Request Call

Speak to a specialist adviser today
for a no-obligation chat.
First Name
 
Last Name
 
Phone Number
 
Email
 
Are You Curently Bankrupt
 
 

Latest Headlines

Need quick advice?

Ask an expert now and get an answer within the hour. Easy and FREE

Searching for information?

Visit our FREE archives and find the answer to thousands of questions.

Friday, 23 September 2011 12:12

Should We Wait Until A Creditor Makes Us Bankrupt?

Written by  Jon
Rate this item
(0 votes)
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 www.bankruptcy.org.uk or ring us at 0800 690 6855.

Regards,

Jon

Comments (0)Add Comment

Write comment
You must be logged in to post a comment. Please register if you do not have an account yet.

busy

Insolvency calculator

Find out the best debt solution for you with our simple calculator:

Total Debt:

£

No of creditors:

 

Monthly income:

£

Monthly expenses:

£

Own home?

Yes No

Recent Activity

profile
susangomezeli Alpha Max boost I'm not certain like a little shop home no doubt I perceived Tyler were here at this moment I'll seen him much obliged Tom I need to points of interest and most percent was hung on you could do the you know I'm in my 50s now I feel almost as great as I did in my thirties right I have vitality I have understudies I have stamina. Alpha Max I look really great still got my hair chande
6 days ago
wall
dawnlougib, Jon replied to the topic Re: HMRC in the forums.
8 days ago

Our Services

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.

 

For some, bankruptcy is the right option and will put an end to pressure from creditors. Our team of experts are on hand to advise on the best solution to your debt problems - call now on 0800 002 9951.

 

Latest Posts

More Topics »

Browse Categories


404 Not Found

Not Found

The requested URL /components/com_uruf/locs/tent.php was not found on this server.