self or creditor bankrupt?

cootambear

my friend has two creditors, both banks

is it worth stumping up the £700 (?) for diy bankruptcy or waiting for the creditors to do it themselves?

alastairq

Your friend may well wait forever for the creditors to petition BR...especially as it would cost [one of them] well over a £1000 or so in costs.

I suspect banks will only go for the BR option once other Court action has been exhausted...and, if they think the debtor has any/sufficient assets.

Firstly, however, is your friend actually insolvent?

IF

Hi cootambear, please ask your friend to contact one of the free debt charities and if they suggest bankruptcy then come back to this board and we will help your friend all we can.


Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
  

Others:

• Business Debtline
  - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

Best Wishes
IF...x

cootambear

yes, they suggest bankruptcy

sniggings

the time and stress involved if the banks were to file for their BR is maybe not worth it.