Is this good for me?

Reallyupthecreek

Hi all, hopefully someone can help me with this.

I am in the process of declaring bankrupt due to a failed business venture. My ex-wife, who was also my business partner has already declared BR so I am now liable for all debts. One of my creditors has written to me saying that if I don't pay up blah blah blah they will petition for my bankruptcy.

If this happens:-
1) Will I have to pay anything to the court?

2) Are all of my debts covered as they would be if I declared myself?

3) Are debts like VAT, Income Tax & Council Tax covered?

4) Am I discharged after 12 months as I would be if I declared myself?

5) Do I have to do anything or just sit back and wait for it to happen?

Any advice would be a big help, no doubt some of you have been in this position before and would know what the procedure is.

My total of debts is about £250K including the mortgage on the re-possessed house.

Richard_S

Reallyupthecreek wrote: »

Hi all, hopefully someone can help me with this.

I am in the process of declaring bankrupt due to a failed business venture. My ex-wife, who was also my business partner has already declared BR so I am now liable for all debts. One of my creditors has written to me saying that if I don't pay up blah blah blah they will petition for my bankruptcy. They'd be doing you a favour but sometimes they just threaten and don't go ahead, it's more expensive for a third party to petition for your bankruptcy than to do it yourself. We were petitioned by a third party and the money we saved went on a holiday

If this happens:-
1) Will I have to pay anything to the court?No, we never even attended the court hearing

2) Are all of my debts covered as they would be if I declared myself?Yes, as long as you didn't trade as a Ltd Company

3) Are debts like VAT, Income Tax & Council Tax covered?Yes, Council Tax is slightly more complicated but in principle Yes, it's included.

4) Am I discharged after 12 months as I would be if I declared myself?Yes, subject to the usual clean bill of "no fraud or cheating"

5) Do I have to do anything or just sit back and wait for it to happen?Sit back and wait for it to happen but it can take them a while to get around to it and the phone will be ringing off the wall from other creditors

Any advice would be a big help, no doubt some of you have been in this position before and would know what the procedure is.

My total of debts is about £250K including the mortgage on the re-possessed house.

Apologies for such a brief post, I'm a little short of time at the moment,

Best regards

Richard

Reallyupthecreek

Thanks for such a quick response. Maybe I can avoid the phone ringning by letting it get cut off. :rotfl:

It's AmEx that's threatening to petition for me so hopefully being such a big company that makes a fortune they will decide that they can afford it. :rolleyes: