Can i till claim bankruptcy whilst working?

Yes of course you can, but it could mean that you are made to pay back a regular amount of money from your earnings to pay back to your creditors, it is all done thru solicitors appoited by the official receiver and is usually your tax. instead of it going to the IR it goes to the courts instead.

my husband and sister had this when they were bankrupt

 

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If a working person (UK) is facing bankruptcy is their pension fund in jeopardy?

The answer seems to be yes unfortunately.

I’ve included a link in the sources that might be able to help you read up on the subject, although the 2nd link suggests otherwise, I think it depends on the type of pension scheme.

Sorry I can’t be of any more help.

 

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Bankruptcy: Is this the future of the UK no matter who is in power?

Greece and a lot of eastern European countries are likely to fall before the domino hits the UK. Ireland is probably worse off too.

IMO, the tory lead of doing nothing would perhaps have prevented the long term pain of major economic collapse in the UK. But the UK was always too heavily dependant on financial or "service sector" jobs to ever have good fundamentals of an economy. "service sector" jobs can just disappear into thin air. And it’s the manufacturing jobs that bring proper wealth into the country which have disappeared since the thatcherism of the 80’s which shipped nearly half of all manufacturing jobs overseas because they weren’t being properly protected.

In fact you could just argue a whole lot of economies in this crisis need to be readjusted.

There are many countries in Europe and world wide that are financially, economically and socially unstable. But the biggest player is perhaps the united states, which once fallen will cause a massive security destabilisation in the middle east, on the borders of Europe, Japan and many other places where it has strong military ties which will crumble once the economy of the united states implodes. Many of its states are bankrupt and its only a matter of time until the federal government crashes too.

Who will take their place as world leader?We are certainly in deep trouble but whether this is catastrophic failure or not, I doubt it. While capitalism is its own grave-digger, it will always find a way out of catastrophes, but only by treading on the working class.

Capitalism by its very nature has to have recessions, because of the nature of profit. As workers, we are not paid the full value of our labour, to make profit for the bosses. Therefore, we cannot buy back what we produce and so the system is unstable and collapses temporarily, until living standards drop to such an extent that it becomes profitable again. Credit can offset this process for a while, but as the present recession shows, ultimately this has to be paid for.

A more sensible and rational economic system would be socialism, under democratic control and with fair distribution of wealth. We would not have to make any profit, the economy could be planned rationally and be more stable and we would have more leisure time, rather than being wage slaves all our lives. This was first pointed out 160 years ago by Marx and Engels. Unfortunately, it has yet to be put into practice.I remember when Britain wanted to borrow just a couple of billion from the IMF in the 70’s under Labour’s Callaghan, and the outcry was deafening when we had a recession then. But now, the thought of them owing virtually one trillion £ just completely sickens me well and truly. When millions of hard working Brits have worked so hard to try to build a decent way of life, it is truly demoralising I find.

Plain truth is that Brown and Darling haven’t got a clue. They never fixed the roof when the sun shone, and this really is the worst financial crisis this country has ever seen. I think the Conservatives will win the next election, but I cannot see them paying off such a huge debt in any of our lifetimes. Taxes will have to go up considerably, and all wasting of public money will have to stop….. immediately.Since the economics of most nations on the planet are linked together we are heading for a global economic depression which will work like a row of domino’s falling over. One country goes under then sets of a chain of other collapses. I believe were safe until the US dollar goes under, which could be any day now to be honest. On the other side of this collapse is a global communist government waiting in the wings headed by, what I believe, will be Tony Blair.That’s a good answer and also a worrying answer from "munch".

Generally Britain economy is weak and has been for decades, due to a lack of financial investment and support from weak governments of all colours.
But to prevent mass unemployment from the loss of manufacturing jobs the governments of the day literally invented jobs in the public sector all payed for by tax returns from the false housing and credit booms just like they did in greece.

Britain is not as badly affected as greece is but even so there many within the public sector who this country cannot realistically now afford to pay and need to be trimmed.
But here lies the problem that any government will have to face when cutting public spending, where are these people who will lose their jobs go to get another job.

In Britain today there are very few manufacturing jobs left for these people to go to, they’ve all but gone to the far east we now import much of what we once made, mined, grew ourselves and we export very little.

Attitudes towards manufacturing, coal mining, and the steel industry must change and must take president for resources, and the time for spending resources on anti global warming policies over-sea’s has long gone its been gone years, all lost in a sea of debt.One of the reasons for Britain’s failures is the pessimistic spirit of people.”Next year looks dismal” "We will never recover". If actually spent more time finding ways to make more money and get the country back on its feet it would be nearly half way by now, recovering. Bankruptcy: Is this the future of the UK no matter who is in power? It does not have to be.

 

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Can i file for bankruptcy and what happens?

Yes you can file for bankruptcy it will cost you £530 , there are no " special rates or concessions for unemployed or low income people im afraid so u will have to pay.

you can do your bankruptcy petition online through a secure government website ( the insolvency service ) you fill them in with every debt you have and why you accumalated them ( so in your case marriage breakdown, wife left you with debt and u left house to her etc ) print off 2 sets of forms and go to your local county court and do the bankruptcy.

as to weather u would have to pay anything back would be determined by the official receiver who you would see or speak to before you leave the court. nobody can say otherwise not even on here.

You will be officially bankrupt for 12 months, sometimes it is less but again this is decided by the courts after six months or so, if in this time you obtain any credit under false names or was a partner in a business you can be taken to court for fraud and face jail.

after the initial 12m bankruptcy you will be discharged but still unable to obtain ANY kind of credit for a further 5 years ( u will not get so much as a free carrier bag ) , and you bank account will be frozen, so if your wages are paid into the bank you need to open a basic account with no cheque facility before the bankruptcy and hope they let you keep it.

thats about it !

I am an ex bankrupt, so is my husband

 

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Bankruptcy Advice, looking for advice from anyone who has been through this?

If the loan is in your mum’s name then legally she owes the money. If you can no longer afford the repayments then I’m afraid her credit is going to be shot as well as yours. This is why no-one should ever take on debt on behalf of someone else, even if they are family.

 

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A question about bankruptcy?

If there is no equity in your property or less than the prescribed amount (which I think it about £2,000) then the Official receiver wouldn’t sell your property.

The costs involved in doing this would only increase your total level of debt. The property will automatically vest with the Trustee but they wouldn’t force a sale.

they will place a charge on your home, which means that if the value of it increases within 3 years then they can sell it.

Most likely it won’t and you will be able to buy it back from the OR for a nominal sum (£100)

 

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Inheritence and bankruptcy?

They may look at as your father in law was stashing money in view of his pending bankruptcy. im not sure they can reclaim it but they will look into it and was proof of what youve done with it. its a messy process and the courts may ask for your income details etcI expect that the Trustee in Bankruptcy could pursue the money if it can be shown that your father-in-law was trying to evade creditors, especially as he still benefited by living in a house which, in effect, he contributed to the purchase.
It may help if you can show that all his debts were paid off and the subsequent bankruptcy arises from events totally subsequent to the gift. Also you may show records including Income Tax returns declaring a commercial rent for the house from father-in-law.
Otherwise, it may be simpler to offer to pay off some of his debts at a discount for early settlement. Have an ‘informal’ chat with the Trustee in Bankruptcy to see if this might be acceptable.

 

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I FILED CHAPTER 7 BANKRUPTCY AND IT WAS DISCHARGED. I DIDN’T ADD MY MORTGAGE.IS IT TO LATE TO ADD MY MORTGAGE?

I’m not a lawyer….but I do know a lot about bankruptcy laws and have worked with a number of people who filed. That said…..

How did you manage to get through your bankruptcy without declaring your home? When you said you didn’t add your mortgage, did you mean to say that you reaffirmed the debt, and now wish to give the home back?

Now that this is discharged I do not believe you will be able open it again and add the mortgage. But you need to get with your attorney and work out these details.If the bankruptcy has been discharged, I think it is too late. Discharge means the filing has gone through the whole process and is final. Check with your attorney to see. I don’t know how you went through a chapter 7 without your mortgage being brought into it.What do you mean, you "didn’t add" your mortgage?

If you mean you filed a Ch 7 bankruptcy without disclosing the existence of your mortgage (debt) or the property that secured the mortgage (asset) … that is a very serious matter. You are required to disclose ALL debts and ALL assets in your Ch 7 Schedules.

If you received your discharge but the case is not yet closed, you can still amend your schedules. IF YOU DON’T HAVE AN ATTORNEY, GET ONE NOW.

Filing a Ch 7 bankruptcy case without disclosing the existence of a mortgage or the property that secures the mortgage could constitute a Federal crime (bankruptcy fraud) for which you could see prison time.

If you don’t yet have a bankruptcy attorney, GET AN ATTORNEY NOW to get this straightened out.

If you already have a bankruptcy attorney, call him or her IMMEDIATELY to discuss options for correcting this situation.

Edit: I see that you asked this question from the UK. How is it that you filed Ch 7 in the UK?

 

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Uk Bankruptcy advice needed?

Why dont you consider an IVA instead of bankruptcy? Its the lesser of 2 evils.

If you go bankrupt, all debts are wiped out but everything you own which is seen as non essential will be taken away from you, that includes your car and house. With an IVA, you come to an arrangment to pay off your debtors at a ridiculous amount each month and after 60 months the slate is wiped clean and you are debt free. They dont take your house or your car.Bankruptcy is a serious step and you need some professional advice before you take it.

Really it depends on your level of debt, it sounds like you have spoken to some debt companies before who haven't been too helpful.

Council tax from previous years can now be included in bankruptcy, in fact some councils are now petitioning for bankruptcy.

You may lose your car and any other assets you have. Some people will say you won't but it is down to the whim of the examiner/OR in my experience.

You should also consider the new government "lesser bankruptcy" the Debt Relief Order.

If you need further information email me.

This is a good site for bankruptcy advice.

http://www.talkaboutdebt.co.uk/categories/bankruptcy

Best of LuckBoth an IVA and bankruptcy are serious steps and you need advice. Citizens Advice Bureau is the place to start. Obviously council tax has to be paid as a priority, but you are clearly spending that money on non-priority bills. If you have credit card or personal loan debts you may be able to get them legally cancelled. I used www.bdebtfree.info and I was very pleased with the outcome. Good luck.

 

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Bankruptcy question….?

Your Partners credit rating will not be affected if all the debts are in your name & you are the one applying for Bankruptcy. It may affect you getting accommodation if you need credit to do it, you may have to leave a substantial deposit.It may be best to let your partner sign for the new flat.

 

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