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T O P I C R E V I E W
christine.b
Posted - 13 October 2008 : 10:50:03 hello, again, thanx for your advice. No i don't have anything like that only the money i get from benefits. but i was wondering if 1 of my creditors were to declare me bankcrupt, what would the proceedures be, and would i still have to pay for them to submit papers and tis this a long process?
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RHB
Posted - 15 July 2010 : 09:48:43 This is a UK site Pam!!!
John
Posted - 13 October 2008 : 21:17:09 Hi if you were made bankrupt by a creditor you would not have to pay any fees. You would firstly receive a statutory demand which you can defend if you so wish. If you have no defence and no way of paying (the creditor must be owed a minimum £750)the court will allow the creditor to petition for your bankruptcy. It cocts a creditor considerably more to petition than it does you, around £2K, so if your debt to a creditor is less than £2K or just over they are unlikely to pursue the case to the very end.
