What happens if i go bankrupt?

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I am 17 but I keep getting mail from lots of credit card place and other companies to suggest that I have....?

some type of credit. How do I check to see if someone is committing identity theft? I would like to resolve this before I turn 18 so that my credit won't be scarred for life....

Is there a fast way to improve a poor credit score?

...

Is this to good to be true?

Ok many people say if its too good to be true it probably is. Well my roommate gets a call today from Visa (his credit card company) saying tha because he spent a certain amount fo money on his card ...

Is 17 too young to have a credit card?

Our son has had a savings account since he was 10 years old. He began working and has since opened a checking account and also received his 1st credit card. His father & I think it's okay ...

Does any one knows if this is a possible scam?

Dear Prospective Partner,
My name is Andrew Wang, I trained and work as an external auditor for the
Dah Sing Bank (DSB), working as part of a bigger team that covers the
entire Asian ...

Who can i get an unsecured loan from if i got bad credit rating ? ( uk answers only please )?

i have a very poor credit rating and i need a loan . i rent my house so its got to be unsecured and im not interested in those companys where you have to pay a fee up front cos they r a rip off. it ...

When I get too many bills I just move and start over but there must be an easier way. What do you do???

...

I have $12,000 debt and i'm only 21?

I dont know what to do.. I also have $25,000 in student loans as well (failed school actually, so it was all for nothing)

I was born to lose. i need $1500 a month ($600 of which is for ...

Why citybank at nigeria asking to transfer more money to this bank.?

i had make the first money tranfer and now this bank ask for one money transfer in order to credit me the money....

Wondering, Can I get arrested for this? Or is this a Civil Matter?

kjj
i just wanna make sure the cops dont knock on my door.
I already did this, just want to double check.
To Make a long story short.

I have 2 accounts at a bank.

...

Has anyone had any problems with Capital One credit cards?

This is regarding their debt company Debitas....

I've been denied my mortgage because of bad credit, but don't know where it's from. Advice please?

My boyfriend and I have just been turned down for a mortgage because of my bad credit. When I was a part time student (at aged 20) I incurred a debt of Â£800 in outstanding council tax which I then ...

If my wife and I.?

To put it bluntly if my wife and I pop our clogs,which we dont plan to do in the near future.Do my son and daughter have to pay off any unpaid debts we may have had.
Additional Details
S...

An overdrawn bank account from a year ago has gone to collections. Can I go to jail if I dont pay?

Additional Details
Will someone anwer who knows what they are talking about please? This is not a "farud" case...it has gone to collections!...

Every time you use a debit card does the bank charge you?

Like every time you use a debit card, does the bank charge you for that? Thanks in advance....

How many credit cards do you own?

i once owned 12...im down to 3!...

Im 19 years old and wanted a credit card?

hi i want a credit card im 19 years old have a 5 different bank accounts a few catalogues and wanted a credit card any body know any websites that might accept me thanks
ps please dont say the ...

I need a loan but I don't have a bank account are there any online that will give you a loan one?

I need a loan so I can move but every site that i go to they are asking for bank info and i don't have a bank account is there any online that i could get a loan without having a bank account?...

Can a credit card company get a court order to garnish your earnings?

If I owe money to a credit card company, they already send me to collecttions can they go to court to get a withholding order and take money out of my pay check?...

Why is cash no good anymore?

i went to Dixons today to order something that they did not have in the shop, i went to pay for the order with cash, i was told sorry you can only pay for an order by card....

splandastic

What happens if i go bankrupt?

I have no house or assets to speak of and due to financial situation am thinking of going bankrupt, what happens to thimgs like my car, which is worth about Â£3000, which is nothing compared to what i owe, and i really need my car for work, would i have to selll it? My only other possesions are things like cloths and my bed. I have no savings at all and Bankruptcy is the only way forward. Help!!

Dark_Mushroom

It could be the best or worst thing you could do.

first of all transfer the car across to your mum friend or anyone to save it.

You will then have to accept the fact that no credit company will touch you wiith a barge pole for the next 5 or so years.

You get a bank account and thats it, you miss the old cards etc at first you know topping up the old overdraft at the end of the month.

But you soon get used to it.

Then after the three years or whatever it is to clear i automaticly assumed I would get credit again, but this is not the case im now 6 years down the line and the only credit i have is with a Catalougue who gave me credit by mistake.

I now have a family, and we want to buy a house, a new car but none of this is possible.

I have to rely on family and friends with Personal loans.

The sad thing is we have a joint income of near on 70k per year
with no credit at all and nobody will touch us!

So it may help in the short term but in the long term it is a pain in the bank side.

crissylizb06

I went bankrupt last year and it was the best thing I ever did. I would definately recomend it especially as, like me youhave little to lose. They may ask for your car and they would sell it, the money would go towards your debt, however if you can justify the need of a car theres a good chance you will be able to keep it. Alternatevely, you could sell your car and use the money to buy a cheap runaround and pay for the bankruptcy. Look on the insolvency site for a list of independant advisors, the first hour is usually free. Don't let the creditors bully you. I really enjoyed telling them I was bankrupt because they really can't touch you. Remember, the UK law has changed with bankruptcy lasting only a year, mine was only for six months because there was no way they could collect money from me. I cannot get any type of credit, loan or catalogue.......I have a prepaid credit card to use if I buy over the internet, and I'm completely in control of my finances, with no outstanding debts. Its great.... Go for it.I would recomend bankruptcy rather than an IVA, the solicitor I went to see for advice said that they would'nt recomend them to someone with the amount of debt we ( my ex husband and I) had. We spent the whole day in court which was the worst bit, especially going before the judge to be told how bad we were, We then spoke to the official recievers on the phone, but we did not have to attend a meeting with the creditors, the official recievers handled all that and they were great. They were helpful and non-judgmental. The bankruptcy stays on your credit references for 6 years. They do not count any personal belongings as assets or anything you use for work. Research the websites. my bank account was frozen for a few days until the official revievers had checked it out but then it was ok. The only money collected from me was my income tax. I had to pay it directly to a collection agency instead of it being taken by inland revenue. Outstanding council tax can also be included in the bankruptcy.

realistic human

Nothing would happen. You are allowed certain exemptions for things like your car and personal possessions so as long as you don't go over the exemption limits (which you probably wont) you will likely be able to keep your stuff. Contact a bankruptcy attorney and they will usually give you a free consultation. Good luck.

Rosesharon

You can exclude anything from your bankruptcy. If you want to keep the car and keep making payments then just ask your lawyer to keep that debt off your report. We were able to keep our house and car and had all our debt wiped out. This was a few years ago, before it got harder to do. You may have to repay some of the debt now, it depends on how you file. Good luck.

ashhedgie

Bankruptcy is often considered the last way out of large debts. It CAN be a way out, but the facts need to be considered. If you file for bankruptcy, you will be asked to compile a list of everything you own, from clothes to CDs and DVDs. Anything that can be sold that is not essential to your health or wellbeing will be taken. If you rent a house then you will be safe, although your landlord/lady may evict you if your terms of tennancy are broken. Your car will be taken, no questions asked, you won't be keeping that at all! You will also not be able to apply for any form of credit such as a loan or credit card for at least 12 months. After that, you can start to get your life back on track.

frank

any of your remaining possessions will be reclaimed by the government and you have to pay off your remaining debt with at least 60% of your salary.

lollipoppett2005

http://www.insolvencyhelpline.com/bankruptcy/bankruptcy-facts.htm

Everything you need to know. Good luck.

ralfyboy

Under UK bankruptcy law you will be able to keep your household items, clothes etc, these are considered exempt assets. If you need your car for work and its value is about Â£3k, this would likely also be considered exempt. You would have to fill in a questionnaire declaring all your assets and liabilities and attend a meeting with the Official Receiver. There are some restrictions following bankruptcy but unless you run a company or are self employed they probably won't have much effect on you. You'll likely be discharged within 1 year, but you may have to make regular payments from your income for 3 years if you have surplus available after your reasonable domestic needs have been met. Otherwise it sounds like this is the way forward for you.

Korokota

I advice you to go IVA instead, you can agree an amount of money to pay through some years and the rest of your debt is cancelled. If you go bankrupt, you might lose your car or any other thing the administrators find of value to cover your debt or part of it. Check it out with a lawyer.

tonyinspain

You will lose the car you are not allowed to have anything on fiance for the period of the bankruptcy as you have no assets apart from the car they cannot take them.
you don't say how much your debts are but if they are under 10000 i would go for a Iva but you would be better going bankrupt.
the reason being its finished and the debtors cannot touch you once you have done this.
as your working the liquidators may want you to contribute a payment towards the bankruptcy depending on what you owe.
i ll be honest if you do go Bankrupt it will be like a big load off your shoulders.
to go bankrupt go to the county court and tell them you want to file for bankrupcy you will then pay a fee 34 hundred pounds.
you then go before a judge in a closed room and declare bankrupt.
that's the easy part you must then go see a liquidator who will want to know all your debtors inc rent arrears everything.
also your assets car ,jewelry,once this is done they will do the rest.
if any debtor comes to your home threatening you make a load of copies of the bankruptcy and put in envelopes give them to the collectors they will immediately leave your premises never to return as its contempt of court if they hassle you.
hope this helps its not as bad as years ago but definitely give it some thought before proceeding

alatoruk

yep, they would make you sell your car. you need one for work, fine you can use a Â£500 nail just as well. Assets have to be seen to be sorted by the bankruptcy trustee, they made me hand over Â£2 worth of premium bonds becasue they were an asset. I couldnt even buy them back (my last link to my granny and so had lots of sentimental value), although iwas aloowed to kepp the Â£30 in my wallet - you go figure.

what you havent told us is how much you owe, whether any of it is secured and how much you earn. Bankruptcy doesnt just wipe it all off. it does eventually, but if you win the lottery while bankrupt they use that, if your parents die and you get inheritance, they use that. They will even work out what you need to live on and you have to give them the rest of your salary. All of these monies are used to pay off parts of your debts, and then at the end anything LEFT is written off. Except what you owe tax man / CSA / basically the government, they never get written off.

1st stop - citizens advice. see what they say, there are other options that arent quite as drastic that could have the same overall effect.

stopccdebt

If you are considering bankruptcy, then you should seriously consider meeting with a credit counsellor. There are 4 charities that provide free services throughout the UK.

You can meet with them in person, or you may reach them by phone at no charge.