need financial advice

[weedguru_animal]

hey are there any members with any knowledge or experience of insolvency or bankruptcy arrangments in the UK?If there are I would very much appreciate some advice regarding my current financial state of ruin as I start to make my preparations to escape to the sun...

[MOT]

I only found out on Thurs but most towns and citys in the UK have a government office that gives free financial advice. Their walk in and first come first served. If your still about in Brighton there's bound to be one there.

[weedguru_asmodeus]

Not sure if you mean citizens advice bureau (spelt right?) cainedtom, but this place might be able to help!

[Midnight Toker]

After a bit of revision and research, this is basically the jist of it.

First of all to even file for bankrupcy it's going to cost you £310 plus £140 court fee to file for bankruptcy, though if your on benefits or a low income you may not have to pay this.

A creditor can legally make you bankrupt if you owe more than £750 and cannot agree on a way for you to pay the money back. Before this happens they have to send you a Statutory Demand, which basically tells you you have 21 days to pay the money or agree a way to pay it with the creditor.

If it's not sorted by then they can seize any assets you may have except things that cover basic need like clothing, bedding, furniture and shit like that. You'll also probably get away with keeping anything you need for your job, like tools and even vehicles (like your beloved bike, so you might wanna think about getting a job as a delivery boy )

If you own any property they can have that or whatever your share of the profits would be. You can delay this happening for a year if you have a wife and kid/s. If not the only way to save your house is to find someone to buy out your share of the equity (the difference between your mortgage and the value of your house). They have three years to sort themselves out and sell the place or it belongs to you.

If they think you make enough to have a surplus income after paying normal living expenses and motgage repayments etc they can take money directly from you wages.

You'll have to close your bank account, you can have a cashcard but no chequebook, you can't get credit, which means youll proably have to find a way to pay your gas, electricity and phone bills.

Your job might be affected, check your contract of employment.

It's illegal to take out credit of more than £500 without telling the lender you are bankrupt, use a fake name without revealing the name you were made bankrupt under and a couple of other things that wont apply to you.

Hope this helps. Good luck.