bankrupcy - is it too late ?

Question

at what point is it too late to declare yourself bankrupt - can you still declare yourself bankrupt if debts have been sold off ? at what point is it too late - i have debts going back to 2001 ?

Answer 1

Get yourself to a solcitor who specilises in Bankrupcy,ASAP

Answer 2

dont worry . you can still do it. But instead, why not just explain your options to your collector and explain that would be your other option. Dont put up with any intimidation from them. this is their "front tactic" dont talk to these people , try asking for a supervisor or try to speak only with the ones who are reasonable and polite and courteous. Dont talk to the loud-mouth. Usually you can get them to settle on a plan where you pay so much over so many years. It is like a poker game , they are trying to fool you into believing that they have a lot more power than they really have. Just be polite and talk reasonably with one about your situation and try to get them to come down considerably 50% or more, or you will have to declare bankruptcy. Because these people who purchased your debt from the original lender many times paid "pennies on the dollar" of the amount that you owe. so if they can make a little money, it is a lot better than nothing. Dont worry. Dont let them intimidate you or scare you, if one is rude, just hang up. tell them not to contact you anymore, until you can speak with a more reasonable person or call and ask for one yourself.

Answer 3

You should try calling the CCCS (Consumer Credit Counselling Service). They are ran by a Charity so they dont charge you for the call, or charge you for using any of their services and they should be able to help you with your debt.

It is never too late to declare yourself bankrupt though, if you cant afford repayments, you really have no choice.

Take careful consideration if you do this though, and be mindful that if you have any assets (car, house etc etc) that they can be taken from you to go towards repaying your debtors.

Answer 4

Depends how far you into debt if you want to file or not....if you pay off one creditor that means you mindswell pay off all your creditors. If you make a settlement with any collection agencies and still want to file bankruptcy, i would just file bankruptcy and not throw away the money you could have been saving. a bankruptcy is not going to look good on your credit no matter what you do, but neither are deliquent accounts. you can usually start to reestablish your credit around 1-2 years after your discharge.

Answer 5

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Answer 6

Bankrupcy really shoud be a last option try seaerching online and you will see alot of free debt help lines as mentioned above.

Answer 7

You need to call a bankruptcy attorney as soon as you can. Their are plenty of options out there.

Answer 8

If you can't afford a lawyer try your Citizens Advice Bureau, in the UK.

Answer 9

consult with a bankruptcy attorney.