Considering Bankruptcy and unsure about your legal options? Get online legal advice from a UK solicitor for just £5, potentially saving you a fortune in the long run. Click the link: justanswer.9pctbx.net/c/2873512/2107196/9320
@@MoneyNerd I am not sure either. But I am currently in a situation with my shared ownership flat that is being assessed for the cladding problems and EWS1 and even though I wanted to sell my flat I am not going to be able now to as it is now deemed worthless. The cost of it is too much as it is and with the cladding it is going to double. I am also in a lot of debt and just feel overwhelmed and I keep thinking that bankruptcy is my best option but every time I say this to friends and family they all react as if I want to commit a crime.
Hi, Thank you for the clarification. Can you please tell me what to do when I no longer live in the UK and have nothing to give away. Can I apply when I am no longer living in the UK? Thank you.
What do I do if I forget a debt when submitting bankruptcy. Will this still be written off? Will I need to contact all my debtors directly to inform them after I’ve been declared bankrupt or are they notified?
Hey Ashley. Straight from the citizens advice website: Your bankruptcy might still cover the debt. If this applies to you, you should contact the official receiver or bankruptcy trustee. They will add the debt to the bankruptcy. If you already had the debt before you went bankrupt but you forgot to tell the official receiver about it, your bankruptcy might still cover it. If you were only asked to pay the debt after you went bankrupt, it depends when the debt started. If the debt is because of something that happened before you went bankrupt, your bankruptcy might cover it. For example, your bankruptcy might cover a benefit overpayment if the overpayment happened before you went bankrupt - even if you were only asked to pay it after you went bankrupt. If the debt is paying for something that happened after you went bankrupt, it’s not covered by your bankruptcy.
Hi, my partner failed his business big time! He's got several guarantor loans and creditors soon will chase him personally for business debt. No way he can repay them. What happens if decleares himsef bankrupt while some creditors haven't started chasing him yet, while others giving him a hard time already?
I have tried to apply for a DRO. It says I can’t because I have a car on finance. Current Value £7000. Does this mean I will have to go for bankruptcy and will I lose the car??
Is bankruptcy a suitable solution if your going to loose your or be made redundant? Also during your bankruptcy would i still be allowed to save money aside for a rainy day fund or to cover for extra expenses?
Hi @johsa2162, bankruptcy should be considered as a last resort if you're really struggling with debt. There are alternatives, such as an IVA, DRO, and DMP, with each having their own pros and cons. You can read this article to learn more moneynerd.co.uk/using-bankruptcy-to-get-out-of-debt/ Alternatively, you can check out this article on losing your job and getting back on your feet moneynerd.co.uk/lost-my-job-need-money-pay-bills/ Hope these help, and good luck!
Here's the advice straight from the Citizens Advice website: If your IVA fails, your insolvency practitioner can ask the court to make you bankrupt. If you have a low income and don’t own a home, this may be a good solution for you. There are risks though, so find out about how bankruptcy may affect you before letting this happen. Alternatively, your creditors may try and make you bankrupt. Normally, your creditors would have to give you a warning, called a statutory demand, but they don't need to do this if your IVA has failed. They can ask the court to make you bankrupt straight away on the grounds that you haven’t kept to your IVA. If you want to avoid bankruptcy, you should contact your creditors straight away. You should try and come to an agreement with them each separately about how you will repay the debt.
Considering Bankruptcy and unsure about your legal options? Get online legal advice from a UK solicitor for just £5, potentially saving you a fortune in the long run. Click the link: justanswer.9pctbx.net/c/2873512/2107196/9320
Scared
@@MoneyNerd I am not sure either. But I am currently in a situation with my shared ownership flat that is being assessed for the cladding problems and EWS1 and even though I wanted to sell my flat I am not going to be able now to as it is now deemed worthless. The cost of it is too much as it is and with the cladding it is going to double. I am also in a lot of debt and just feel overwhelmed and I keep thinking that bankruptcy is my best option but every time I say this to friends and family they all react as if I want to commit a crime.
Sounds like an opportunity to me.
I had no idea it's such an easy process, thank you for the great video.
Can't wait for my first bankruptcy
@@magicnum3er114 let me know how it goes please. Cause I am still not sure about mine.
Thanks very much indeed for sharing such important information.
Glad it was helpful Pedro!
What about outstanding tax bill? Would this be written off?
Does bankruptcy include tax credits overpayments? And will it affect a limited company?
Hi, Thank you for the clarification. Can you please tell me what to do when I no longer live in the UK and have nothing to give away. Can I apply when I am no longer living in the UK?
Thank you.
Hi, who goes through your income and expenditure? Do they ask to see p60s, tax returns or bank statements? Thanks
What do I do if I forget a debt when submitting bankruptcy. Will this still be written off? Will I need to contact all my debtors directly to inform them after I’ve been declared bankrupt or are they notified?
Hey Ashley. Straight from the citizens advice website:
Your bankruptcy might still cover the debt. If this applies to you, you should contact the official receiver or bankruptcy trustee. They will add the debt to the bankruptcy.
If you already had the debt before you went bankrupt but you forgot to tell the official receiver about it, your bankruptcy might still cover it.
If you were only asked to pay the debt after you went bankrupt, it depends when the debt started.
If the debt is because of something that happened before you went bankrupt, your bankruptcy might cover it. For example, your bankruptcy might cover a benefit overpayment if the overpayment happened before you went bankrupt - even if you were only asked to pay it after you went bankrupt.
If the debt is paying for something that happened after you went bankrupt, it’s not covered by your bankruptcy.
Hi, my partner failed his business big time! He's got several guarantor loans and creditors soon will chase him personally for business debt. No way he can repay them. What happens if decleares himsef bankrupt while some creditors haven't started chasing him yet, while others giving him a hard time already?
I have tried to apply for a DRO. It says I can’t because I have a car on finance. Current Value £7000. Does this mean I will have to go for bankruptcy and will I lose the car??
But student loans ?
Is bankruptcy a suitable solution if your going to loose your or be made redundant?
Also during your bankruptcy would i still be allowed to save money aside for a rainy day fund or to cover for extra expenses?
Hi @johsa2162, bankruptcy should be considered as a last resort if you're really struggling with debt. There are alternatives, such as an IVA, DRO, and DMP, with each having their own pros and cons. You can read this article to learn more moneynerd.co.uk/using-bankruptcy-to-get-out-of-debt/ Alternatively, you can check out this article on losing your job and getting back on your feet moneynerd.co.uk/lost-my-job-need-money-pay-bills/ Hope these help, and good luck!
I dont want to live anymore
Let me quess,..that person a government employee,...
I’d like to ask you some questions please , can you get back to me please Steve
Can you go bankrupt if you still have a job?
Like still have wages coming in every week
What happens if your IVA fails because of an increase you can't afford and they want to make you bankrupt but you don't want to go bankrupt?
Here's the advice straight from the Citizens Advice website:
If your IVA fails, your insolvency practitioner can ask the court to make you bankrupt. If you have a low income and don’t own a home, this may be a good solution for you. There are risks though, so find out about how bankruptcy may affect you before letting this happen.
Alternatively, your creditors may try and make you bankrupt. Normally, your creditors would have to give you a warning, called a statutory demand, but they don't need to do this if your IVA has failed. They can ask the court to make you bankrupt straight away on the grounds that you haven’t kept to your IVA.
If you want to avoid bankruptcy, you should contact your creditors straight away. You should try and come to an agreement with them each separately about how you will repay the debt.
Thanks for the video👍
I have 2-3 questions…Can I have your email please! Thanks
Hi Flo, I can't post my email here, but you can find it on my website. Happy to help
@@MoneyNerd thanks! I just found your website! Thanks
I just sent you a long email 😉 thank you very much 🙏