Petition being heard tomorrow

louleesop

Hi. I am new to this, so please excuses any howlers.

I have a petition for bankruptcy being heard tomorrow, but this afternoon have come to an agreement with the creditor that they can have a charge over some property that I own whilst I try and sell it/raise the funds by other means.

Should I still attend court? They say to me that it is at the judges discretion whether he goes ahead with bankruptcy or not. Would he really stillproceed if I have assets to cover the debts?

Please help I am worried silly.

Thanks

diablobear

Personally, when I was going for BR and mentioned I was doing so to my creditors they said anything & everything to stop me from doing so, including the threat that the judge would not accept my petition. Offering me all sorts of ways round it but anything to stop me going BR. In my case I had no property to worry about and was advised that the BR was my best solution by the Nationaldebtline.
In my mind creditors will try all the tricks in the book to get their money including threats that your BR will be refused.

If you havn't done so already I would advise to speak to the CCCS or Nationaldebtline with regards to what you have "verbally" agreed with your creditor today, I'm guessing you havn't signed anything yet.
With property involved you have a lot to weigh up and it may be worth giving either charity a call ASAP (seeing that you have a court date tomorrow), to see what they advise regarding this.

Sounds to me that your creditor is trying to safe guard themselves with this charging order, not giving you a "better" option. But then I don't know your situation, so please forgive me for my assumptions - but a call to the charities should clarify this for you.

Are you petitioning for your own BR?
or
Is the creditor mentioned petitioning for it and had a last minute change of heart by offering the charging order?

louleesop

Hi Diablobear, thanks for your reply. Are you saying you don't think I should put the property up as security?

louleesop

Maybe I didn't make it clear, but they have served the petition on me.

diablobear

Mmmm. not sure without knowing what you owe and to whom, if you have other creditors and I am no expert, especially with regards to property, I am just very dubious about last minute deals from creditors as it might mean they are worried it won't go in their favour.

Nationaldebtline are open until 9pm, give them a call and explain your situation, they can give you better advice. Good luck and let us know how you get on with them.
FREEPHONE: 0808 808 4000

blind-as-a-bat_2

Can i ask who is petitioning you (reply by PM if you prefer not to say in public)

It is very rare that a creditor does this, have you confirmed whith the court it is indeed a BR petition

Sorry to sound sceptical, im not sceptical of your post but ive seen creditors pull some real stunts so need to be sure this petition is for real.

As for it going to court the creditor could withdraw it at any time if they wished i believe so im a bit bemused to there comment if im correct

louleesop

Just like to say thank you to BAAB and Diablo for taking the time to reply to my question. Please do not ever forget how much comfort you give us "newbies". It is like talking to a friend who has your interests at heart. Thanks again. Will let you know how I get on.:o

louleesop

Hello
I am going to court at 11am and am terrified! Does anyone know what I should expect?

DebS_2-3

Wishing you the very best of luck this morning.

louleesop

Thanks Debs:o

december

Morning louleesop,
Will be thinking of you this morning. I don't know how it is different to be honest if someone else petitions for your bankruptcy but I'm sure the emotions are very similar. All the best for today and let us know how you get on.
Take care
December