Can I apply for bankruptcy ... or does my creditors have to do it ..?
2006-12-11 03:22:19 · 10 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
This article I found online will give you very good insight on what you should probably be doing:
http://financialbasics.blogspot.com/2006/12/bankruptcy-tips-and-helpful.html
Good reading
2006-12-11 06:28:40 · answer #1 · answered by Anonymous · 1⤊ 1⤋
Do not tell your creditors you are even thinkging about bankruptcy. They can file a claim before you and be exempt from your filing. Make sure you are current on your payments and do not have any delinquent payments. You should contact an attorney who specializes in this matter. Look in the phone book, I bet there are at least a hundred where you are. LOL. Seriously, it's not as bad as you can imagine. The creditors want you to think this is rock bottom. Rock bottom is when they have all filed a collection order on you and you cannot get away from them. DO NOT call one of those credit repair reps either. This could make your status change depending where you live. Oh, by the way...any that have filed a collection order on you may be exempt from your filing a bankruptcy. In about a year after filing the credit card companies will be throwing them at you faster that you can imagine. They know that in most states you can't file for another seven years and most credit abusers get into the same mess over and over. GET OUT, BE POOR FOR WHILE and enjoy the feeling of not owing them. Oh...another bit of info, you cannot include student loans in the bankruptcy, they are exempt. Good Luck!
2006-12-11 11:34:39 · answer #2 · answered by bamafannfl 3 · 1⤊ 0⤋
you can petition your local county court for your own bankruptcy but there are some quite hefty costs involved. If you are on certain benefits you can apply for help with some of the costs. Your local court will advise you, just give them a ring.
If your creditor or creditors petition the court, they will stand the initial costs, but they will decide when and if it will happen and they will be working in their own best interests, not yours.
Before I petitioned for bankruptcy, I went to an Insolvency Practitioner for advice. Most of the advice which they gave turned out to be the wrong advice. Please be very careful of who you place your trust in. Even at a time like this, there are hawks out there just waiting to rip you off.
GOOD LUCK !!!!!!
2006-12-11 11:31:46 · answer #3 · answered by dawleymouse 4 · 0⤊ 0⤋
Depends where you live in U.K. English law is different from Scots law. Your creditors won't do it, they just sell your debt on. You can apply to court for bankruptcy but it will cost you over £500. Sit tight, visit your councils debt adviser. Is this a company bankruptcy or Individual. There are all sorts of options open to you, but you do need advice from a specialist. If your a homeowner whole new can of worms opens. Visit CAB office asap. regards..
2006-12-11 15:36:52 · answer #4 · answered by naplusultra 4 · 0⤊ 0⤋
Contact your local county court.
They will give you details on the procedure, and also send you the forms to fill in, that you need to fill out in triplicate, and then make an appointment to hand them in.
Can cost up to £750 though.
However, may I suggest you contact Consumer Credit Counselling Service, a registered charity who are able to give you help and advice over the phone. Their advice is free.
There phone contact number is:
0800 138 1111.
Please have as much information as possible to hand when you call.
They are very helpful, and will guide you through your problems, and suggest other ways to sort thing out, although they never offer loans (to be avoided) and will put your mind at rest, they are in my opinion, the best next step to take.
I trust this will help you, and as they say, never give up, you are not alone,
2006-12-11 14:16:57 · answer #5 · answered by Dr David 6 · 0⤊ 0⤋
You have to phone your local Court and give them your name and address so that they can send you the appropriate paperwork. You then have to make an appointment to see someone. Now for the bad news. It will cost you at least £450 to do this.
2006-12-11 11:32:05 · answer #6 · answered by Sandee 5 · 1⤊ 0⤋
Hiya,
congratulations on deciding to sort things out, you will need to get some advive of citizens advice, but everything you will ever need to know is here
http://www.debtquestions.co.uk/debt_forum/index.php
These guys are all either about to do it, or have done it.
Its the easiest thing on earth to do.
Good Luck.
2006-12-11 17:00:53 · answer #7 · answered by Anonymous · 0⤊ 0⤋
you call a bankruptcy lawyer and make an appointment.
drag out ye ol yellow pages.. and start calling.
2006-12-11 11:30:39 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Go outside, stand on a corner and tell everone who walks by that you are bankrupt...see what happens!
2006-12-11 11:25:10 · answer #9 · answered by Anonymous · 0⤊ 1⤋
how much debt are you in?
It costs about £500.00 to go bankrupt
Bear in mind, it could affect certain job applications and having another bank account.
2006-12-12 20:05:04 · answer #10 · answered by Rebz 5 · 0⤊ 0⤋