Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By H
#7964 I will be going to High Court next week to file . Once I have filed for Bankruptcy, am I protected from a creditor then selling my debt to say a US collection agency and them coming after me. Is it the day I file or the day that the OR completes his investigation or the day of discharge.....Im just concerend that there may be a time period from when I file at High Court to creditors getting this information from the OR and what happend if they decide to sell this debt overseas in the interim.

My situation is that i stopped making full/timely payments on my debts in Jan this year ...I went into discusisons to do an IVA , letters were sent to all my creditors stating this and that is what they still think (in reality Ive now decided against IVA and Im going for Bankruptcy)...to date some have issued default notices, some have instructued solicitors or collection agencies and some have done nothing..no CCJs etc etc.....I know you can't say for sure but roughly at one point would a typical creditor give up and just sell.....

One final question, if the OR/Court ask me why i didnt consider IVA should i be honest. The honest answer is that with an IVA I will have to pay out for five years and the amount I will have to live on is unrealistic... I have opted for bakruptcy as I have no assets/reputation isuses to protect, I will have more realistic amount of money to live off, and I will be paying out for just 3 years max. And if between now and three years something hapened and I end up not working and thus no income then I will just stop making monthly payemnts (unlike with an IVA which would fail...) - in reality it is very likely I will stop work in 18 months from now as I plan to move overseas (again) and start a family....

Thanks v much
By Mel_Odious
#7971 You will be informed of the time and date of your bankruptcy which is when the Judge sticks his rubber stamp on your petition. ALL debts, excepting fines and child support, are included up until that moment.
Funnily enough, three years after my petition and one month after my discharge I was informed that one of my debts had indeed been sold to Max Recovery Inc of the good old US of A. Bought a bummer there did old Max as it cannot be claimed and has now been expunged on my orders backed up by a copy of my bankruptcy details.

Oh sorry, on the rest of your post, as you say no-one can tell if/when a debt is sold but as in my first part it makes no difference as all debts are included.
And lastly, tell the truth about absolutely everything and you can't go wrong.

You said High Court, so I know you are in London. That is where I petioned so if you need more info just yell,
Mel

Mel
By H
#7973 Hi Mel - thanks v much. I will be flying back from US specifically for this...I iwll be arriving in High Court Mnday morning (at 10 am right???). Do you have the address of where to go and who/what department to ask for. I will be leaving Weds....whats the chance of seeing the OR before I leave....? - Thanks
By Mel_Odious
#7976
H wrote:Hi Mel - thanks v much. I will be flying back from US specifically for this...I iwll be arriving in High Court Mnday morning (at 10 am right???). Do you have the address of where to go and who/what department to ask for. I will be leaving Weds....whats the chance of seeing the OR before I leave....? - Thanks

You want the Royal Courts of Justice, The Strand, WC2 and you need to make for the Thomas Moore Building.
You will probably be asked to visit the Official Receiver's Office, which is not far away, the same day but that will usually be to just make the appointment for the interview. You can ask your questions there and then.

Mel