I am going to be saving up to apply for bankruptcy, but can not start saving until the end of Sepember when my daughter starts school. Some of my debts are 4 years old and others are 1 year old. What will happen if the creditors take me to court while I am trying to save up the bankruptcy fees. I am really worried and I am loosing sleep over it. Please help me.
How long has it been since you have stopped paying your creditors? It will take at least 3 months for them to pass the debt on to a debt collection firm and then probably another 3 months or more before any of them decide to take you to court.
Creditors may threaten you with BR but very few will actually follow through with the threat as it costs them quite a bit of money. Even if they do declare you BR it will save you the BR fee.
Some of my debts have been with debt collecting agencies for the last 3 years and others are only just geting passed to them now. I am just really worried that they will take me to court and obtain a attachment of earnings order on my wages. I dont think I would have saved up all the money to go banrupt until March 2010.
quote:Originally posted by gettingoutofdebt
How long has it been since you have stopped paying your creditors? It will take at least 3 months for them to pass the debt on to a debt collection firm and then probably another 3 months or more before any of them decide to take you to court.
Creditors may threaten you with BR but very few will actually follow through with the threat as it costs them quite a bit of money. Even if they do declare you BR it will save you the BR fee.
If the debts have been with collection agencies for 3 yrs then I can't see them suddenly going to court to obtain an attachment of earnings within the next 6 months or so.
Are you still paying your creditors? If so, you should stop and use this money to pay for your BR fee.
Also try to speak to the CAB to see if you are entitled to any assistance with the BR fees as this may speed up the process.
I am going to be saving up to apply for bankruptcy
Posted - 20 August 2009 : 12:13:32
