Yes, your creditors can make you BR, but it costs them a lot more than it would cost you to make yourself BR, so unless it's worth their while they are unlikely to do so. I don't know how long it will take them to do it, but I would try and get the money together if you can - all the time you are waiting for them to make you BR they will most likely be contacting you.
Are you on any sort of benefits (sorry, I can't remember your circumstances)? If so you may be able to get part of the fees refunded.
I am new to all this so cannot give you an answer. All I can say is we are having to use part of our overdraft to pay for ours next week. I do not see how people can do much else.
If you had the sort of money to pay to go bankrupt then you probably would not need to go bankrupt in the first place.
I am sure from my experiences one of the experts will be along to answer your question very soon.
Creditors will only generally petition for someone's bankruptcy if they feel that there are assets to realise or chase. It costs them about £2,000 to do, and the majority of them tend to beleive that this is using good money to chase after bad.
Thanks again skippy and huntersrishon for your advice.
Think im getting really nervous and maybe starting to panic a little too soon.
I certainly think ill go with my initial way of making myself br, otherwise i will just make myself ill and stresses even more at the thought of every letter and call i receive (which for some reason i have not heard ANYTHING for weeks)!!??!!
And the only creditor who has contacted my to make threats is first direct and i only owe them about £240 as apposed to thousands to everybody else.
I am on Child tax credits and no working tax credit as we have been overpaid
You will get your working tax credits back as soon as you are bankrupt - as the overpayment will form a claim in the bankruptcy. So at least some good may come out of all of this!
REALLY....i didnt realise i would be able to get anything back. I would love to be ale to afford to pay some money into an ipa (that way would feel like i can pay something back) and fingers crossed once i gone through my expenses there will be some left over.
