Lowell Group and Bankruptcy Petition

worked_hard_for_the_money

Hi Hopfarm ..... Just wanted to send you lots of support .. It must have been a massive shock to receive the letter informing you of your bankruptcy. I'm sure other members will provide you with good advice. Good luck with explaining the situation to your better half - I'm sure he will understand.
My advice would be for you to separate your joint finances immediately and for you to open a Co-Op account asap ( tell them you have been declared BR) and arrange to have any wages, direct debits etc to be sorted through this account ( this is in case your current account is frozen by the OR ) ... I'm sorry I can't help you with your questions regarding your house.
I have read on another post that if you have the means to pay the £6000 the OR may fast track you onto an IVA and the BR may be annulled - but I really don't know if this is correct information. Do seek advice from the charities listed ( as you have been advised to do .)
Don't despair - we are a good bunch on here and do continue to ask any questions.
Sending you a big hug x

hopfarm

Thank you so much for your kind words,I intend to phone the ccs to seek some advice,had another sleepless night,all a bit surreal at the moment.

debtinfo

Hi Hopfarm, you really need to seek help from a proffesional,look up an Insolvency Practitioner in your area, alot will give you initial advice for free although of course they charge if they act for you, basically you will propebably be seeking an annulment based on payment in full, so you will be looking at raising about £25,000, is that feasable for you to do, It is important that you act quickly as the longer it goeson the higher the fees are likely to be

hopfarm

Is it best then to pay someone for advice? How does it work with the fees? as the bankruptcy order was placed by Hamptons then I assumed they had paid the fees,does it get added to the initial debt? Do I just go to an insolvency practitioner and lay my cards on the table?how do I know a good one from a bad one? sorry,lots of questions.

debtinfo

There is no requirement to pay anyone and you can do it yourself, i know of people that have, but annulment is a specialist area, and hamptons/lowell can be tricky to deal with so with the fact that it gets more expensive as it goes on because there will be more bankruptcy expenses as it goes on sometimes it is better to pay someone to get it done quickly. As you will see from my other posts i am not generally a fan of paying people for bankruptcy actions but this is where i normally draw theline, although it is your choice. Any licenced Insolvency Practitioner can do the job for you, that is what you are looking for, also dont go with anyone that cold calls you or sends advertising mailshots to you they are usually the bad ones, as i said most will give free advice first, so i would look for one that you can go in and physically speak to, ie if they have not got time to meet you initially then that does not bode well for them doing the job quickly for you.

hopfarm

Thanks,just googled insolvency practitioners in my area and most of them specialise in businesses but will look again tonight.Just need to survive another day at work when all I want to do is curl up in a ball and hide.

Flyright

It's important to remember that the bankruptcy order means all your debts are included, so any annulment on the basis of being able to pay would mean that you have to clear all (unsecured) debts, not just the petitioning creditor's debt.

debtinfo

since the OP in this case holds equity at least 3 times greater then their debts the creditors are unlikely to accept anything less than 100% or repayment over a long period of time

Gimpsdad

Which bit of "bank on 100%" did you not understand?

Where did you get "repayment over a long time" from? Do you know the specifics of the case?

No? It MAY be a long time, but then again it may not be. Don't make assumptions when you know nothing of the case itself.

Hopfarm, speak to an expert on the specifics of your case, and then go from there.

hopfarm

Well I did 2 positive things today,phoned cccs and requested a call back for Tuesday and phoned co op to arrange a cashbuilder account,this has gone for verification and I was told to expect an answer within 5 days (is this normal?) Please dont fall out over the replies to my posting,everyone has different views/experiences.