Bankruptcy (In Scotland)

wee_j_3

Hi All,

Im new here and am in the process of raising the money to go bankrupt.

One concern i have though is, what happens if i miss out a debt by accident when i file my bankruptcy?

Im almost £40,000 in debt with no realistic prospects of repayment within a 10 year period (unless something drastic changes) and owe money through a previous sole trader business and other personal, unsecured debts but im really worried about missing something. Am i right in thinking that if i miss it out (I.E its not on my credit file for some reason) then i still owe them the money if they come after me when im discharged? Also, do you need to have had an agreement in place to include something? I have people harrassing me for money that was a favour with no contract, should i just include this?

Thanks in advance, im really stuck

Meepster

Could you not get a trust dead instead of going BR? I know certainly with a trust dead, it is very difficult for a company to chase you for money after the three years, if they were included in the dead or not...

wee_j_3

hi mwilletts

thanks for the quick reply.

i should have noted that i left my job a month ago due to not being paid properly (3 months to process overtime and standard pay) and cannot claim benefits for another month so i wouldnt be able to contribute to a trust deed.

I would love to be able to though.

Meepster

oh, ok. sorry to hear that

wee_j_3

no probs, i really appreciate the reply though

mustbedebtfree

wee_j wrote: »

Hi All,

Im new here and am in the process of raising the money to go bankrupt.

One concern i have though is, what happens if i miss out a debt by accident when i file my bankruptcy?

Im almost £40,000 in debt with no realistic prospects of repayment within a 10 year period (unless something drastic changes) and owe money through a previous sole trader business and other personal, unsecured debts but im really worried about missing something. Am i right in thinking that if i miss it out (I.E its not on my credit file for some reason) then i still owe them the money if they come after me when im discharged? Also, do you need to have had an agreement in place to include something? I have people harrassing me for money that was a favour with no contract, should i just include this?

Thanks in advance, im really stuck

Hi

Your name will be posted in the Edinburgh Gazette and this gives all creditors a chance to get in touch with the OR to claim against your estate. Debt that occured prior to your BR will be included even if it is uncovered at a later date

Hope this helps

xocbc

I went BR in Scotland and I forgot a couple of debts when doing my forms (people I hadn't heard from for years then suddenly letters appeared lol.

Simple to resolve, phoned them, posted a copy of the BR certificate and it was sorted.

wee_j_3

I really appreciate the replies, that was the main worry i had about going bankrupt, that i would finally decide to do it come out the other side with an old creditor waiting for me...

thanks again for your help....