B.R.

[vinty]

If a creditor, in this case a credit card company threaten to Bankrupt you what benefit is it to them.

 

If you own a property i have read that they can't put a charge on it as that becomes the job of the courts to decide and not the creditor.

 

regards vinty

[debtinfo]

If you make you bankrupt all of your assets can be sold and the proceeds distributed to creditors. This then means that they are more likely to make you bankrupt if they know you have assets.

 

Additionally your affairs are investigated

[loobyloo85]

Yes, creds are more likely to make someone bankrupt who has assets of a high value i.e cars, and property with a lot of equity in this. They are unlikely to make someone in rented accom with no assets bankrupt, as it costs the creds a lot of money, and they would not get anything back in this case, especially when all fees have been taken.

They realise any assets/values to clear the debts.