Being made BK v doing it yourself

Zobex

Hi All

Is there a difference in terms of how it affects you between

a) making yourself personally bankrupt
b) someone making you personally bankrupt

I'm under threat of b). Should I just let it happen rather than have to get £450+ together to do it myself?

I've no assets or anything of any value

(before edit: [Is there a difference between making yourself personally bankrupt and doing it yourself?])

Also, do Capquest follow through on their Statutory Demands? I can't see how it will benefit them if they do.


Thanks

dalip

As far as i know no. Apart form money as you have already mentioned. The only two establishments that do this are usually HMRC and CT. It may be just a threat. Not sure if it makes any difference to your OR interview.D

fiveyearplan

Hi and welcome Zobex.

C*apquest are just intimidating you. How much is your debt with them? It would cost them £1,000 to make you bankrupt with no guarantee they will get anything back.

List all you debts on here and also any income you have and we'll see where you stand.

Zobex

Thanks. I owe quite a lot, certainly enough to make it worthwhile making me bankrupt if it meant they would get anything. I've done a budget etc and if I cut out food, utility bills etc there might be enought left over for creditors to get a few pence each month. If I could get the £500 together I would make myself bankrupt...

fiveyearplan

What do you mean by quite a lot? Post all your debts and income and we'll see where you stand.

Zobex

Hi fiveyearplan.

I'm a bit wary of posting the details. CCCS have advised me to go down the bankruptcy route. I suppose it's over £50k in total with less than £20k with Capquest. The CCCS statement of earnings leaves me with less than £100 over but that is with a zero for clothing or "Other personal expenditure"

fiveyearplan

I would think its best to put clothing down and everything else and if you have a deficit so be it. If you are definitely going BR then stop paying everything but your priority debts, council tax, rent/mortgage, utilities etc.

You don't need to post 'personal' details just things like

rent/mortgage
gas/elec
council tax
etc
You don't need to list your debts, just your normal living expenses. There is no way that it is traceable.

deedee_3

Zobex this is an anonymous forum where no one knows who you are.

With the £20k owed to Crapquest, is it all to one creditor or several creditors.

There is no diference really between you doing it or some else doing it apart from possibly the satisfaction of knowing you screwed them . If they make you bankrupt then it will be at the Royal Courts of Justice in London. You don't have to atend but if you can I would.

skylight

Capquest are very very highly totally unlikely to make you bankrupt. It costs them too much money to do so and they are unlikely to get it back at at - from a long term financial situation for them, its a stupid thing to do. The only people we know who will make you BR if threatened are councils (council tax), HMRC, and American Express.

If someone does make you BR, then there is little difference except that you will have to attend the interview in person whereas if you do it then its normally a phone interview.

Although this stat demand form crapquest is a tool to scare you into paying up, you shoudl still take one seriously - there is always the possibility they may follow through! Talk to one of the debt charities - FREE (!), Payplan or CCCS about the Stat Demand as a seperate issue to your BR.

Richard_S

Hi Zobex,

It's extremely unlikely that they'll follow through and petition for your bankruptcy if you have no tangible assets. They will however make life as unpleasant as possible, so it may well be in your best long term interests to draw a line under the whole thing and declare bankruptcy.

Your credit files will be adversely affected either way, so there's not much to choose from in that respect.

If CCCS advise bankruptcy then probably best to get the deed done on your terms as soon as you can raise the money.

There isn't really that much difference between a debtor or creditor petitioned bankruptcy. It's possible that the O.R will try harder to raise funds from a creditor petitioned bankruptcy, but if the assets or income are not there then they can't get cash from a stone.

Richard

Zobex

Wow....Thank you so much everyone. I going to crack on and get this sorted. The debt with Capquest is two or three seperate credit cards....they keep switching the letter headed paper but I've realised they are all one and the same (HL Legal ?). I'm getting to feel that I can't wait to get this sorted out and start afresh and seeing it all as an experience rather than something that will destroy me...