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I am owed money and have a small claims hearing in 5 days. I have waited 2 years as the defendant was assuring me his corrupt employee is responsible for the debt. He assured me he was taking legal action but nothing materialised. Now his solicitor has asked me to withdraw the claim allowing him time to take this action against another party.
I am not minded to do so as he has had ample time but has done nothing.
Not sure if a judge will allow this at this late stage either? He also claims he has no money and will have to be made bankrupt if I obtain judgment. I know he owns a property. Just wondering if he can avoid the debt completely by going bankrupt?Thank you all
All sounds like a lot of evading tactics and hot air to me. Continue with your court case.When someone goes bankrupt, an official receiver is appointed to assess their assets and work on a plan to repay creditors from those, usually pennies in the pound.So, if he has a property, that may be sold and any equity used to repay creditors.I would just get on with the court case - it will sharpen his mind and stop you being messed about. You have been more than reasonable to have waited 2 years as it is imho.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thanks very much Vanessa. Full steam ahead then!
I agree entirely, all I've had is a lot of waffle and total inaction so far. He needs to take responsibility.
Can a bankrupt avoid paying debts?Kinda as someone who is bankrupt they have no debts - that's the point.Though there is a period in the middle, where the estate is passed on to an official receiver to manage (they get paid first!) and some assets can be sold to repay creditors. Often a penny for every pound owned.
If someone is unwilling or unable to pay, id not let bankruptcy prevent you from getting little instead of nothing. Though having a house does not mean they have lots of equity in that house to repay you! (a bit of a difference).
_________________________________________________________________________My posts are not financial advice but often me rambling - passing time on a coffee break.Our team at Bespoke Finance offers Limited Company Buy-to-Let and Cheap Life Insurance._________________________________________________________________________
I have a tenant who hasn't pad his rent for almost 6 months. I have issued a S21 and am waiting for a possession order. HoweverI have heard that he was decaring himself bankrupt. Will that stop me fro getting back any of the money he owes me?
If the tenant is so deep in debt that voluntary bankruptcy is only solution for him - then it sounds like he will be unable to repay more than a pittance at best - but every case is different.