Bankruptcy Advice For Leicester, Derby and Nottingham. (Part Two)

This is the second in the short series on Bankruptcy.

Will I lose my job?

If you go Bankrupt then you will be automatically excluded from some professions…

Member of the Law Society, Estate Agent, Insolvency Practitioner, Stock Broker or

Pub Licensee. We have helped all these professions deal with their debt issues via alternative solutions.

Please call us on 0808 160 5577 for an alternative solution.

For some other professions, dismissal would be at your employer’s discretion.

Check your employment contract or consult your HR department or union.

I am frightened that the petition is advertised?

Bankruptcies have always been reported in the legal notices of your local paper and in the London Gazette. This was not an attempt to ‘name and shame’ but rather gives any creditors who are not named on the petition the opportunity to come forward. Now it is possible for you to ask the Official Receiver not to advertise and of there is no real reason to do so, he will not.

The Official Receiver will contact all of the creditors named on the petition.

The Official Receiver may also contact your utility providers. This is because your utility services may be provided on credit.

The Official Receiver will also contact your landlord or mortgage provider. As long as you pay the rent or mortgage, there should be no change in your circumstances.

If you want help with your bankruptcy call us on 0808 160 5577.

I understand there are restrictions, what are they?

You will not be allowed to obtain credit of more than £500 without telling the lender about your Bankruptcy.

If you run a business then you must not trade under a different name without disclosing the name under which you went Bankrupt.

You cannot act as director of a limited company or be involved in forming, promoting or managing a limited company unless you obtain permission from the court.

You may not hold various public offices and cannot act as the trustee of a charity or pension fund.

For the vast majority of people the restrictions will cause little problems, if you need a personal view call us on 0808 160 5577.

How long will the restrictions last?

The restrictions will normally apply until you are discharged from Bankruptcy. You will usually be discharged within 12 months. Most of our clients are now discharged in 6 months.

The Official Receiver can ask the court to make a Bankruptcy Restrictions Order (BRO). A BRO would make you subject to the restrictions for a further two to fifteen years. The Official Receiver will only do this if you have acted in a dishonest or blameworthy manner either before or during the Bankruptcy.

How long can I expect the Bankruptcy to last?

Bankruptcy usually lasts for twelve months. Many of our clients at Help With Debt are now being discharged in 6 months. This will be the case of the affairs are simple and straight forward.

During the first twelve months of Bankruptcy, you will be an ‘un-discharged Bankrupt’.

Whilst you are an ‘un-discharged Bankrupt’ you will be subject to certain restrictions.

As long as you comply with the restrictions then after twelve months you will be discharged from Bankruptcy.

The Bankruptcy will be recorded on your credit file for six years from the day on which the court made the Bankruptcy Order.

If you wish to take advantage of our expertise in this matter please call us 0808 160 5577.

Can the Official Receiver take my pension?

You will need to inform your Official Receiver about all of your pension arrangements. These are stated on the Statement of Affairs that you fill in.

State Pensions and pensions that have been approved for tax purposes by HM Revenue and Customs would not be included in the Bankruptcy. We do not find that pensions are an issue in bankruptcies that we deal with.

What will happen to my credit rating?

Bankruptcy Orders are kept on your credit file for six years.

The Bankruptcy can be deleted from your credit file if…

A Bankruptcy Order has been annulled by the court.

You provide the Credit Reference Agency with the certificate.

Will I be able to use credit in the future?

Until you are discharged from Bankruptcy, you cannot apply for credit of more than £500 without telling the lender that you are Bankrupt.

If you have a Bankruptcy Order on your credit file, you will find it more difficult to obtain credit.

A Bankruptcy Order may affect the interest rate that you are offered for any new credit agreement.

Will I be able to have a bank account?

When the Bankruptcy Order is made your bank account will be frozen.

You will have to stop using your cheque books and bank cards immediately and then give them to the Official Receiver.

You will need to make alternative arrangements for receiving and making payments.

Money in your account will be counted as an asset in your Bankruptcy estate.

Overdraft accounts will be counted as debts.

The Official Receiver can release money from your account for living expenses.

After the Bankruptcy Order has been made your bank may agree to unfreeze your account but they do not have to do so.

You may open a new bank account but you must tell the bank that you are Bankrupt.

It is up to the bank or building society to decide whether to offer you an account.

You may not obtain overdraft or credit facilities without telling the bank that you are Bankrupt.

You may only be able to open a basic bank account.

If you have trouble opening a bank account the Official Receiver may be able to advise a course of action.

It is also possible to open a Post office account or start a savings account at a Credit Union.

Will my Bankruptcy affect anyone else?

If you have joint debts that are not paid in full when you go Bankrupt, the other person will still have to repay the outstanding balance. Where there are joint debts, we would expect to advise your partner on their options, which may not be bankruptcy.

If someone has acted as a guarantor for a debt included in your Bankruptcy, the guarantor is liable for the full amount.

A Bankruptcy Order is only listed on your individual credit file. It does not appear on or affect the credit file of your partner.

A Bankruptcy Order would affect future applications for joint credit.

I’m self-employed. How will Bankruptcy affect me?

If you are self-employed or run a business then you may be able to continue trading. This will be important if you need the business to live. However, you must abide by the Bankruptcy restrictions.

You must disclose your Bankruptcy before obtaining credit of more than £500.

You must not trade under a different name without disclosing the name under which you went Bankrupt.

Debt Advice for Nottingham, Derby and Leicester

We are a midlands based debt advice service. We give free debt advice to those in debt across the Midlands and the UK. If you have a debt problem which originates here we can help you. We can make personal visits to those who live in Nottingham, Derby and Leicester, although very few of our clients actually require a visit as everything can put in place over the telephone.

We use all the provisions of UK law, and our solicitors and  insolvency professionals have many decades experience in helping people with debt problems in the UK. The Government has over a number of years enacted legislation which we now use to help people overcome their debt issues.

If you have run up debt problems via credit cards or loans, or maybe you have progressed on to door step loans or pay day loans we can help, whatever the state of your finances. If you cannot pay your loans down, we can help.

You may consider that no one can help you, but just give us a free call and you’d be surprised what we have available to you. If you can afford as little as £100 a  month, which is less than a packet of cigarettes a day, we can provide you with a debt solution which will stop all your creditors calling you and enable you to clear your debts without interest and cost being added.

If you can come up with a court fee of £150 and an Official Receivers deposit and you have significant debts but very little in the way of assets then we can help wipe out your debts in one day only.

If maybe you have a little more disposable income, then you have a variety of options open to you. You can do a debt management plan. An IVA or even still go bankrupt.

Many people in the UK want to seek debt advice but do not know where to turn. The Citizens advice bureau is not too busy to deal with everybody and so we also offer free advice, which means that you will not need to wait weeks for your advice

Bankruptcy Advice For Leicester, Derby and Nottingham. (Part One)

What is Bankruptcy?

Bankruptcy is one way of becoming debt free from debt that you might never be able to repay. If you have any questions, read on or call 0808 160 5577 or email us via our contact page

Please describe the Bankruptcy Process?

You will have to make a petition to your local County Court or the High Court in London. Please note that not all County Courts have bankruptcy jurisdiction.

The petition asks you for details of your income, outgoings, debts and assets. Your petition must be completely truthful and accurate. It will need to include all household income and expenditure.

Your petition will be examined and the court will decide whether to make a Bankruptcy Order. Some Courts make an order without you seeing the Judge and others require you to be interviewed.

You will be interviewed by the Official Receiver. The Official Receiver is a civil servant who will deal with the creditors and decide what to do with assets such as vehicles and property. Sometimes the interview is in person and sometimes it is on the telephone. It will depend on your local Official Receiver’s policy and the circumstances of your case.

In Bankruptcy your assets are usually sold. Your creditors are then paid with the proceeds of the sale. If the creditors are not paid in full then any shortfall is written off. Very few people have any real assets. It may be that you have some equity in a house or a car, but generally this will be all that will be available for the Official Receiver.

You will be subject to certain restrictions during and after the Bankruptcy proceedings. In general there is nothing in the restrictions that should bother 99% of people choosing to go bankrupt.

If you have any questions read on or call us free on 0808 160 5577 or contact us by email from our contact page.

What is the cost of Bankruptcy?

Bankruptcy costs £510. This includes:

The court fee of £150.

The Official Receiver’s fee of £360.

This fee is payable when you take your petition to the court. The fee must be paid in cash. Certain charity cheques are accepted (see below), but prepare to pay your fee in cash.

What do I do if I can’t afford the fees?

In some circumstances the court fee of £150 can be waived. If you receive income-based benefits such as Income Support then the court fee should be waived. The fee can also be waived in cases of hardship and if you have a low income. You can apply for exemption using form EX160A. Everybody has to pay the Official Receiver’s deposit

As mentioned above some utility companies offer trust funds to those experiencing financial hardship. You should contact your gas, electric and water suppliers and ask if they run such a scheme.

It may be necessary for you to save money in order to pay for your Bankruptcy. Here we at Help With Debt can assist as we will take and bank your disposable income for you whilst you save for bankruptcy.

If you have any questions please read on or call us free on 0808 160 5577 or email us via our contact page.

What is the Bankruptcy process?

A petition must be completed and presented.

The relevant court forms can be collected from your local County Court. You will need to ask for form 6.27 (Debtor’s Petition) and form 6.28 (Statement of Affairs). These forms are also available online from the HM Court Service website.

You can also fill in the forms online via the Insolvency Service website.

We also have out own forms which we can fill in for you.

Before presenting your petition to the court you will be required to swear an oath. This has to be done in the presence of a court official, solicitor or a Commissioner for Oaths.

Please remember that not all County Courts deal with Bankruptcy proceedings. We will be able to advise you which is your nearest court with bankruptcy jurisdiction.

You will need to pay the relevant fees and then the Bankruptcy proceedings will begin.

Here at Help with debt we actually take you through the whole process, from filling in your forms to attending court and providing an after event service.

If you would like this service please call us on 0808 160 5577. You can email us from our contact page.

Is it necessary to go to Court?

Yes. You will have to present your petition in person at the court. At some courts you may need to book an appointment. Nottingham runs such a system for instance. We can book an appointment for you if necessary.

The court will sometimes hear your petition immediately but they might need to arrange a hearing at a later date. Some courts issue the petition on one day and hear the application a few days later. Again we can advise you what system each court operates.

Who else can make me Bankrupt?

Yes. If you owe a creditor over £750 then they can petition for your Bankruptcy.

Before making you Bankrupt a creditor would have to issue you with a Statutory Demand. Very many debt collection agencies now routinely send out statutory demands as a debt collection tactic. These cannot be ignored but there are ways to deal with such a procedure. Please call us free on 0808 160 5577.

Making you Bankrupt is likely to cost a creditor around £1500. If you owe a creditor a sum of money below £5,000 it is very unlikely that a creditor would go to the expense of issuing a petition without any guarantee of recovery.

The courts would have to approve the petition just as they would if you petitioned for your own Bankruptcy.

Can I be asked to contribute to my creditors after Bankruptcy?

The Official Receiver will assess your incomings and outgoings and decide if you have to pay any money into the Bankruptcy fund. We are experts in helping those seeking bankruptcy get their income and expenditure accurate. This is very important and we encourage you to utilise our expertise by calling 0808 160 5577.

You may be asked to pay a regular amount for a maximum of three years.

This is known as an Income Payment Agreement (IPA)/Income Payment Order (IPO).

If your circumstances change during this period then the Official Receiver could review your IPA/IPO.

If you lost your job the Official Receiver might reduce your payments and if you received a pay rise might ask you to contribute more.

Even if you are released from your bankruptcy early, your IPO/IPA will continue until it has run its agreed course.

Which debts are excluded from the Bankruptcy?

Student loans are excluded from Bankruptcy. Many students leaving University think that they can dump their debt this way. They cannot.

Benefit overpayments can sometimes be recovered even after Bankruptcy.

Court fines are excluded from Bankruptcy.

Child Support payments and other family maintenance debts are not included in Bankruptcy. Many court cases have tried to challenge these rulings but the fact remains that divorce and maintenance arrangements generally stick.

If you want to know if a debt can be written off please call our debt help line on 0808 160 5577 or email via our contact page.

Which possessions can the Official Receiver take?

The Official Receiver will only consider selling certain possessions. Unless their individual worth is greater than the cost of a reasonable replacement then the following items will not be taken.

Clothing, bedding and furniture.

Basic household goods and equipment.

Tools of trade.

Vehicles that are used personally in your employment.

Non-essential items with a high resale value will be taken and sold. However as we stated above 99% of people are only looking at a car or a house to be used to realise equity. You will be allowed a vehicle with a value of up to £2,000. We can advise you on what to expect with your vehicle. Please call us on 0808 160 5577.

What will happen to the house I own?

If you live in a mortgaged property or own your home outright then it may be sold.

The Official Receiver does not have to do this straight away and you will have time to find alternative accommodation. The Official Receiver has up to three years to deal with property.

We suggest that for a full explanation of how your property will be affected by a bankruptcy you call us on 0808 160 5577.

What if I rent my home?

If you live in rented accommodation then your landlord will be informed of your Bankruptcy.

You should check your tenancy agreement and seek legal advice to find out how your tenancy might be affected by Bankruptcy. We always remind clients that a landlord wants a tenant who pays rent, and so if you have always paid your rent and now you have disposable income, why would he ask you to leave.

Choose Clinical Negligence Solicitors In Nottingham For Advice In Relation To Claims For Compensation

All of us have to rely on doctors, dentists or opticians to help us become well or to provide us with a professional diagnosis. However, sometimes people receive substandard or negligent treatment resulting in injury.  Those people are entitled to an explanation, an apology or compensation.

People often feel helpless in situations concerning their health, when they are in the hands of professionals. Problems often arise which could have been prevented. Anyone affected should speak out to prevent a repetition of mistakes made by doctors, dentists or opticians

It is important to find the right firm of solicitors to obtain advice in relation to sensitive matters. Whether you are looking for a simple apology or full compensation, there are Clinical Negligence solicitors Nottingham who can offer confidential and professional advice.

Clinical or Medical Negligence solicitors within the Nottingham, Leicester and Derby area handle many cases involving GPs, hospital doctors, dentists, opticians and pharmacists. Take a look and see if they can help you. They will advise you about your funding options such as Legal Aid and No Win No Fee Agreements.

The distress or trauma caused by Clinical or Medical Negligence can last for a long time. People who have experienced poor care and suffered as a result often hesitate to seek medical attention in the future.

If you feel let down by the medical profession, there are Clinical Negligence solicitors who are willing to listen to you and to help you. Look out for those solicitors that work within the Leicester, Nottingham, Derby and Peterborough areas, to provide a friendly and professional service to ensure you get the support and advice you deserve.

Karen Sheldon Financial Services – East Midlands

65 Heanor Road
Ilkeston
Derby
DE7 8DY

Phone: 07737 816 319

Please mention NottingJam.com when you call or email.

karen@ptfs-em.com

Best reply by Daryl:

I would consider against moving to Hucknall. North Nottinghamshire places tend to be the roughest in the county.

There are places just outside Hucknall that are okay, Papplewick and Linby spring to mind.

Inevitably it’s your own choice and it’s where you start up home, Hucknall is an area with nice crime, but hopefully you can avoid this.

Read the original question here
Are there any rough area in hucknall, Nottingham?

Best reply by jw87:

Try Loughborough or its surrounding villages. Its in between Derby, Leicester and Nottingham and has good motorway links, its only about 20 minutes drive to each city.
It is also nestled between country parks such as Bradgate Park and Beacon Hill, and you are also not too far away from the Jubilee Woods, so you get all the benefits of living near a town, and near 3 big cities, but are never far away from the countryside.

I recommend the forest side of Loughborough in particular, its quiet, well kept and very friendly, and is in the catchment area of a fantastic primary school.

Thanks

Best reply by richardpaul34:

get a copy of a 1960′s film called “saturday night and sunday morning ” and listen to them chat