximately,£100.000.Between us over about 12 years.All from banks, credit cards,different loan company,ext.Never intentionally ripped of them off,it just got to a point when.My outgoing out wade my incoming,fact.So i payed £450 each,to declare bankruptcy.Ste when asked by the judge,what i had spent the money on.I answered honestly on my self and my wife.Not to sound a self-abuser,but i got my self in the shit.And this was my only way out,the company's i took the money off can afford to take the hit as far as i am concerned.

[The Sheriff]

The receiver will check and, if they think you have taken the piss, can make life very unpleasant.

Ste with respect sir,my wife and i owed approximately,£100.000.Between us over about 12 years.All from banks, credit cards,different loan company,ext.Never intentionally ripped of them off,it just got to a point when.My outgoing out wade my incoming,fact.So i payed £450 each,to declare bankruptcy.Ste when asked by the judge,what i had spent the money on.I answered honestly on my self and my wife.Not to sound a self-abuser,but i got my self in the shit.And this was my only way out,the company's i took the money off can afford to take the hit as far as i am concerned.

Yes, I get that bit, Dean. What I am saying is, if you know you're going to apply for bankruptcy, you've made enquiries etc., and then have one last big fling with money you have no intention of repaying.......well.....they don't like it.

[The Sheriff]

In the end, it would affect the amount of time you stayed in bankruptcy. As you know, it doesn't have to be the full six years.

[biggriffin]

The receiver will check and, if they think you have taken the piss, can make life very unpleasant.

Ste with respect sir,my wife and i owed approximately,£100.000.Between us over about 12 years.All from banks, credit cards,different loan company,ext.Never intentionally ripped of them off,it just got to a point when.My outgoing out wade my incoming,fact.So i payed £450 each,to declare bankruptcy.Ste when asked by the judge,what i had spent the money on.I answered honestly on my self and my wife.Not to sound a self-abuser,but i got my self in the shit.And this was my only way out,the company's i took the money off can afford to take the hit as far as i am concerned.

Yes, I get that bit, Dean. What I am saying is, if you know you're going to apply for bankruptcy, you've made enquiries etc., and then have one last big fling with money you have no intention of repaying.......well.....they don't like it.

No they don't like it up em, but its legal, and business do it all the time.

[moggy]

The receiver will check and, if they think you have taken the piss, can make life very unpleasant.

Ste with respect sir,my wife and i owed approximately,£100.000.Between us over about 12 years.All from banks, credit cards,different loan company,ext.Never intentionally ripped of them off,it just got to a point when.My outgoing out wade my incoming,fact.So i payed £450 each,to declare bankruptcy.Ste when asked by the judge,what i had spent the money on.I answered honestly on my self and my wife.Not to sound a self-abuser,but i got my self in the shit.And this was my only way out,the company's i took the money off can afford to take the hit as far as i am concerned.

Yes, I get that bit, Dean. What I am saying is, if you know you're going to apply for bankruptcy, you've made enquiries etc., and then have one last big fling with money you have no intention of repaying.......well.....they don't like it.

Ste i totally agree with you,no they don't.But still the cant have what you don't have,irregardless of what you have spent it on.

[The Sheriff]

Going to Jail for Debt

There are times when you can be sent to jail and it's because of a matter surrounding your debt. For instance, if you fraudulently obtain credit you are breaking the law and could be sentenced to jail for fraud, but not for the debt. If you spend lots of money quickly and have no intention of repaying the debt then a judge can decide that this is fraud.

You can be sentenced to prison for ignoring the rules which surround bankruptcy. This can be as simple as refusing to let the Official Receiver in bankruptcy know about all of your assets or trying to set up another company.

Recently in the press a man was sentenced to nine months in prison because he set up a new company and spent thousands of pounds on personal items when it should have gone into his bankruptcy. This deliberate decision to ignore the bankruptcy rules meant he was breaking a court order. If you decide to enter bankruptcy it's essential you follow the Official Receiver's demands.

- See more at: http://www.debtsupporttrust.org.uk/blog/2012/7/20/bankruptcy-can-i-go-to-jail#sthash.jHmo5W5O.dpuf

[Sir Tigger KC]

So ze German is being returned and I then have to complete an income/expenditure process to clear the agreement balance. If I am unable to afford the revised payment then either they write it off or I go pop...

I sure you've considered all your options, but have you reconsidered renting out Ze German?  Might be better in the long run... 

[moggy]

Going to Jail for Debt

There are times when you can be sent to jail and it's because of a matter surrounding your debt. For instance, if you fraudulently obtain credit you are breaking the law and could be sentenced to jail for fraud, but not for the debt. If you spend lots of money quickly and have no intention of repaying the debt then a judge can decide that this is fraud.

You can be sentenced to prison for ignoring the rules which surround bankruptcy. This can be as simple as refusing to let the Official Receiver in bankruptcy know about all of your assets or trying to set up another company.

Recently in the press a man was sentenced to nine months in prison because he set up a new company and spent thousands of pounds on personal items when it should have gone into his bankruptcy. This deliberate decision to ignore the bankruptcy rules meant he was breaking a court order. If you decide to enter bankruptcy it's essential you follow the Official Receiver's demands.

- See more at: http://www.debtsupporttrust.org.uk/blog/2012/7/20/bankruptcy-can-i-go-to-jail#sthash.jHmo5W5O.dpuf

Ok Ste i see where you are coming from,but i just told my OR the truth.About my personal situation,and it worked out for me.If i have offended you or anyone,one OOF i apologize. But i don't think i will be giving any advice,or asking for it in the future.I was just trying to help.

[05omegav6]

So ze German is being returned and I then have to complete an income/expenditure process to clear the agreement balance. If I am unable to afford the revised payment then either they write it off or I go pop...

I sure you've considered all your options, but have you reconsidered renting out Ze German?  Might be better in the long run... 

No one to rent it to... Insignia is being disposed of viw this avenue, but to justify the approach with ze German the cost makes it unviable...

[tigers_gonads]

Not read all the posts but think I get the jist ................

Al, the receivers job is to recover money for the creditors.
He will do it in one of two ways .............. If you be totally honest and don't take the piss, he will work with you and in 12 months time you ring the receivers office and ask for a letter saying you are dissolved then you rebuild your credit rating and move on 

If you lie to the receiver, take the piss or try and get clever, he will then hammer you to within a inch of your sanity and almost definitely spin the judge a story and get it extended to 3 or 5 years .

As for taking your goods ............ what you need to remember is that the receiver needs to pay somebody to remove them, then he needs to pay a auction house to sell them. IF they is anything left of the money raised he will take a administration fee then pass what is left to the creditors 
In other words, if after that lot he can't make money then he won't bother taking the goods 


Also when you fill out your personal statement, the official receiver will be a hell of a lot more generous with your personal allowance then any so called debt management firm guaranteed 

Also something to remember ................ ALL banks and finance companies have block insurance against unsecured losses (whether they like to admit it or not).
That covers there arses if you don't have payment protection on any finance you may have taken out.
Just to round it off ................ the bank or finance company will right off 40% of all outstanding debts against there next tax bill so if you read between the lines and after all the bullshit threatening letters and phone calls, they really don't give a shit 

Keep smiling bud 

[zirk]

A lot depends how much your going pop for, and who you owe, if self employed any monies owed for Tax or NI could get written off, they will freeze, take control and close all your Banking funds, credit cards etc, if your lucky they may let you keep a simple Bank account for salary reasons otherwise its a case of opening a Non Status Bank Account from somewhere.

Tools of the Trade and Vehicle are yours under a right to work, unless its changed 7 years of grief, and within them years should you be earning reasonable money then the Trustee will asked for contributions towards your Bankruptcy.

Another serious question is are you likely to Inherit Funds or Assets during this period, as they will take that off you plus costs and serious interest if you do.

[tigers_gonads]

A lot depends how much your going pop for, and who you owe, if self employed any monies owed for Tax or NI could get written off, they will freeze, take control and close all your Banking funds, credit cards etc, if your lucky they may let you keep a simple Bank account for salary reasons otherwise its a case of opening a Non Status Bank Account from somewhere.

Tools of the Trade and Vehicle are yours under a right to work, unless its changed 7 years of grief, and within them years should you be earning reasonable money then the Trustee will asked for contributions towards your Bankruptcy.





Another serious question is are you likely to Inherit Funds or Assets during this period, as they will take that off you plus costs and serious interest if you do.

Lot of good advise in there 
One thing though ref the bank accounts ............... It costs the receiver 10 pounds admin fee to transfer money out of your account so if the account is in credit (with no history of default just like a freshly opened one  ) and has 10 pounds or less in there then the receiver wont touch it 


VERY IMPORTANT BIT HERE AL   
Once you make your decision (and if its bankruptcy) then every tom, dick and harry's attitude that you owe money to will soften. They will offer to try and help you 
What they mean is they will accept smaller payments ect ............
The thing is bankruptcy means you cannot afford to pay anything (in the eyes of the law), if you agree to pay even 1 pound towards anything, that constitutes that you are not totally insolvent and the judge may tell you to pish off 
Once the decision is made, STICK TO IT RELIGOUSLY because the cunning fickers will try anything to get even a pound out of you