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monkey
Starting Member
15 Posts |
 Posted - 14 November 2008 : 13:45:44
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| Is there any actual advantage to me petitioning for my own bankruptcy? If I would have to pay 500 quid to do it, could I just wait and let my creditors petition for my bankruptcy instead? |
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debtrider
Junior Member
494 Posts |
Posted - 14 November 2008 : 14:02:07
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Hello Monkey
Everyones personnal circumstances are different and in my case it was worth paying the £495 to make myself bankrupt. It will eventually stop all the creditor calls and letters which can worry you to death. It could take months for creditors to make you bankrupt, and they will probably try everyway to get money out of you before using bankruptcy as a last resort.
I think in a previous post you were concerned about the creditors getting charging order on your home. Well I think they could probably do that before eventually making you bankrupt.
For me it was best to make myself bankrupt so I can get on with my life again.
All the best
Debtrider |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 14 November 2008 : 15:03:03
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Hi Monkey
I also agree with Debtrider. I think it depends on your own circumstances but for myself it was the best thing i could do, i found the fee and made myself BR. I had threatening letters and calls about the creditors putting charging orders on my home and i thought that it was better for me to do the BR rather than let the creditors take control of my home as well.
I am now protected against that by the court and i know that providing i find the BI money and keep up the payments on my mortgage then my home is safe and all mine and not the creditors for the taking.
Its up to you, but it can take months for a creditor to make you BR and then they may not, and you then risk the house having a charging order and then the creditors can if they want force a sale.
I do hope that you do whats right for you.
Take care
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 14 November 2008 : 16:54:53
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I agree with Debtrider. I made myself BR as I really didn't want to wait to see if my creditors did it. I couldn't face the thought of constant phone calls etc.
There is a good chance that your creditors will get a charging order on your home long before they make you BR.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 14 November 2008 : 17:16:46
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Hi Monkey
If you are able to do so i would try and petition for your own BR as previously stated you do not want to end up with a charging order on your house - especially if you can afford to keep the house and looking to buy any BI.
Good luck with your decision
Jenny
The weights are coming off my shoulders very slowly, but making such a big diference !! |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 14 November 2008 : 22:53:58
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Hi
my thoughts are that by petitioning yourself you gain control, have much more dignity and the forms are a lot easier.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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any actual advantage to me petitioning for bankruptcy
