Considering Bankruptcy

[cocococo]

Hi all , I have loads of people chasing me for payments that i just cant pay , they are phoning and writing everyday and I cant cope with it anymore. I am going to declare myself bankrupt but want christmas out of the way first . If a creditor phones can I say to them that I am struggling financially and that I am petitioning for bankruptcy even if I havent started getting the ball rolling yet.
Please advise.

[sequenci]

To be honest if you did that they would probably start chasing you even harder. What is the current situation with the debts? Why can you not pay them? Have you sought any help regarding them (such as via the debt help charities etc)?

[fermi]

Have you sought any professional advice as to whether bankruptcy is your best option? The court/judge will normally ask whether you have before a bankruptcy order is granted.

You can contact:

• Your local CAB Office and ask to speak to a 'money advisor'.
• The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111
• National Debtline - Tel: 0808 808 4000
• Payplan - Tel: 0800 917 7823.

If you haven't done so, please do this ASAP.

Have you checked the enforceability of any credit agreements as well?

Telling creditors you are going bankrupt doesn't cut much ice normally. They will either believe you are bluffing, or even try to get debts secured (if they can) before you can do it.

[cocococo]

Thank you for your replies , i did attend cab and because of my situation they advised I went bankrupt as I have approx £20,000 unsecured debt and we have mortgage shortfall also of £17,000 there is no other way of paying this. I was just asking if i could tell creditors that i was petitioning for bankruptcy they might get off my case for a bit but I gather not . I just dont know what else to do am at my wits end now.

[Docman]

Originally Posted by cocococo

Thank you for your replies , i did attend cab and because of my situation they advised I went bankrupt as I have approx £20,000 unsecured debt and we have mortgage shortfall also of £17,000 there is no other way of paying this. I was just asking if i could tell creditors that i was petitioning for bankruptcy they might get off my case for a bit but I gather not . I just dont know what else to do am at my wits end now.

Bankruptcy seems drastic, especially as it appears you have a house with a mortgage. I agree with the earlier comment that telling crerditors of your intention to go bankrupt now will only intensify their calls in order to grab what they can.

Why not post a few details of debts etc to see if CAGers can help or suggest alternatives?

[sequenci]

I am correct when you state your mortgage shortfall is from an old property you no longer have?

What are your current living arrangements?
Are you working?

[fermi]

I'm assuming the mortgage shortfall refers the OP's previous thread regarding negative equity and repossession.

Negative Equity Advise Required

In which the last post was:

Originally Posted by cocococo

good morning , well this morning we have received a letter from mortgage companys solicitor basically saying that they are to enforce the order for possession and that they have applied to the county court for the issue of a warrent of possession and that we will shortly receive notification of eviction date from the baliff .
What a bloody mess wasnt expecting this ,this soon what do i do , still try and sell before they possess or what ?

What sort of harassment and contact are you receiving from creditors? What stage are you at with regards dealing with them?

There may be other ways/strategies that you can use to minimise this.

But in the end if you decide to go bankrupt there is little meaningful that they can do or threaten.