I have unfortunately got myself in to quite a bad situation, I was a self employed sole trader and due to the credit crunch my work dried up and i was unable to pay my debts, i had a debt management company helping me with this where i would make a monthly payment each month but the debts are to large and many of the people i owe did not accept the offers they have now told me unless i pay within 21 day they will file a bankruptcy petition against me. I dont have any money to pay i am not working I am looking everywhere for work with no luck as yet. I want to know what i should do i cant afford to pay a court £500 to declare myself bankrupt so should i just wait til it is filed against me I may be able to borrow the money from family but is that a good idea or am i better off waiting. I really dont know where to start with this any advice would be a great help. Thank you antony
sorry to hear about the situation. The credit crunch has definately not finished and has effected many many people.
In terms of waiting for your creditors to make you bankrupt it could take a considerable time. It is a very common threat but rarely used by creditors as if you have nothing they are guaranteed of not receiving anything but costing then a lot of money to bankrupt you.
I suspect that you are better getting some family help to resolve the matter. The next time a creeditor threatens to banktupt you I suggest you aske them to send you £500 so you can do it more quickly and cheeply than they can.
Do you have any assets at risk in bankruptcy ( house, car / van etc etc)
I really dont know where to start
Posted - 15 July 2009 : 21:25:41
