On which amount of debt banks take option of bankruptcy on someone in

Jimmy · #1 06-21-2008, 09:23 AM

debt on personal loans and credit cards? for example will the bank or credit card company bankrupt you for 20K more or less for loans, or 5K more or less on cards..

stormydays · #2 06-21-2008, 09:30 AM

Its not the amount that brings the bankruptcy option into play

its the conduct of the debtor....eg not communicating with them

Michelle · #3 06-21-2008, 09:41 AM

If you're in UK (Scotland) it's at least Â£1500 debt you've to be in. You have to go to your lawyer to file for bankruptcy.

urvi88 · #4 06-22-2009, 08:16 AM

According to me it is not the amount which can make you bankrupt.

AdvisorRD · #5 08-05-2009, 09:57 PM

In England or Wales if you owe a creditor £750 or more then they can consider Bankruptcy as an option. However generally with credit cards, personal loans, overdrafts, catalogue debts a creditor would prefer to go via the county court to sue you for the money (A County Court Judgment)

Bankruptcy is an expensive option for a creditor to consider and dependent on your circumstances it may not be worth their while. For example if you are in rented accommodation then Bankruptcy wouldn't really yield any return for the creditor.

The FIRST indication you will have that a creditor is looking to make you Bankrupt is that you will recieve whats called a 'Stautory Demand' through the post. if you get one of these i would recommend you seek advice.

johnrite · #6 01-02-2010, 08:13 AM

Hi,
According to me,It is not a bankrupt.

johnrite · #7 01-07-2010, 10:31 AM

Quote:

Originally Posted by johnrite

Hi,
According to me,It is not a bankrupt.

Hi,
Can you tell me what is the truth?

jasonprince · #8 07-21-2010, 02:34 PM

Bankruptcy means in practice is not in a financial state to pay what you owe your lenders. This happens when income is less than your expenses. One of the declared bankrupt at the same time, when you can not pay the money borrowed from a bank or in any form. loans, credit cards, debt etc. setting means, when you want to combine all debts into one large loan rather than many small loans. This also means that sometimes when a financial institution to understand that the borrower is unable to pay its debts. In such circumstances, banks are willing to give away a portion of the total is due.