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Should I Make Myself Bankrupt Or Wait For A Creditor To Do This?
Question:
I lost a court case and have been asked to pay costs of around 13k i am not working and have no money or assets and I have had a meesage left from a baliff
Should I make myself bankrupt or should I let them make me bankrurpt. And if I should do it what happens about the baliff in the meantime (whilst im waiting for court date etc)??
Answer:
The issue here is about time and timing.
If a creditor is seeking and chasing payment from you, there is no guarantee they will make you bankrupt, as in bankruptcy all your creditors are treated equally; in addition if they make you bankrupt, then they pay the fees associated with bankruptcy.
If you have substantial assets such as property, then they may do this.
If you do not, the creditor is better off going through the courts and getting bailiffs to be sent out to take whatever then can.
My advice is and always has been, avoid bailiffs if all possible. It gets ugly and also very stressful having people knock or beat on your door and make threatening remarks.
I have witnessed this and it as I have said, ugly.
Making yourself bankrupt or someone making you bankrupt is the same in that the outcome is the same.
As for a timeline: you should receive some sort of notice as to an enforcement order before bailiffs are sent out, but don’t wait on this. If you are considering bankruptcy and it is your best or only option, then by all means begin the process.
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: Should I Make Myself Bankrupt Or Wait For A Creditor To Do This?