Bankruptcy Proceedings

saynotodebt

Bakeybadoo wrote: »

From https://www.nationaldebtline.co.uk



If you do it voluntarily, it won't make a huge amount of difference apart from the way people might view it. A creditor making you BR is viewed as worse than you doing it yourself. Sadly.

Also, do it yourself, you have to pay the fees, which unless you are exempt are £485.

The council will not do any investigations into your financial affairs after BR, that's the OR's job and I can say that they WILL look into this property being sold business.

Thanks..that quote you sent from National Debtline - does that apply to all types of bankruptcy - business/personal? If they do send me a form can I request to pay in installments - just up the payments. I really do no want to go bankrupt if I can help it, and have every intention to pay my debts. I remember years ago I had a letter from the court attached with an income and expenditure form which I completed and sent back they just added an attachment of earnings and that was the end of the matter. Will this be the same case? I rather pay them £200 PM then go down this route.

wherediditallgo

saynotodebt wrote: »

They were aware I owned a property and may well now no I sold it.

In other words, you didn't tell them. In which case, they may have found out through an audit & a check on the Land Registry.

saynotodebt wrote: »

Can I challenge the petition or is that it once they file I will be declared bankrupt? Also, If I do it voluantarily will this make any difference? Once the OR is satisfied with their investigation, what happens? I mean can the Council come back and say hold on he had a property - where's the proceeds? etc. Thanks all.

There's a lot to be answered here, & to be honest I'm not sure you're making the best use of your time today. In your shoes, this is the order I'd be doing things today:

1. Go through the phone book & get details of the debt advice/counselling services for your area, or look them up on the internet. Ring up - some might be open today, in which case make an appointment for next week. You can always cancel it if you find you don't need it, but get your name down asap. If they have an answering machine, leave your name & number & request an urgent appointment.
2. Read the information on the links I gave you earlier, especially the one for the Insolvency Service. I know there's a lot to read, but you've got to do it & it's your best course of action, as most if not all of your questions may be answered that way.
3. Come back here for any questions that remain unanswered.
4. Look for other debt advice forums - a good one is Debt Help UK, but there are also others. We're great, but we don't know everything, so if you post messages on other sites as well, you may get additional help.
5. Look at your finances again. Think about where you can make cutbacks, & try to work out a realistic proposal that you can make to the council on Monday.

Got to go now, but others will be around & I'll be back later.

Bakeybadoo

Hmm, good question because although they are a creditor, it's also a business rate debt.

You really need to firstly contact them and ask them if they are willing to work it out with you. See what they say.

And contact one of the free organisations we listed, they are in a far better position to advise you and your personal circumstances than us.

On the same site, have a read of the 'Business Rates' section on the bottom:

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=04_how_to_deal_with_business_debt

I imagine they'd rather you pay up than have to take you to court and risk getting less. Communication is the key here.