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Thousands of county court judgements are issued to companies in England and Wales every month. Receiving a CCJ will make trading made more difficult and may lead to a petition for the winding up of the business.

Where a creditor of a company (or sole trader) is unable to collect their debt, they can apply to the court to issue a County Court Judgement (CCJ). While there is no minimum limit on the amount for which a CCJ can be applied for, it is normal to instruct a solicitor to carry out the application and therefore would be unusual for the debt to be less than GBP100. A County Court Judgement (technically a County Court Judgment [note spelling]) is an order made by the local court to force payment of the debt.

Once a county court judgement has been applied for, the debtor is notified and given the opportunity to either confirm that the debt is owed or to dispute it. Generally 14 days are allowed for this process. Continue reading ‘Tips For Dealing With a County Court Judgement (CCJ)’ »

If you have recently filed, or are considering filing Chapter 7 bankruptcy, then you may be worried that you will never be in a position to attain credit again. Please be assured that restoring credit after bankruptcy is possible, I’m not saying it will be easy but it can be done.

Yeah, I know that Chapter 7 bankruptcy may legally stay on your credit report for 10 years but the way to view this is that you start rebuilding your credit history the day after your bankruptcy, try to forget about the 10 years, think more short-term. No more late bills! No more burying your head in the sand! No more missed re-payments! Continue reading ‘Restoring Credit After Bankruptcy – All is Not Lost’ »

For senior business managers or owners, Bankruptcy is not an option if you want to continue managing your business.

Every month over 6000 people declare bankruptcy to resolve their debt problems. If you have debts which you have no hope of repaying bankruptcy can be an extremely useful solution.

For those people who are not a home owner, or do own your home but have little equity in it then you will not lose your property in bankruptcy. You will also be able to retain reasonable household goods and personal possessions. However for those running a business it is not such good news. If you are running a business as a director of a limited company or as a sole trader, you need to be very careful before deciding to go down the bankruptcy route. Continue reading ‘Bankruptcy Consequences For Business Owners’ »

In case you find yourself dead close in debt to your credit cards, and thus in view of bankruptcy then here a few useful tips to assist you ignore taking such step.

Presently, bankruptcy is evident to be a common approach when severe debts are confronted.

However, one should seek an expert to gain answers to baffling bankruptcy questions, and also a piece of advice should be gained before taking such crucial step regarding credit card bankrupt.

1. With huge debt already piled up and threatening bankruptcy, you must absolutely stop using any of your cards, as this the main cause of the trouble.

Furthermore, if it’s possible then disable all of it, so that they can never be utilized again. However, you might consider preserving one for emergencies, but mind you this should only be emergencies. Continue reading ‘Avoiding Credit Card Bankruptcy’ »

This year has been particularly bad for a lot of people as the bankruptcy filings have gone up. If figures have any meaning than over one million Americans have filed for bankruptcy in this year. The reform of banking act passed under George Bush in 2005 seems to have had no effect and bankruptcies are on the rise. The bankruptcy reform of 2005 was passed with a view to make bankruptcy the last resort, but the emerging scenario with all around recession has vitiated the atmosphere as more and more citizens are filing for bankruptcy.

Bankruptcy is not a happy thing. But circumstances can force a person to file for bankruptcy. In case your financial condition is precarious and you are unable to service your debts then bankruptcy can be an option. But always treat it as the last option. The bankruptcy law is fairly complex and incorporates elements of contract, mortgage, lease and other acts as well.

a) As a first step an individual must be aware of what he is getting into. His legal rights and obligations must be in his know. Hence consulting an attorney can be a help. But in case you are fully aware of the provisions of bankruptcy law then this consultation with an attorney can be dispensed with. Continue reading ‘Steps to File For Bankruptcy’ »