Bankruptcy Advantages The outcome is certain It will free you from all debts owed to unsecured creditor! Does that apply even if you own your house prior to being made bankrupt.
I know that you can be made bankrupt if you owe £750 and cannot pay, but doesn't bankruptcy mean that after you are discharged your debt to unsecured creditor is over?
Also can a unsecured creditor place a charge on your property and make you bankrupt aswel?
what I would like to know is that when you are made bankrupt then are you debts not written off? The creditor made me bankrupt in 2000, he then placed a caution on my property in 2002 which I bought in 1998. I was discharged bankrupt in 2003. The debt the creditor was claiming for was under £5,000.00. The creditor made me bankrupt, and was paid his money from the trustee. Can an unsecured creditor do this? does this creditor become a secured creditor because he had placed a caution on my property?
owning a house has no bearing on bankruptcy as secured borrowings such as mortgages etc are not included. Yes your unsecured debts will eventually be written off.
After discharge you will be free of all unsecured debt unless you are in an IPA which lasts for 3 years from its commencement date.
Yes an unsecured creditor can indeed place a charge on your property or file for your bankruptcy. A single creditor cannot place a charge and file for bankruptcy in respect of the same debt.
As above the creditor cannot do both in respect of the same debt.
Forgive me if I am mistaken but I think you have asked this question a few times but in different ways.
The creditor most definitely should not have been paid twice therefore you have a claim whether it is against the solicitor that disbursed the funds from the property or the trustee is debateable.
Where you find the necessary assistance I'm not sure.
Thank you John for your advice and yes please forgive me if I seem to be asking the same question in different ways, but I am finding it hard to put it in the right words, but you have just answered what I was looking for and would like to thank you very much for your help
I'm only too pleased that you have the information you feel you need.
John White England Jackman & Spacey
I would just like to say a big thank you to John who has helped me extremely and has answered my questions very sincerely. I have been searching for these answers from many places and often found people very rude in their comments but John has been very polite and has restored my faith in that there are truly genuine people who do care, and give you the correct advice when needed
Is this statement true?
Posted - 12 March 2009 : 19:27:33
