Sometimes you can find yourself on the other end of the debt see saw and end up waiting for money that you are owed. You may have run in to problems not knowing the correct way in which to recoup these funds. We’re going to lay out some points which may help give the advice you’ve been looking for.
We don’t mean you have declared it but the person who owes you money might have. If so, you might have to accept that your money isn’t going to be back any time soon. There may be a possibility that you yourself can administer the bankruptcy of someone who owes you money. The problem with this though is that you would have to take in to account it would then be you who was paying for the administration fees. In other words you would be spending money to try and recoup money.
In some instances you might be able to seek other options to try and declare someone else bankrupt. Some countries offer diligences. This is where a solicitor can advise you on how best to recoup your funds. For those who can’t afford a solicitor, the Citizen’s Advice Bureau can help those challenging too.
The main point to take away from this is cost. If you’re going to constantly face a mountain of charges in challenging someone who has become bankrupt, you’ll have to weigh up the option of just having to sever your ties with that person.