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Elsiewhiteley
Starting Member
United Kingdom
6 Posts |
 Posted - 28 July 2010 : 13:54:38
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| My Husband and I are insolvent due to our Weddings business collapsing and have debts of £115000 most of it joint being two business loans three credit cards and a large overdraft. Our home is mortgaged worth £180000 with a mortgage and secured loan totalling £190000so no equity, our daughter lives with us and helps with mortgage repayments, after I&E we have about £80 per month so no money for via or debt management, we understand we can do this ourselves the bankruptcy assist company we are talking to have told us this but it is very daunting, if we were to go with them would the OR be unhappy we paid them fees instead of using those fees for our creditors we understand the court fees are about £1200 |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 28 July 2010 : 14:07:14
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Hi Elsie
welcome to the forum
The OR allows funds to be paid to bankruptcy assist companies, especially with a closed business, normally the assist companies submit the case in a clear consise manner which eventually assist the OR
It is not just a case of submitting forms but planning the whole process and helping you with the sudden panics.
speak to a couple of companies just to make certain that your company are speaking roughly the same language as every one else
good luck Richard |
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Elsiewhiteley
Starting Member
United Kingdom
6 Posts |
Posted - 28 July 2010 : 15:56:58
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hello Richard P
many thanks for your kind speedy reply, we have looked at several bankruptcy assist companies and was surprised at what level of service they offered and the costs involved vary quite a bit, I think we are in good hands there I just wanted to be sure we would not get into trouble using them |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 28 July 2010 : 16:03:43
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as well as helping prepare for bankruptcy, the petition and the interview my expert was at the end of the text most times of the day, It took so much of the stress and worry away having someone to offer comforting words or silly slap if appropriate !
Bankruptcy is about positioning you correctly enabling you to get on with the rest of your life.
You would not go and play a game of hockey, rugby or football without knowing the rules or having a coach available to provide direction.
I am pleased to read that you have elected to go with a company and that you have done some research.
good luck Richard |
Edited by - Richard P on 28 July 2010 16:05:01 |
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Elsiewhiteley
Starting Member
United Kingdom
6 Posts |
Posted - 28 July 2010 : 16:16:50
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hi Richard P
That is an interesting point but does that come at a price and is it needed, my expert told me everyone uses the same set of forms, and bankruptcy can be dressed up to substantiate a larger fee, not saying your expert does this of course but I would like to know how much do you think the assisted fee in preparing the forms and attendance to the court should be I have been quoted up to £800 plus court fees by one firm which is more than double what we will be paying |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 28 July 2010 : 17:20:23
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Hi Elsie
I dont know your circumstances or the amount of work involved, each of us are different for me it was needed.
If you are happy with the options offered and the fee involved go for it.
regards Richard |
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Bankruptcy help
