Bankruptcy Reversal

Paulsmith_2

Hi, I decided to go bankrupt recently, however may be coming into a sum of money soon, I havent spoke to the OR yet im due to do that next week.

I think Bankruptcy was thew wrong choice for me, can it be reversed ? I know debt collectors take a reduced sum if its paid in lump so I think I want to reverse it and make an arrangement with them ?

Pls help im desperate!

Thanks

Paul

fiveyearplan

Hi Paulsmith - how much is your debt, how long until you may receive your sum of money and how sure are you that you'll get it? Also what is your debt mede up if ie credit cerds, loans , tax arrears etc. Yhe reason I ask is if you are behind with consumer debt it does take some time before things get 'nasty'. Once we know the answers we'll be in a better position to advise. If it was me I would advise other options before bankruptcy if there is a way to avoid it as it would be much easier than reversing a bankruptcy.

In my position and many others on here BR was a last option for us and I'm sure if we could have avoided it we would have done so. Saying that, BR has given us our lives back.

peachyprice

I take it you're already bankrupt?

You can have your BR anulled, but you will have to have enough to pay off all debts included in BR and any fees incurred. This has to be arranged through the court, not through the creditors.

For creditors to accept a reduced amount you would have to enter into a Fast Track IVA, which has to be arranged through your OR or an appointed insolvency practitioner.

HTH

fiveyearplan

Sorry, I misread the post to say OP was thinking of BR, if you're already BR then I suppose my post was irrelevant.