Although upto now Ive only taken advice from NDH, who recommended BR, I have an appointment next week with CAB. Would if be wise for me to contact my creditors and advise them I am thinking of making myself BR? what are the pros and cons on that.
If you advise creditors that you are thinking about declaring BR then they will step up the pressure for you to pay as they know that they will not receive their money.
Some people don't bother informing creditors, others do. When I had made the decision to declare BR I told each of my creditors over the phone giving them the court date and then never answered the phone when they called again until I was BR.
I would not advise you to inform creditors of your pending bankruptcy. It could become a race for them to seize assets having followed due process before you get into court to submit your bankruptcy petition.
Establish the correct court that holds jurisdiction in bankruptcy over your residence. It may not be the court nearest to you as not all deal with bankruptcy. Most courts run an appointment system and at present you could be looking at a wait anywhere between one day and two months depending on your location.
You don't need two months added pressure by telling all. Seizure of your goods is possible at anytime up until your bankruptcy. Bankruptcy disqualifies such action except by the OR. The OR will only seize assets of high value. Bailiff's acting on behalf of creditors pre bankruptcy are far less choosy.
John White Independent Debt Consultant Specialising in Bankruptcy
Advice
Posted - 02 February 2010 : 21:22:35
