Bankruptcy - what exaclty IS the process?

downhillfast

Hello all.

Well I've made the decision to declare myself bankrupt.

My story so far...
http://forums.moneysavingexpert.com/showthread.html?t=322348

I just have a few little questions!

1. Once I've filled in the forms 6.27 & 6.28 what happens? Do I just stop trading immediately to avoid further debt or do I carry on until the court date?

2. Do I tell the Brewery straight away? Obviously they may then evict me? If so what do I do about updating my contact details for the courts?

3. What do I tell creditors that are after me for money until the court date? Do I tell them I'm in the process or keep quiet until it's all been to court?

4. Are there any general DOs and DON'TS???

I have had a look around here but could find the beginners guide to bankruptcy that just lists the process rather than specific details?

I guess I just want an idea of the best way forward to avoid stressing myself out even more



TIA

Richard_S

downhillfast wrote:

Hello all.

Well I've made the decision to declare myself bankrupt.

My story so far...
http://forums.moneysavingexpert.com/showthread.html?t=322348

I just have a few little questions!

1. Once I've filled in the forms 6.27 & 6.28 what happens? Do I just stop trading immediately to avoid further debt or do I carry on until the court date?

2. Do I tell the Brewery straight away? Obviously they may then evict me? If so what do I do about updating my contact details for the courts?

3. What do I tell creditors that are after me for money until the court date? Do I tell them I'm in the process or keep quiet until it's all been to court?

4. Are there any general DOs and DON'TS???

I have had a look around here but could find the beginners guide to bankruptcy that just lists the process rather than specific details?

I guess I just want an idea of the best way forward to avoid stressing myself out even more



TIA

Hi downhill,

1. According to the letter of the law you're not permitted to incur any further debts if you are aware that it can't be repaid, or it's unlikely that you'll be able to repay the debt. Having said that if you've got a well stocked cellar and bar why not carry on trading for as long as you're able, as long as you're not purchasing goods on credit you're not doing anything wrong. When we realised that we were likely to have creditors removing stock from our leased premises we "shut up shop" and "hunkered" down until the proverbial hit the fan.

2. Mike St Helens ran a pub and I get the feeling that breweries are closely related to Satan so I wouldn't tell them anything all the time you're taking cash across the bar, they're going to crucify you so you might as well take every penny you can; you'll need it.

3. Tell creditors that you're looking at all options to resolve yr cash flow problems, that you'll be in touch with them as soon as you've decided on a plan of action and until then would they please not call because it's stopping you from working.

4. Do smile, do laugh, do beleive that you'll look back a wiser stronger person, do try and save some ready cash, don't incur any more credit, don't get grumpy with friends and family, don't run out of alcohol for your own use, don't get fed up, maudlin or depressed and don't forget to keep logging on here, we've all been where you are and it does get worse before it gets better but it will get better.

Richard

Mike_St_Helens

I cant believe I have only just read this. I dodnt realise you were in the pub game. Im going to PM you if thats OK... Its fine... It doesnt hurt !

downhillfast

How will the fact that my biggest individual debt, a commercial loan with about £37k-ish remaining on it, is secured against the fixtures and fittings of the pub???

Any ideas cos I can't really find the answer anywhere??? Does it just mean that the bank will take over the right of the F&F to sell to repay the debt???