hi, i am in a serious situation. i have debts of about 14,000 and am currently unemployed, single with 2 dependants. 1 of the companies i owe money to has sent me a letter to say they are commencing bankcrupcy proceedings against me. i live in a council property and only have minimal possessions such as a suite, old tv and a computer and basic households items. what would happen and would i need to pay towards the cost of the company making me bankcrupt. i have tried so hard to keep up the payments to all my creditors but its so impossible . i am at my witts end and so scared. please advise me?
Morning Christine welcome to the forum. Please try not to be scared - it sound like you are in the situation most of us on this forum have been in at some point. It does sound like BR might be the solution, one of the forum BR assist experts will be on line soon to advise you about that. I too am in rented accomodation with no assets - let me put your mind at rest that your belongings are safe. If your creditors pursue your BR it won't cost you anything, if you decide to petition your own BR then you may be entitled to a reduction on the court/receivers fee of £495.
If you need to know anything else please post again.
Often creditors use the threat of bankruptcy proceedings as a way of getting you to pay them something - rather than being seriously interested in pursuing this to Court which will cost them upwards of £2,000. So if you have decided that bankrtupcy is your only option it might be better to find the money yourself and submit your own petition to Court. If you are on income support you can save £150 of the fees as well.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
so scared. please advise me
Posted - 15 June 2008 : 01:09:40
