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Topic starter
30/10/2009 9:24 am
Hi again
I recently spoke with someone from a Money Advice agency who says that bankruptcy would be a better option than Trust Deed as it only lasts for 12 months and you don't need to pay anything. Is this correct?
Thanks
30/10/2009 9:43 am
Hi genie
It's amazing how many times I hear this.
If you are in employent, you will require to make a contribution from income in bankruptcy in exactly the same way as a Trust Deed. While the period of bankruptcy is 12 months, the period of the contribution will go beyond this.
You should also keep in mind that the Trustee in Bankruptcy act solely for the benefit of the creditors and if he/she feels that it is in the best interests of the creditors, he/she would normally seek to expose the property to the market to achieve best value.
Mark
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
30/10/2009 9:52 am
Thanks Mark
I did wonder and am surprised at the advice, especially if this is given generally to people. I think I made the right choice.
Gerry
