If a guy goes bankrupt what happens?

[stefon]

If a guy is being taken to court for none payment of invoices and goes bankrupt what happens?

[Jo Rolland]

Hi

It all depends on the guys situation, can you give us a bit more information?

How much debt? Any assets? Employment?

Jo Rolland
Debt Alternatives
www.debtalternatives.co.uk

[stefon]

The guy owes me approx £18,000. He owns his house with a 100% mortgage. this is a joint mortgage with his girlfriend. He is a Sole Trader. Various assets: Cars, Pick up etc

[MelanieGiles]

His assets will be realised and used to pay off creditor claims, after the costs of bankruptcy have been discharged. Your claim will rank side by side with any other creditors, and you will all receive an equal distribution based upon the levels of your individual claims.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[jpj]

the cars,pick ups etc might be leased of have hp agreements on them.
going bankcrupt is expensive in fees which could eat up the value of the vehicles anyway!!