HELP Bankruptcy

[ryanblackpool]

i have been a builder for around four years now

i hold account with Howdens, Keyline and Magnet

the past few year have been realy hard and i have been unable to pay any of these account they are threateing Bankruptcy

i dont mind going bankrupt but i realy dont want to go to court. i was told i wouldnt have to go to court but i would have to talk on the phone to someone. the total debts total around £28,000 this includes the above accounts and a few catalougs and a contract phone.

at the moment they are sending me letters and sending people round to my house. what will happen if i ignore this and they file for Bankruptcy can this be dun without me going to court.

i dont own my own home or have any asets. i just own a car that is worth around £900

Please help as i realy dont no what to do.

Thank you.

[Curlyben]

Re: HELP Bankruptcy

Welcome to LB glad you could join us.
Yes I'm the same person that referred you from AMHD


In this situation you really have a few choices.

• Arrange repayment with your creditors
• File for bankruptcy off your own back
• Let them make you bankrupt.

The Insolvency Helpline is a very useful site and should answer most of your questions: Bankruptcy - Frequently Asked Questions

As you have few assets then bankruptcy does seem like a sensible option and the opportunity for a clean sheet, although this WILL wreck your credit rating for at least 6 years.

As for a court appearance, why are you so against this ?

[ryanblackpool]

Re: HELP Bankruptcy

i dont no why i dont want to go to court think im just embarresed about the mess i have got my self in. i am going to let them make me bankrupt as its already going ahead. i dont mind it wrecking my credit as i just need a fresh start.

[Curlyben]

Re: HELP Bankruptcy

TBH the Judges that deal with these things are well versed and actually human.
remember this is a civil matter and as such more relaxed than the court proceedings we see on the telly.

IF you can get together the required fees, as detailed here: Bankruptcy - Frequently Asked Questions , I would suggest you do as it will stop the continual harassment you are receiving from your creditors. least that way it will be entirely in your control.

[ryanblackpool]

Re: HELP Bankruptcy

Ok thats sound good. i shall do this.

Thanks for you help again

[Nibbler]

Re: HELP Bankruptcy

i dont no why i dont want to go to court think im just embarresed about the mess i have got my self in.

Been there. Done that.

Believe me, court is no big deal. I didn't even need to see a judge.

i am going to let them make me bankrupt as its already going ahead.

Can you tell us what steps they have taken?

Have they issued a statutory demand? Or done that and now served the actual petition?

Or are they simply threatening to start proceedings at the moment?

Apart from HMRC, Amex (oddly) and some local councils, trade suppliers are perhaps the category of creditor most likely to make you bankrupt.

However, they are not usually daft. So despite the threats, paying a fortune in fees to make you bankrupt for no return is still unlikely.

From the sound of your situation, they would would not benefit from making you bankrupt.

Unless you have a firm court date set for a creditors petition, then I would second the advice here to do it yourself if you are sure it is the way to go.

Apart from having control of the 'how' and 'when', by doing it yourself it is possible that you will not require a face to face interview with the Official Receiver. If a creditor makes you bankrupt, then a face to face interview is standard.

[Nibbler]

Re: HELP Bankruptcy

The Insolvency Helpline is a very useful site and should answer most of your questions: Bankruptcy - Frequently Asked Questions

That link is quite out of date in places.

Especially regarding the court fees.

There is plenty of helpful info on the official Insolvency Service (Official Receivers) website.

For example:

• Official Insolvency Service publications and factsheets
• Guide to Bankruptcy
  
• FAQ - General Bankruptcy Queries
  
• How to petition for your own bankruptcy
• What happens when you are interviewed by the OR