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Being sued-might have to go bankrupt

Re: Being sued-might have to go bankrupt

Postby zebedee » Wed Nov 13, 2013 1:04 pm

Go bust and move on if you have to. It's tough tit on anyone who advances credit to someone who is basically skint and without real means to pay down debt. Caution applies as much to potential creditors as it does debtors.

Personally, I would not go bust if the sum was piddling as the reputational cost becomes disproportionate. You need to weight up and decide on your own facts. As already said, there's no one way but I do agree about keeping away from the Wongawanglers who claim to be able to deal with your debts. They just add to the cost of an IVA.
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Re: Being sued-might have to go bankrupt

Postby 3.14 » Wed Nov 13, 2013 3:50 pm

If you own property definitely get advice but NOT from the sharks (IP's)
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Re: Being sued-might have to go bankrupt

Postby woodchip35 » Fri Mar 13, 2015 12:31 pm

In responce to post 4

"If you have assets you want to think about salting away what you can now otherwise the Official Solicitor will be after them. That's not playing to the rules, mind, but I imagine nearly everyone does it"

what actual checks does the OR do so this is stopped, for example does he do a in depth search of Land registry title ownership, something members of the public cant do, or does he simply rely on what the debtor says?
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Re: Being sued-might have to go bankrupt

Postby atticus » Fri Mar 13, 2015 1:01 pm

A lot depends on the bankrupt's answers to questionnaires, as well as what can be gleaned from bank statements, Land Registry documents etc.
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Re: Being sued-might have to go bankrupt

Postby dls » Fri Mar 13, 2015 7:28 pm

Sorry I really did not want to login but you really did wind me up - sorry...

So it exists to 'protect you'? but f**k your creditors??

Whether you like it or not that is more or less the deal.
Bankruptcies differ hugely. Some are manipulative, but many are just unfortunates.
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