Found out today i have been made bankrupt HELP

blind-as-a-bat_2

Sorry
Insolvency practitioner

In the case of a creditor petitioned BR the petitioner (the HMRC in this case) can ask the OR to appoint there own IP.

There are good and bad ones, but all charge a ridiculous fee for there services, so if you can avoid that by dealing with it yourself, and getting the BR annulled, it may save you some money in the long run

Depends how much it costs to get help to get it annulled

pickle2467

planned to start looking into legal costs tomorrow so that i can weigh up my options before deciding what route to take

am going to try and switch off now as havent slept since yesterday and been on the internet and telephone more or less since yesterday trying to get a grasp of things

pickle2467

tigerfeet2006 wrote: »

Glad BDL was useful to you Pickle. Hope you can sort something out quickly with the house.

yeah me too.......hope to try and get some sleep tonight too as am exhausted with all this

Thanks again Tigerfeet

debtinfo

Hi Pickle, First of all dont go with one who sends you stuff in the post as others have said. Some Insolvency practitioners will give an hours free advice first so see if you can get one of these. There is no harm in listening but dont be obligated to hand over any money to them before you have thought it through. As the property is solely owned, you cannot use the equity out of it, as the legal title passes to the the Official Receiver when the bankruptcy order was made. If you have a friend/family member that can pay the bill for you. Then when the bankruptcy is annuled you can use the assets in any way you like. Obviously you would need a very trusting friend/family member to do this but this is probably the easiest way. The more complicated way is getting a company (best with a licensed Insolvency Practitioner as they are responsible for their actions) to agree with the judge regular payments (sometimes with a charge put on the house) to pay the debts off. As i said this is more complicated and you need to be carefull who you go with. It will also cost more money in the long run as they do not do it for free.

blind-as-a-bat_2

Best way pickle2467, nothing will happen overnight, the OR will need to compile a report first which takes at least a month before anything else happens,

Its easy for me to say, but try to detach yourself from it all, its the personel bit and emotions that gets in the way;)

Hope you manage to have a good nights sleep, it will help, a bit at least.

pickle2467

debtinfo wrote: »

Hi Pickle, First of all dont go with one who sends you stuff in the post as others have said. Some Insolvency practitioners will give an hours free advice first so see if you can get one of these. There is no harm in listening but dont be obligated to hand over any money to them before you have thought it through. As the property is solely owned, you cannot use the equity out of it, as the legal title passes to the the Official Receiver when the bankruptcy order was made. If you have a friend/family member that can pay the bill for you. Then when the bankruptcy is annuled you can use the assets in any way you like. Obviously you would need a very trusting friend/family member to do this but this is probably the easiest way. The more complicated way is getting a company (best with a licensed Insolvency Practitioner as they are responsible for their actions) to agree with the judge regular payments (sometimes with a charge put on the house) to pay the debts off. As i said this is more complicated and you need to be carefull who you go with. It will also cost more money in the long run as they do not do it for free.

Thanks for that debtinfo, very helpful info there am looking to annul now, just trying to get some figures together