Bankruptcy being threatened.....Urgent Advice Please!
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Farmer_jones
Posts: 27 Forumite
I am being threatened with bankruptcy by a most unprofessional individual who will not listen to reason.
I owe around £19K to company (doesn't matter why) and I admit the debt.
I am selling my home, and I have over £300K in equity in the property.
I have received an offer on the property and we are about to exchange contracts (this week or next) with a completion date within four weeks. I then intend to pay the £19K I owe.
Despite explaining this situation to the company I owe the money to and his solicitors, I am being threatened with bankruptcy. My fear is that I will loose the sale of the property and it will be sold at auction for less than I can achieve as now.
Can somebody advise on:
If I am petitioned for bankruptcy how long do I have before it goes before a judge ?
Would a judge actually make me bankrupt in the above situation ?
Please help.
I owe around £19K to company (doesn't matter why) and I admit the debt.
I am selling my home, and I have over £300K in equity in the property.
I have received an offer on the property and we are about to exchange contracts (this week or next) with a completion date within four weeks. I then intend to pay the £19K I owe.
Despite explaining this situation to the company I owe the money to and his solicitors, I am being threatened with bankruptcy. My fear is that I will loose the sale of the property and it will be sold at auction for less than I can achieve as now.
Can somebody advise on:
If I am petitioned for bankruptcy how long do I have before it goes before a judge ?
Would a judge actually make me bankrupt in the above situation ?
Please help.
0
Comments
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If your sale goes as planned then you have nothing to worry about0
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No I doubt the bankruptcy would be approved as your assets outweigh your liabilities.
Bluff is often used in such circumstances.
You can also oppose a bankruptcy petition, but strict time frames apply :
https://www.gov.uk/being-made-bankrupt/oppose-a-bankruptcy-petitionI’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
You should be fine. It can take months between petition and order.0
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Relax.. and what sourcrates said. Remember the solicitors will send a letter based upon what their client is telling them to send.
It's to make you panic and I suspect if they know you are looking to sell your house, almost punish you further by pushing you to take a lower offer.
This person doesn't declare you bankrupt an independent 3rd party makes that decision.May you find your sister soon Helli.
Sleep well.0
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