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j_s
Junior Member
171 Posts |
 Posted - 07 April 2008 : 18:45:44
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Can I stop a bankruptcy if I pay off the debt before my meeting with the insolvency
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 07 April 2008 : 19:05:30
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Hi j s
From your post I am not sure if you are already in Br or have had a statutory demand presented to you.
If you are already in Br it is possible to either pay off all your debts to anul the Br ( it needs to be all the debts not just the creditor who petitioned) ALTERNATIVELY you could propose an IVA while in Br.
This is quite a tricky process and its success would depend upon the number of creditors and WHO THEY ARE. Melanie Giles is a good 2st stop to discuss this.
If you haven't been made Br yet thenn if you pay off all the debt owing to that creditor - or come to an agreed payment plan then they wouldn't need to continue with the Br.
Which creditor are we talking about?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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melanie_giles
Senior Member
1191 Posts |
Posted - 07 April 2008 : 21:24:41
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Do you only have one debt or are there others?
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 |
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j s
Junior Member
185 Posts |
Posted - 08 April 2008 : 07:19:14
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| I am concerned that it is mentioned in the paperwork sent to me and my husband that they will take our house and sell our car. Can they do that and if so will it be done straight away. Also is an announcement put in my local paper ? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 08 April 2008 : 08:43:47
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hi js
are you being pursued for bankruptcy proceedings or are you being pursued by a debt collection company who talk about:
we may take further proceeding which could include:-
bankruptcy
legal action
attachment of earnings
county court proceedings
etc?
it is unfortunately quite normal for debt collection agencies to scare you to death when you are looking at one word on the letter when the most important word is we MAY pursue the following.
If you could give us more info regarding the letter we can help with specific advice
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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j s
Junior Member
185 Posts |
Posted - 09 April 2008 : 14:45:23
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| We have been adjudged bankruptcy does this stillmean that our home and car can be taken from us? |
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j s
Junior Member
185 Posts |
Posted - 09 April 2008 : 15:25:33
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| We have been sent papers to fill in does this mean we have to attend for interview on the date stated or can a telephone interview be done. I amso worried about us being made bankrupt - I feel totally embarassed and ashamed to be in this situation |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 09 April 2008 : 23:04:14
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hi js
unless I am reqading your post incorrectly it sounds like you have already been made bankrupt and the OR has sent you quite a thick booklet to fill in and return.
TIME IS CRITICAL HERE.
give Melanie Giles or Ian Millington a call ( both IP's and forum experts on the iva.co.uk site) and discuss the situation.
YOU NEED TO DO THIS TOMORROW - promise me please.
depending upon your situation and circumstance there may be alternatives even though you are currently Br.
please post here tomorrow after you have spoken to them
take care
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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melanie_giles
Senior Member
1191 Posts |
Posted - 09 April 2008 : 23:33:15
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You are definately bankrupt, and the only way out now is to either get the bankruptcy annulled, in which case you will need to pay all of the debts and costs in full, including statutory interest, or propose an IVA to your creditors.
As Paul has already stated, professional assistance is now critical to you understanding your legal position.
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 |
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j s
Junior Member
185 Posts |
Posted - 10 April 2008 : 07:09:51
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| I feel it is to late too speak to anyone,and feel very suicidal. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 10 April 2008 : 08:08:50
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Don't be - and look for positive ways out of this. Do you have any assets? And do you have disposable income you could offer to creditors on an ongoing basis? It is still possible to do somthing about the bankruptcy, but you will have to move swiftly and take professional advice.
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 |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 10 April 2008 : 16:23:31
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Hi js, please do as Paul says and ring Melanie or Ian and please don't feel suicidal - believe me, no amount of debts are worth more than your life. As Melanie says, there are ways around this, but you will need to speak to her or Ian so that they know all the information of your case.
Please post again to let us know that you are ok x
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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j s
Junior Member
185 Posts |
Posted - 15 April 2008 : 10:21:11
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| I am too ashamed to call anyone as I mentioned before I feel verysuicidal about this bankcruptcy |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 15 April 2008 : 10:36:33
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Hi js, BR really isn't that bad and it's certainly not worth doing anything silly for. I've been BR and come out the other side - there isn't the same stigma that there used to be.
I don't mean to sound harsh, but the longer you leave it the less options you have. The only people that can help you are insolvency professionals like Melanie and Ian. Don't worry about talking to them, they have heard it all before and believe me, neither of them will judge you.
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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j s
Junior Member
185 Posts |
Posted - 15 April 2008 : 10:39:33
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| I'm afraid that the house and the car will be taken from us |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 15 April 2008 : 10:45:20
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How much equity is there in your house?
How much is your car worth? Do you need it for work?
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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Topic |
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Can I stop a bankruptcy if I pay off the debt
