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jwmc77
Junior Member
United Kingdom
195 Posts |
 Posted - 10 February 2009 : 19:05:12
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hi guys, just wondering if anyone can shed some light......we have been planning to go br in february since november, however....what with xmas (we have 3 young kids) and deposits and rent for the new place (moved in last week) we are really struggling to come up with the fees. my wife has just finished maternity leave but her work closed during this period and with are youngest being 9 months there isnt really anyway she will be able to return to work any time soon. (my shifts change week to week) i was just wondering what the difference is between filing for bankruptcy yourself or having it forced upon you by creditors? does the or come down heavier in these circumstances? we know already that we wont have an ipa(hopefully)so thats not a worry. any help would be great.
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 February 2009 : 19:23:14
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I think the only difference is that if you are forced into bankruptcy then you don't have to pay the fee.
I don't know how many do make you bankrupt these days though.
The glimmer gets brighter all the time
Jan
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jwmc77
Junior Member
United Kingdom
195 Posts |
Posted - 10 February 2009 : 19:39:24
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well we do have a mortgaged house and secured loan which we are now not paying and have moved into rented property
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debtrider
Junior Member
494 Posts |
Posted - 10 February 2009 : 20:02:38
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Hi jwmc77
I think that most people declare themselves bankrupt to relieve the stress of being chased continuously by creditors, and have looked at all the other alternatives. The last thing creditors want to do is make you bankrupt, and this will be a last resort for them.
Creditors want to try and squeeze every penny out of you because if you go bankrupt they get very little or nothing.
Everyone’s circumstances are different and some people have more to lose than others in bankruptcy. I believe it’s the people who have more to lose are the ones who are normally forced into bankruptcy by creditors, because they try and put it of for as long as possible.
If you can put up with all the calls and letters and being taken to court by creditors, together with all the stress then that’s OK. Personally I think you would have to wait a long long time for a creditor to make you bankrupt.
It would also cost a creditor a lot more than the £495 you would have to pay to make yourself bankrupt.
I would not think the OR would come down any heavier on you if you were made bankrupt.
Hope you make the right decision.
debtrider
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 10 February 2009 : 20:22:59
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Hi Mac....How are you, we havent seen you for a while.
They are not very likely to make you BR if there was very little asstes - they would want to make sure they got a good return. It will cost them about £1500-£2000 as opposed to £495 for you.
I personally would not be able to wait as I would be jumping at every knock on the door. It is personal choice.
Hindsight is a wonderful thing
Jenny
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 10 February 2009 : 20:47:33
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I thought about waiting to see if my creditors made me BR, but I did it myself as I wanted to be in control, rather than them, and I didn't want to wait and put up with the calls.
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/
20 IPA payments made, 16 to go - on the home straight! |
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voluntary or forced??
