Received Bankrupcy Petition

longtermplanner

Mower said "I know this is the best thing for me" but I would like to emphasise what Keen _kat says: if you have any doubt at all and especially is you have assets, then you should seek advice urgently as to your options. Do not assume that this can all be sorted out after you have gone bankrupt, at that point getting bankruptcy reversed is a VERY expensive option.

keen_kat

Totally agree longtermplanner.

I know of a guy who ignored a debt to hmrc of 9000, was made bankrupt and it transpired he had 120000 worth of equity in his home. Now it's going to cost him a whole lot more for a potential iva, plus bankruptcy fees to pay up to getting annulment.... Not worth it.

You're better off getting your options Before being made bankrupt, and if your advice is an iva, hmrc on the first bankruptcy hearing ordinarily won't object to it being adjourned. This will allow time to get an iva approved. Especially if you have assets to protect an iva would be good, but what ever you do don't assume bankruptcy will sort everything, as itwont if you have assets.

If you don't have any assets then bankruptcy may be right for you, but without all the full facts we don't know, so best to speak to a reputable insolvency practitioners firm (I stress don't go to an iva factory firm) but to a IP firm who deals with bankruptcy, ivas and all walks of insolvency to get the right advice.

By the way insolvency practitioners firms do not charge for initial advice,they usually give this free of charge or at least an hour free... My firm certainly does.

antonic

You can ask HMRC to hold the bankruptcy petition while you investigate an IVA but you need to remember that if HMRC are your biggest creditor that they can object to an IVA, and make you bankrupt.

Good luck, I hope you get this resolved in your favour.

JCS1

OP - please take impartial free advice, Business Debt line will be the best if you are in business. But also Stepchange, CAB, or National Debtline

keen_kat

Believe it or not, impartial advice can be obtained from IP firms as well... I mean the firm's who deal with all types of insolvency. I wouldn't recommend going to a firm that deals with purely IVAs as obviously that wouldn't be impartial as they would want the job. That's why I suggested a firm that deals with all insolvency eventualities.

luvchocolate

would this advice be free?
Stepchange,the I.S website and this amazing forum gave me everything I needed to prepare and declare B.R at no cost.

TheGardener

keen_kat wrote: »

Believe it or not, impartial advice can be obtained from IP firms as well... I mean the firm's who deal with all types of insolvency. I wouldn't recommend going to a firm that deals with purely IVAs as obviously that wouldn't be impartial as they would want the job. That's why I suggested a firm that deals with all insolvency eventualities.

The default position on this forum is that posters start with the free advice available to everyone though National Debtline/business debtline, StepChange, CAB etc. There is no need for anyone to go to a firm that will charge for their involvement unless their particular circumstances demand it. I am sure there are lots of IP's who are honest and responsible but there are also plenty that are not - as soon as a fee is involved, the presumption of impartiality can not be made. IP's are in the business to make money from people who are already in debt - this is why the debt charities were set up and are recommended to all in the first instance. In most cased, the charities provide all the advice and support anyone with debt problems will need.

keen_kat

Initial advice given by IPs is free. You will find most of the authorising bodies of the IPs recommend the first meeting/advice they give is free. As far as I am aware all IPs I have come across offer free advice. Then the debtor is free to either take that advice or carry on with their quest.

TheGardener

keen_kat wrote: »

Initial advice given by IPs is free. You will find most of the authorising bodies of the IPs recommend the first meeting/advice they give is free. As far as I am aware all IPs I have come across offer free advice. Then the debtor is free to either take that advice or carry on with their quest.

I appreciate that - but as I said, the clear position on this MSE forum is to seek advice from the specialist charities first. Please be careful of promoting IP's if you work in that industry yourself - it could be construed as touting for business which is against the MSE forum values.

keen_kat

I haven't promoted any IPs, and wouldn't do so. I am not silly, I have merely suggested like everyone else to get impartial advice, from firms who deal in all walks of insolvency and not specialising in one field. Not everyone knows where to get advice, and which people to go to for advice in terms of firms. I couldn't be bothered promoting any particular IP, cos frankly I don't care. I am just telling people that they may wish to speak to an IP as some people don't even know what one is, and some decent ones do exist, like I say the ones who deal with all insolvency and not just ivas.