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I think i am going to have to go bankrupt, help i need advice! |
Submitted on: 3rd Feb 2010 by Non-Member | Total Answers: 1
Hello, I was wondering if anyone could give me adive on what to do. I have been in touch with my citizens advice and they say they will contact me within 3 days however I feel like I am going crazy! What will happen when I go bankrupt and will they take my wages from me? I have been told I have to open another bank account so I have opened a cashminder account with the co-op and I am just waiting to see if I have been accepted or declined! Is this usual, my mum opened an account with the co-op however did not have to wait on a decline ar acceptance and they are in the same position as me. They did however have another account with the co-op and I am unsure if that is why they did not have to wait on an answer.
I am really worried that they will take my wages from me and leave me with nothing to live off of. I have a car on higher purchase in my name however the finance is not in my name can they take this from me, I only got it in september. Any advice will be appreciated. Thank you.
Re: I think i am going to have to go bankrupt, help i need ...
When you go bankrupt you are often expected to make a monthly payment (known in England as an Income Payments Order).
This will usually be for 3 years but it should be a realistic and affordable sum based on your income and expenditure.
I wouldn't worry too much about being accepted by the Co Op for an account - as long as you are not asking for credit there shouldn't be a problem,
In bankruptcy it is very likely you will lose the car, however as you posted this in Scotland you should continue to speak to your local CAB.
If you want to discuss your situation with another impartial charity you could try us at Debt Advice Foundation and we will give you our opinion for free
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