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 i have had a bankruptcy petition served on me help
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kath69
New Member



57 Posts

Posted - 20 September 2008 :  22:21:17  Show Profile  Visit kath69's Homepage  Reply with Quote
i have had a bankruptcy petition served on me what do i do

BankruptC
Senior Member



1030 Posts

Posted - 20 September 2008 :  22:33:00  Show Profile  Reply with Quote
Hi kath and welcome to the forum!

I'm sorry I don't really know how bankruptcy works if it's a creditors petition as I declared myself bankrupt. Someone will be along soon to give you some advice I'm sure.

Sorry I can't help more.

C. x
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Reviva UK
Advanced Member

United Kingdom
2452 Posts

Posted - 20 September 2008 :  22:34:33  Show Profile  Reply with Quote
Hi kath69 and welcome to the forum.

Do you mean a creditor has written to you and it says on the top of the letter "bankruptcy proceedings"

OR have you been served with a Statutory Demand.

If it is the latter you will have 18 days in which to defend the position . After 21 days the creditor is able to petition for your bankruptcy.

Couple of things to remember.

1. as an individual you must owe them £750 or more
2. it will cost them around £2000 to petition for your Br with court costs and soliciotrs fees.
3. Often creditors use the serving of a petition to scare you sensless and get you around the table to talk about repayments.

maybe you could let us know how much it is for, by whom ( some creditors use this tactic more often than others ), is it a formal Statutory demand or a letter.

with more info we can advise more accurately.

Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com
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