Bankruptcy Information Centre

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Does It Matter Who Makes You Bankrupt?

Question:

If someone owes £10000 each to ten different companies (making £100,000 in total) and, is paying each on a payment plan, what happens if one of the companies decides to sue for bankruptcy?

Answer:

The good news, depending on how you look at it, is that if one company petitioned for your bankruptcy they would have to pay the court fees, and all your debts would be included in that bankruptcy.

The bottom line would be that you would be bankrupt and your debts dealt with, discharged, through that bankruptcy.

Thank you for letting me help you.

Jon

If you have a bankruptcy question you’d like to ask, just ask using this online form. All help is free.

Source: Does It Matter Who Makes You Bankrupt?

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