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glen.h
Junior Member
173 Posts |
 Posted - 24 April 2008 : 22:45:41
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Is there any way I can stop the banruptcy petition thats been served on me if so what alternatives?
Thanks Glen
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AlanO
Junior Member
United Kingdom
259 Posts |
Posted - 24 April 2008 : 22:59:19
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Hi Glen,
Is it a petition that has been served with a court date or a statutory demand
All the best Alan
www.debtdr.co.uk |
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glen.h
Junior Member
173 Posts |
Posted - 24 April 2008 : 23:03:12
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Hi its has a court date in the endorsement section
Thanks
G |
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AlanO
Junior Member
United Kingdom
259 Posts |
Posted - 24 April 2008 : 23:15:32
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| So who has issued it |
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glen.h
Junior Member
173 Posts |
Posted - 24 April 2008 : 23:28:31
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| Sorry Alan I'm kinda useless at this! Its been petioned by hand to me from the solicitor on behalf of the petitioner and the date is for the latter part of may at court - time and date set. |
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AlanO
Junior Member
United Kingdom
259 Posts |
Posted - 24 April 2008 : 23:38:26
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| So was there a statutory demand earlier and have you yet had any court papers |
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glen.h
Junior Member
173 Posts |
Posted - 24 April 2008 : 23:42:47
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yes to both I have a several paged letter stamped at the top by the court in question. Is there ANY way I can stop this I have tried contacting the solicitor about making a offer of payment but have had no response from them I really am at a loss what to do
Thanks for your advice |
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AlanO
Junior Member
United Kingdom
259 Posts |
Posted - 24 April 2008 : 23:54:23
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If they have correctly served the statutory demand then the process is underway - However many parties use this as a means to negotiate - what size of debt is in question and who is the creditor
Normal approach would be to seek a settlement/agreement and get the case withdrawn.
If that cannot be acheived then you need to prepare to either defend the case and offer the judge realistic alternaives such as asset realisation or an IVA - often the judge will adjourn whilst creditors are being sounded out. Or accept the situation and plan accordingly.
Really best to discuss with an expert so that they can review your personal situation to see what impact there coud be on your home, work, family and assets and get the best plan in place for you.
All the best Alan
www.debtdr.co.uk
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melanie_giles
Senior Member
1191 Posts |
Posted - 24 April 2008 : 23:55:28
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The only way to stop a bankruptcy petition served on you is to either claim that it has been made in error, pay the debt in full, or come to some arrangement with the creditor for payment in return from them withdrawing.
You need to take urgent advice on this from a solicitor who can represent you at Court, if you wish to avoid being made bankrupt.
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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pix1
Average Member
689 Posts |
Posted - 25 April 2008 : 17:29:05
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As stated by the experts, a lot depends on how much is owed and if you dispute it.
If you don't dispute it and cannot arrive at a settlement with the petitioner there are various options.
The amount must be £750 or above or the petitioner will not get a BR order issued against you. If it is up to £5000 you could apply for an Administration Order - probably on the date of the hearing or in advance but seek legal advice. If you owe more than £5000 and are earning a regular salary an IVA might be possible. It depends also on what assets you have. Roughly, if you own a property with equity in it or an expensive car you stand to lose these in bankruptcy so it might be worth avoiding it. If you have property with little or no equity or are renting and have other creditors you could let the bankruptcy happen and clear the rest of debts as part of the bankruptcy and thereby save £495. |
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any way I can stop the banruptcy petition
