Once the decision has been made to go bankrupt, a lot of people ask me, should I inform my creditors of this?

I advise them that really is their decision to make, as informing them you are going to go bankrupt does not change anything until you are actually made bankrupt.  In all probability they are not going to cease their collection efforts and may ask for payment from you as they have you on the phone.

You advising a creditor you are going to go bankrupt is the same as a creditor threatening you with bankruptcy; until the bankruptcy actually occurs, nothing changes.

Once you are declared bankrupt, then your creditors will be contacted, not immediately, but either through the Official Receiver or also by the bankruptcy being published in the London Gazzette.  The creditors can review this publication to see the recent bankrupts.

If a creditor contacts you after you have been declared bankrupt, you can simply inform them you have been made bankrupt and provide them any additional information they may require.  You are not to make payments to them.

If a creditor continues to make contact with you, you can then provide them the information of the Official Receiver in your bankruptcy and also advise the Official Receiver.  In most instances once you inform the creditor you are bankrupt, they can notate their records and will cease their contact, however occasionally a creditor may continue to chase you for payment.

Also, if a creditor contacts you in time after your bankruptcy has been discharged or anytime later, you do not owe the debt as in bankruptcy all your debts are placed; this even if you forgot to list one, or if a debt was transferred or sold and you had no knowledge of the transfer.

I hope this helps and do keep in mind, until you are actually bankrupt, nothing has changed in your relationship with the bank/lender/creditor.