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Friday, 23 September 2011 12:12

Should We Wait Until A Creditor Makes Us Bankrupt?

Written by  Jon
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hi joint iva failed after 5.5 yrs due to having arrears and missed payments then husband loosing his job ;-(
straight away before it was offically failed 1 creditor sent out a statutory demand. spoke to them and they WILL not go into any other arrangement and want full payment or they will take personel bankcruptys!! now im sure in a couple of weeks we will also hear from the other creditors...

Their question: so my question is should we let them make us bankcrupt and i need to no what will happen regards our home we do have a mortgage but i think were in negative equity or there my be a couple of thousand pound top!! also we have a 9yr old son with special educational needs recieving (dla)

Answer:  There are no guarantees a creditor will make you bankrupt.


This information may help:


If a creditor or someone makes you bankrupt, they pay the fees associated with the bankruptcy.

However, there are no guarantees they will make you bankrupt.  If you have no assets or nothing for them to get, why would they do this.  

In bankruptcy, all your creditors are treated equally, so if one creditor makes you bankrupt, they pay the fees, and are treated as all the other creditors, and if you have nothing, they get their share of nothing.

It is better for a creditor to try and collect what they can from you, or obtain a CCJ and send out bailiffs, etc, then to make you bankrupt.

So let’s not count on being made bankrupt by someone.


I hope this has answered your question.

For more information and assistance, please complete our eligibility form at our web site or ring us at 0800 690 6855.



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If you have a serious debt problem, bankruptcy can free you from your debts within 12 months. As a solution for dealing with serious debt, bankruptcy is a last resort. Other debt solutions need to be explored first, to help determine if bankruptcy is the right debt solution for you.


Your financial affairs are put into the hands of an Official Receiver or Trustee, who will control all your assets - and if you own a property, this will also be included. These will be sold and the money used to pay as much as possible to your creditors.


There are consequences to bankruptcy which will affect your finances and work life. You may struggle to borrow money, for example, and will not be able to apply for certain jobs.


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