Petitioned for bankruptcy

maccasback

The flat is up for sale and possible offer being made this week ...
The charging order is for costs relating to going to court to contest the debt ...
The petition is for the debt itself..
If flat is sold for just below asking price then after charging order paid will have around £1500 left in my share of the equity so nowhere near enough to pay off debt ...so the creditor wants it both ways...
Thats

BoGoF

What were your payment proposals that were rejected?

maccasback

£200 per month with view to increasing if finances improve
That was rejected without counter proposal...

GDB2222

"I am possibly getting new job in few weeks which will be impossible if made bankrupt"

That's important from your point of view, but not exactly a compelling proposition for your creditor or a judge, is it? What's plan B in case you don't get the job? Will you know whether you have the job before any court hearing?

It's a long, long time since I last issued a statutory demand, but my recollection is that it's just a simple form you fill in. It costs nothing. It's a separate step from that to actually petitioning for bankruptcy.

I wonder whether your creditor is trying to give you a bit of a jolt? Perhaps, he's telling you to get a job and start paying him the money you promised. Otherwise, if he has to lose £26k anyway, what's an extra £1k to see you bankrupt and make sure that you're not hiding any assets?

BoGoF

So more than 10 years to clear it. Sorry to say but it's obvious to see why they rejected it out of hand. Unless you can demonstrate you can clear it in a more reasonable timescale I think they will be successful.

GDB2222

maccasback wrote: »

£200 per month with view to increasing if finances improve
That was rejected without counter proposal...

11 years to repay this without any interest?

maccasback

Well if that's the case it is out of my hands....I would have thought they would have tried to come to an agreement ....there is an issue with the nature of the debt but I'm not able to discuss this at present

BoGoF

maccasback wrote: »

Well if that's the case it is out of my hands....I would have thought they would have tried to come to an agreement ....there is an issue with the nature of the debt but I'm not able to discuss this at present

If your proposals were realistic then maybe they would have. An offer of £200 per month for a £26k debt is not.

Sounds like you lost at court contesting the debt, so is there really an issue?

GDB2222

You may find that actually being bankrupt is a lot less bad than the prospect of being made bankrupt. That was certainly the case with a client of mine. He was jumpy as anything before bankruptcy and became quite serene once it happened.