Bankruptcy woes and pro's

Addicted2Chocolate

email me if you dont want to say on here...

rhonam_2

hi
have been reading your post and feel for you - the stress must be horrendous. i posted last week about my brother who is in similar situation, he too accrued huge personal debts trying to shore up failing business. he also has been advised to go bankrupt - his business was ltd company and is in forced liquidation, but he has to go bankrupt too for his personal situation, unfortunately tho he has equity in his house and looks like he will have to sell his share to go to debts. he is just starting on the bankruptcy route, and he has to find a job, but he said that after actually going and seeing them, tho he is worried, it is the best he has felt in years. good luck with your situation and hope he manages to be as focused as you

jellycat40

Hi bingbong. I am with fd as well, they have been fab for 24 years and now I am going to be br and they are still being fab. However, just remember it is not personal and they won't miss you.

Louise

Entrepreneur_en_faillite

Thank you all for your support.

These are very stressfull times but with the help of all my friends on MSE I'm surviving, although it is a struggle

Thank you.









.

kevker

As the old saying goes, Life is like a box of chocolates. You never know what you get until the bill comes. Or something like that. To put things inperspective EeF, I'm sure before this you had people chasing you for your debt (I know I did). This to me was very stressful. Now I have no-one chasing me. So surely things must be looking on the way up. If they aren't at the moment they soon will. Remember the OR is only following the guidelines, it's nothing personal and he isn't passing judgement on what you have done. He now has a duty to get the best deal for you creditors, whilst also protecting them in the future.

Entrepreneur_en_faillite

Thanks for your support Kevker

Unfortunately, because the OR has taken so long to get the information to the creditors I am still getting telephone calls daily from the creditors despite me giving them the details of the OR.

I'm sure that now the OR has had her 'final' meeting with me that these calls will shortly stop, and I am feeling a little more optomistic that things will get better.

Time , they say, is a great healer - let's hope so!




Eef

Addicted2Chocolate

Eef, the oR will take up to 8 weeks from the bankruptcy order date to issue the Report To Creditors. The lgeal deadline is 12 weeks, but the Insolvency Service traget is to issue the Report to Creditors within 8 weeks.
You may wish to send a photocopy of the bankruptcy order with a covering letter asking creditors to address all future correspondence and calls to the OR.

Entrepreneur_en_faillite

Thanks for that A2C

I have already written to most of the creditors with a copy of the BO, and I have spoken to them all and given them the OR's details verbally, but they still keep harrassing me.

I really don't understand why though, surely to have them keep calling me must be a complete waste of their resources as they must know that if I were to pay them anything I would be commiting a criminal offence?!?!



Eef

Entrepreneur_en_faillite

Well,

I got my first letter from a creditor today to say that they have heard from the OR

At Last!!!!!!!!

And just a mere 68 days after being made bankrupt - that's gotta be some sort of record.

copperwasher_2

Thought you may all be interested in the following which was emailed to me from Equifax:

1. Bankruptcy is NOT an easy option
It’s true that your bankruptcy could be discharged within 12 months but you may not be able to get credit again for up to 6 years. And even then you’re likely to pay a lot more to borrow money, because you represent a greater than average risk to a lender.

2. It actually COSTS money to go bankrupt
You need £460 to cover court costs and the Official Receiver’s fee – and it has to be paid in cash.

3. You STILL have to pay your creditors even if you go bankrupt
If you have any assets, such as a house, they may be sold to pay your creditors. If you are deemed to have more monthly income than you need to live on, some of the surplus may also be paid to your creditors for up to three years.

4. You CAN’T keep bankruptcy a secret
Bankruptcy orders are published in the London Gazette and local newspapers. The information is also displayed on the Individual Insolvency Register – which is accessible on the internet – for a period of 3 months after you are discharged.

5. Your CREDIT file is affected for 6 years
After bankruptcy you are likely to find it difficult to get credit – including a mortgage, loans, credit cards – even a mobile phone.

So

Those of you who are in doubt - bankruptcy is NOT the easy option - it is pure hell!