Petitioned for bankruptcy

maccasback

Hi..
I've been petitioned for bankruptcy out of what I seem is spite and being vindictive....even though I have offered to pay by instalments the creditor says not enough and would rather pay to make me bankrupt...
I am writing to court to appeal this and wondering if I have any grounds to have this set aside ....I am possibly getting new job in few weeks which will be impossible if made bankrupt....any help would be much appreciated

fatbelly

You've received a statutory demand. How much is the debt for?

Have a read of this and come back if you have any questions.

https://www.nationaldebtline.org/EW/factsheets/Pages/statutorydemands/settingasideastatutorydemand.aspx

maccasback

Thanks will take a look ....debt £26000

ToxtethO'Grady

What assets do you have? Any property? Or are you a company director?


Who is going for the stat demand?

BoGoF

What's happening with the sale of the flat in your previous postings?

maccasback

There is a charge on flat...I'm.not a company director and only asset is flat which already has charge on it ...did not reply initially to stat demand as got caught up contesting the charge and had some problems after with illness in family...
I did offer a repayment plan and sent them income expenditure and wage slips but this was turned down....
They would rather pay to make me bankrupt rather than accept a monthly payment....seems very vindictive and also will greatly affect my future capacity for work amongst other things ...not sure how judge will see this when goes to court ....I was advised to appeal the decision in the grounds of credit being unreasonable

fatbelly

If the debt is already secured then it is unlikely that an application for bankruptcy would be successful - the judge would tell them to apply for an order for sale.

silvercar

Is the charge on the flat from the creditor that is making you bankrupt, or from someone else? Is there a mortgage on the flat? Sufficient equity to pay what you owe?

The difference between a charge and bankruptcy is that bankruptcy could force the sale of the property, whereas a charge will sit there until you decide to sell. So from a creditor viewpoint they get the money sooner. However, having already put the charge in place they may not be able to force you into bankruptcy.

BoGoF

But in your other posts you said it was up for sale.....is that still the case?

AnotherJoe

fatbelly wrote: »

If the debt is already secured then it is unlikely that an application for bankruptcy would be successful - the judge would tell them to apply for an order for sale.

I suspect you misread that and the charge is for a different debt.

maccasback

The charging order is for their court costs after having been to court to contest the debt ....the petition is for the debt itself..
The flat is up for sale and if sold for just below asking price there will be about £1500 left of my interest in the property so now where near enough to pay off the debt