Author Topic: debt advice needed considering bankruptcy  (Read 2169 times)

kieran1266

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debt advice needed considering bankruptcy
« on: Feb 20, 2014, 12:35:26 PM »
hi guys,


little help needed , i broke from long term partner about a year ago and have been left with a mountain of debt.


we ran a restaurant together but everything was in my name ie car credit cards loans,


over last six months i have realized the level of debt is far worse than i thought.


i have suffered from epilepsy since a child and the stress has caused an a worsening of my condition to the point were


i am now on benefits  ESA & DLA






i am seriously considering bankruptcy as my only option as the debt is around the 30k mark.




my main concern is i am not sure i can name all my creditors , does this have to be done or can a creditor be added later?






i have had limited advice from cab but to be honest they seem to be very sketchy depending on who you see.




any help would a godsend because i need to get this sorted for my health








thanks in advance












James Falla

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Re: debt advice needed considering bankruptcy
« Reply #1 on: Feb 21, 2014, 10:10:47 AM »
Hi there Kieran1266

One of the advantages of bankruptcy is that it is not necessary to be able to remember everyone you owe money to. On the application form you simply need to write down as many as you can remember. Anyone you have forgotten or were not aware about will also be legally bound by the bankruptcy process. If any pop up after you are bankrupt you simply pass their details on to the Official Receiver and they will deal with the debt for you.

Having said that a good starting point for find out who you owe money to is to get a copy of your credit file. This will normally give you a pretty good list.
Debt Expert & Author
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kieran1266

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Re: debt advice needed considering bankruptcy
« Reply #2 on: Feb 21, 2014, 10:44:07 AM »
thanks will get copy of my credit file, can you advise me if have to tell my private landlord about bankruptcy?


he is not owed any money and my rent is covered by housing benefit




thanks

James Falla

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Re: debt advice needed considering bankruptcy
« Reply #3 on: Feb 21, 2014, 11:27:46 AM »
Hi Keiran

Yes, your landlord will be informed about your bankruptcy even though he is not a creditor. This is part of the process and you have to give their details on the bankruptcy application form. As such it is always best to inform them yourself before the event and reassure them that the situation will not affect them or their property in any way. In fact it will make it easier for you to maintain the rent. Most landlords are happy with that. At the end of the day if they know you are paying the rent on time and treating the place well they would prefer to keep you as a tenant rather than going through the hassle of trying to find someone else.
Debt Expert & Author
beatmydebt.com