Bankruptcy Petition

cr1

Hi All,

I was going to petition for my bankruptcy in March / April,

However this morning at 0855 a member from court served a petition on me to be made bankrupt in Feb, i dont mind this as i did not respond to the stat demand and it saves me money,

However i would like to know:-

1) Do i need to attend the court hearing? i was told if i dont attend i will be made bankrupt and will just hear from OR.

2) Will i be treated differently by the OR?

3) If i petitioned my own bankruptcy my house should be safe as its not worth what my mortgage stands at, would i still be safe?

Thanks for your help in advance,

I was suprised to receive this on a Sunday! However the guy said courts are very busy and now deliver stat demands and bankruptcy petitions 7 days a week 8am to 8pm now!!!

DON79

Hi Cr1, you do not have to attend the court hearing - unless you planned on opposing the petition which obviously you are not because they are saving you the money for the fees.

The general idea seems to be that you will get a face to face interview instead if you are made BR by a creditor rather than a telephone one if you make yourself BR.

Your house will still be safe as long as it is in negative equity and does not cost too much each month in mortgage and secured loan payments. The same rules will apply about beneficial interest.

At least it has saved you the worry of finding the fees!

hope this helps

Donna

cr1

Hi Donna,

Thanks for your message, great help.

If i live a long way from the OR office (Which is a 2hr drive there and 2hrs back) do you think they will let me have a phone interview? problem is kids are at school (4 years old youngest) and no one to pick them up?

Thanks again.

DON79

I am sure if you explain your reasons for not being able to attend face to face then it should be ok, after all, it is not as though you would be refusing to have one, just that you can't attend in person.

Donna

cr1

Thanks Donna,

Ill give it a go when the time comes,

I had a company go into compulsory liquidation about two years ago and they was happy for a phone interview They did want face to face) so hopefully will be fine again.

Thanks again

fiveyearplan

You may still have to appear in person for interview but small price to pay for saving your BR fees!

You will still need an SOA so why don't you start preparing that?