personal injury+bankruptcy

demcait

Im waiting payment for personal injury from accident at work and just received letter from creditor wanting to serve me a statutory demand in bankruptcy.Ive been told I might be better of going bankrupt I have no savings only my 7 year old car worth approx 1,500 and travel dist to work. Can my payment be seized or should I get payment made out to my partner in her separate bank account from my solicitor to be on the safe side. Would they no HELP thanks....

debtinfo

you certainly should not try to remove an asset from within the reach of the bankruptcy.

What is the payment for, is it all for pain and suffering, is any for loss of earnings etc, how much in total

What are your total debts

How much do you owe to this creditor

What sort of creditor is it,

demcait

debtinfo wrote: »

you certainly should not try to remove an asset from within the reach of the bankruptcy.

What is the payment for, is it all for pain and suffering, is any for loss of earnings etc, how much in total

What are your total debts

How much do you owe to this creditor

What sort of creditor is it,

Hi I have not been paid injury money yet but it will be about 10,000 to 15,000 plus 3,000 lose of earnings.
Debt is 10,000 bank loan from previous marriage 10 years ago and in 2003 county Cort order served and now debt collection agency sent letter wanting me to arrange convenient appointment to serve statutory demand in bankruptcy

debtinfo

In the bankruptcy they would take the loss of earnings part but not the pain and suffering. Maybe you could try and make a reduced offer as a final payment, worth offering to avoid a bankruptcy considering that you would lose part anyway

demcait

debtinfo wrote: »

In the bankruptcy they would take the loss of earnings part but not the pain and suffering. Maybe you could try and make a reduced offer as a final payment, worth offering to avoid a bankruptcy considering that you would lose part anyway

Thanks for advise im going to ring creditor in morning try to arrange payment plan.If they do make me bankrupt I only have my car worth 1,500 witch I need for work but if sold am I right thinking they will not get much because it will have to get divided to pay all other debts and that might put them off knowing they will not get much..

demcait

kenmc wrote: »

Im waiting payment for personal injury from accident at work and just received letter from creditor wanting to serve me a statutory demand in bankruptcy.Ive been told I might be better of going bankrupt I have no savings only my 7 year old car worth approx 1,500 and travel dist to work. Can my payment be seized or should I get payment made out to my partner in her separate bank account from my solicitor to be on the safe side. Would they no HELP thanks....

Also if the worst come to the worst what would happen to my mobile phone+laptop contract I keep them up to date never mist or late payment thanks..

debtinfo

most people get to continue on with them

alastairq

Maybe you could try and make a reduced offer as a final payment, worth offering to avoid a bankruptcy considering that you would lose part anyway

linked to this

Thanks for advise im going to ring creditor in morning try to arrange payment plan

DI is suggesting an offer in final payment

A re-payment plan is a very different thing.

Question for the forum..is the above

statutory demand in bankruptcy.

a lawful prelude to BR?

Or is it a scare tactic on behalf of the DCA?

If the former, how long before the Application to Court?

Is there a property involved? {which would account for an attempt to access perceived assets?]

If the same OR's Instructions apply....and proof of need is accepted, the car will be ''allowed'', will it not?

demcait

There's no property involved, cant make final offer yet as not sure when I will receive my injury claim payment.Im going to try and do small repayment plan as im stretched as it is and agree to review in 6 months and hopefully I will have injury payment then try to do final settlement.My car I really do need it for work 60 mile round trip..

alastairq

My car I really do need it for work 60 mile round trip..

Providing the car's [auction] value is less than approx 2 1/2 grand, and you can demonstrate that you need it to get to work [and especially, there are no viable public transport alternatives]then if declaring BR, it is likely the OR will allow the car, and its running costs...[but not guaranteed]