bankruptcy

[treenybean]

Does anyone know what happens if you apply for bankruptcy, for instance do you pay back a percentage each month, do you have to sell or give your possessions to the court.  I have found out quite a lot of information from the internet but also some conflicting advice.  Thanks muchly. 

[JSB]

I strongly recommend you seek advice from the Citizens Advice Bureau who may have specialist debt advisers who will explain the procedure and much else besides.  And its free!  Good luck.

[scorpio61]

Sorry "in a pickle" - not accurate. The trustee in bankrupcy will develope a financial statement and all disposable income will be paid to the court over the next 12 months. Example, if you earn �1500 a month and they calculate you only need �1200 to live then you pay the Trustee �300 a month.

Everyone talking about bankrupcy PLEASE NOTE: It is the courts discretion/decision  as to the length of the bankrupcy, it is not set in stone that it is 12 months and where property is involved, it is up to the trustee to decide how long he holds this accountable to your debt. The last time I read an article on this a property could be held for 15 years if the trustee thought it would attain enough equity to repay the creditors, and that my friends is the aim of the trustee, to get as much as he can for the them, not give a bankrupt an easy life. Sorry to be so harsh but someone had to say it.