Creditor is threatening to bankrupt me. What is the best course of action ?

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
Post Reply
 
 

Craig.88

User avatar
Posts: 1
Joined: Wed Nov 12, 2014 10:38 pm
Post by Craig.88 » Wed Nov 12, 2014 10:38 pm
Quote
I have been advised by debtline that bankruptcy would be my best option. Federal Management have sent me a letter threatening to bankrupt me and I am wondering if i just leave it whether it would automatically start happening. What is the best course of action moving forward?
Top
 
 

hubert

User avatar
Posts: 532
Joined: Tue Jul 02, 2013 9:53 pm
Location: United Kingdom
Post by hubert » Thu Nov 13, 2014 7:07 am
Quote
Hi,

You haven't given much info to go on and it sounds like you need expert advice.

How much do you owe? To how many creditors do you owe?

If they are genuinely threatening to bankrupt you they must think they'll get more money back that way.

They could be just trying to scare you. In reality, if you were made bankrupt, would they end up better off?
One pay-cheque away from oblivion!
Top
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
Post by Foggy » Thu Nov 13, 2014 7:37 am
Quote
It really depends upon what you want to do. Have a chat with an Insolvency firm to explore all options before doing anything.

If you then feel BR is for you let Federal go ahead -- it will save you £750 in fees.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Top
 
 

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm
Location:
Post by Michael Peoples » Thu Nov 13, 2014 9:30 am
Quote
You should certainly seek a second opinion to make sure bankruptcy is the right option for you. If so then as Foggy says let the creditor pay for it.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
Top
Post Reply
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”