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

Moderators: TalbotWoods, JaneClack

By kaneda7777
#4372 Hi just wanted to know what the difference is if you declare bankruptcy yourself or just dont pay the bills until one of the creditors declares you bankrupt??? can that even happen if so whats the difference?
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By JaneClack
#4374 Well unless it is Jo Bloggs or the Inland Revenue or Diners Card you will be waiting a VERY long time until they declare you bankrupt. Unless you own lots of property etc - it just isn't worth their while. They will pursue the route of Country Court Judgments which if not adhered to leads to bailiffs visits (remember they are like vampires and cannot come in at the moment unless you let them); attachement of earnings if working or perhaps a charge on a property if one is owned. This can go on for years and years and years ....

If you can pay back the debt in a reasonable period of time attempt to do so otherwise contact one of the free debt advice agencies - and I include the CAB - and ask for some advice as bankruptcy may be a very sensible option.