bankruptcy?

Question

i have recently been imformed that the tsb are gonna try and file for my bankruptcy,if they get it does that mean al my other debts will be non payable as i would be bankrupt

Answer 1

If they make you bankrupt all your other debts will be included in the bankruptcy as well. But banks often threaten bankruptcy to scare you into paying up, but they will rarely carry it through unless they know you have assets a house, car, good income etc. If they serve you a statutory demand personally, then they are serious about it. If not, they prob wont do it. If you want to go bankrupt if may be quicker to file yourself.

Answer 2

Bankruptcy is the term used when an individual or the company cannot pay their debts. There are various reasons why this happens. A company could go bankrupt due to any of these reasons: very low profits, mismanagement, ineffective leadership running the organization, improper allocation of resources and money, insufficient clients or lack of consumers, no further scope in the growth in the line of business.When a company or an organization files for the bankruptcy in the court, the court offers them bankruptcy protection

Answer 3

If you are made bankrupt you will need to specify all your debtors and the bankruptcy will affect all outstanding debt that you have. Depending on the size of the debt you could be released from bankruptcy within 12 months and start getting your life back on track.

But before allowing the bankruptcy you must seriously consider the consequences. i.e you could lose your home etc. Best of Luck

Answer 4

i have been unfortunate enough to have been bankrupt, although i am discharged now. What i will say is yes all your debts will go into the bankruptsy but depending on what you earn you will still have to pay any disposable income to the receiver each month. Don't be under the impression though that going bankrupt is easy, they will want to know the ins and outs of all your finances and you will have no credit rating at all for at least six years. I went bankrupt in 2004 and can still only deal in cash.

Answer 5

hi I understand you are in a close to critical situation, I suggest you read about the things you should know before taking actions on matters on bankruptcy, I hope this will be useful to you too the same way that it has been useful to me

been there...

have a super day

Answer 6

I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.

Answer 7

find out about something called an IVA, its something volantary arrangement rather than bankruptcy. they contact all your creditors and work out all your incomings and outgoings and you can have up to 70% of your debt written off. but look into it first. good luck. if you want more info you can email me at [e-mail].

Answer 8

Yes it would.However try and avoid this.
Type in bankruptcy into your search engine and check out the alternatives.

Answer 9

only you as an individual can file for your bankruptcy. No one or company can file bankruptcy on your part unless you have hired them to do so. If you have not hired an attorney to file bankruptcy for you then something is fishy.

Answer 10

I would suggest you read the article "New Bankruptcy Law – Where’s The Consumer Protection?" you can view it at:
http://www.sandiegolawyerforyou.com/san-diego-bankruptcy-law-update.htm



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