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BANKRUPTCY HELP

If you need  an impartial expert in bankruptcy, then call today for a consultation?

Speak to our experts and get a 360° understanding of your circumstances, with a strategy to consider

Solutions and options to move your life forward in a more positive direction

Call Bankruptcy UK Today

BANKRUPT HOME OWNER

Need to pay off a trustee in bankruptcy and have a bankruptcy annulled?

Bankrupt homeowner under threat of repossession then we may be able to assist.

Access to lenders providing funding to pay off trustees and annul your bankruptcy.

Call Bankruptcy UK Today

BUSINESS BANKRUPTCY

Running a business that is heading in the wrong direction?

Understand the best options available with a business strategist.

To provide insight into options that you may not be aware of but worth considering.

Call Bankruptcy UK Today

UNSECURED COMMERCIAL FINANCE

Borrow up to £500K Business Payday Loan available
80% of turnover, CCJs OK
Cash available in 72 hours

If you are in Business and you can not get the finance you need to get to the next level then we can provide a funding solution to meet your needs with loans up to £500k. Business 2 Business commercial finance to Sole Traders and Directors seeking funding equivalent to 80% of last 12 months turnover. Fast Turnaround

Bankruptcy.co.uk is a long established provider of insolvency solutions and has the experience to solve any problem, whether this be personal or business related. We will not hesitate to approach any creditor that is harassing you, including Debt Collectors, Bailiffs and HMRC. In short, you will be protected from the minute you call us. Although most of our clients are those with personal debt, we also offer an effective business rescue service. Whatever the issue, we will listen carefully to what you have to say then provide a solution. We are not a ‘hard sell’ Bankruptcy service and will provide you with all the information you need to make an informed choice. Call now on 01425 600129 or 07479 739139 to speak to an insolvency specialist. We are available Monday – Saturday until 10pm and Sundays until 6pm.

Bankruptcy Questions

2017 Business Bankruptcy Tips

2017 Business Bankruptcy Tips

 

The beginning of 2017 has seen a variety in client types seeking assistance

BUSINESS OWNERS

Company Directors-Bailiffs and HMRC demands for payment and the serving of Statutory Demands has pushed a lot of business owners into an uncomfortable position, and seeking urgent help and assistance with a strategy to stave off liquidation or personal bankruptcy. Turning to their accountants and solicitors for help often means that valuable time is wasted with their professionals not really providing the skill set that allows an enterprise to negotiate from a position of weakness.

Business and company owners should establish what options are open and available to them.

If you consider an instance where there are considerable assets such as the private home with equity and or freehold premises or contracts and it is imperative that you at least try to get the time needed to trade positively through a troubling period, then its imperative that you identify the options available.

We notice that people try to do the right thing, but if they have established relationships with their accountants or a particular solicitor they will almost certainly reach to the closest professional person they know to assist them But this doesn’t always work.

Business owners should remember that just because they pay a consultant or a firm to deal with particular facets of their business. If that business is in trouble then it ultimately falls on the owners head to resolve. If you really don’t feel that your professional doesn’t have the skill; set needed to deal with whatever it is thats going on, then it could be a wise move to find a firm that can identify fully with what the situation  is, and importantly to provide an action timeline that will rescue and recover a damage limitation position.

We often see directors seeking assistant but because they are so intertwined with their professional advisors that they don’t feel like changing.  Why this happens has become obvious. These people have often been paid fees to manage parts of the business process that the owner or business doesn’t want to handle.  So the owner often feels that are are owed this service and don’t really want to consider writing the monies off that they have already paid and start looking for someone else to assist them.

But people need to consider what advise has already been acted upon and why are they in this position in the first instance?

These hard periods and positions always make it hard to be negotiating from a position of weakness. After all Insolvency is a subject that gives people a steep learning curve where they realise that it often doesn’t work in the way they thought it would.

You will need a pro active insolvency practitioner. Someone you know understands the position you are in. And someone that can offer you a strategy to work towards that sounds feasible and straight forward without delays. Speed, efficiency and transparency is they key.

 

If you have been caught really off guard and your business is in the process of a growth spurt and there are staff, premises and a process that needs managing then we are seeing that Administrations are a very effective mechanism to get the business on track and to manage creditor expectations . Creditors are often relieved when a business goes into administration as it provides hope that there is a strategy in place and there will be a line of regular communications that will allow anxious creditors to know whats happening.  Although theres a cost with all these things. Its ultimately a survive with the chance of thriving which which will provide the tipping point as to whether or not this is a worthwhile decision.

 

 

 

When is my name removed from the Insolvency Register?

Your bankruptcy is completely removed from the Insolvency Register 15 months after you entered into bankruptcy or 3 months after discharge. The Insolvency Register (Google it) is a public record of all those persons currently involved in Debt Relief Orders, Individual Voluntary Arrangements and Bankruptcies i.e. court sanctioned arrangements.

You are automatically discharged after 12 months and in some cases people are even discharged before the end of the 12 month period.

These include persons whose circumstances are unlikely to change viz. pensioners, people on DLA, etc. It is important that you obtain a certificate of discharge when you have completed the 12 month period and submit copies to the three main credit reference agencies, as there can be delays before information is updated. There is a charge for the discharge certificate, but it’s worth paying.

Bankruptcy UK specialises in taking people through the bankruptcy process in a straightforward manner. We will assess your circumstances then submit the bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for a chat about your circumstances on 01425 600129.

Will I still have to pay Council Tax arrears if Bankrupt?

Council Tax may generally be included in a bankruptcy, but there might be complications if a Liability Order has already been issued and an arrangement with Bailiffs has been made e.g. £150 x 6 payments. Under these circumstances, you might be obliged to complete the arrangement despite having gone bankrupt and the Official Receiver might not intervene.

It is therefore very important that you make an arrangement with your Council before they issue a Liability Order. A Liability Order is the seventh and final stage a Council will take to recover outstanding council tax. You would have had plenty of notice that trouble is coming and it can be avoided by simply offering a low, affordable amount.

Bankruptcy UK specialises in taking people through the bankruptcy process in a straightforward manner. We will assess your circumstances then submit the bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for a chat about your circumstances on 01425 600129.

How do I apply for bankruptcy? I have around £25k debt and mortgage arrears

The former Debtors Petition and Statement of Affairs have since been replaced by an 8-part online form which you can access by entering ‘Apply for Bankruptcy’ into Google and following the prompts on the Insolvency Service’s website. You will initially be asked to provide some basic information, at which point a 12-digit security code will be emailed to you. Once you have this, you may proceed.

Care needs to be taken when completing the income and expenditure section as, if it is found that there is surplus income, you could be placed in an Income Payments Agreement (IPA) for 36 months. We were very surprised to find the Insolvency Service generously inviting us to claim costs for things like hairdressing, social clubs, alcohol, tobacco, entertainment, newspapers, magazines and gifts – but guess what? These things are not allowed!

We counted around 18 separate items that would definitely not be allowed and if you happened to include any of these in your income and expenditure, you would have unwittingly painted yourself into a corner. If you consider that an IPA of £250pm will cost £9000 over three years, we recommend you speak to our advisors. We are very aware of the importance of the income and expenditure and know exactly what may be claimed and for what amount.

Please note that entering into bankruptcy will not directly affect your property (you mentioned arrears) but if you intend giving up the property, any shortfall will also be included in the bankruptcy. We have found cases where people are in hopeless negative equity and really struggling with high monthly payments on mortgages / secured loans – in these cases, it might be best to surrender the property and go into rented.

Bankruptcy UK will assess your circumstances, prepare the necessary paperwork, then submit the bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for bankruptcy help on 01425 600129.

Bankruptcy News

CAB braces itself for a flood of Debt Enquiries in January

The Citizens Advice Bureau is bracing itself for upwards of 370,000 financial enquiries during January, including tens of thousands of debt related enquiries. The CAB reported upwards of 8,500 visits to its online money pages in January 2016 and the figure is expected to be a third bigger again this January.

The analysis of statistics over the past year showed that January and February were the busiest months of the year for debt enquires, with someone clicking on advice pages every 3 seconds during January. The CAB has issued general guidelines for those families suffering with overwhelming debt, complicated by unforeseeable cuts in income, job losses and reductions in benefits / tax credits.

Indeed, Bankruptcy UK has had many referrals from the CAB as they struggle under the workload. This is especially the case where Bailiffs are preparing to visit, as we have a same day service that guarantees a Bankruptcy Case Number within hours. Provided you have creditor details (and other personal information) to hand , we will instantly process an application for submission to the Insolvency Service.

For those considering Bankruptcy, please note that there is a universal fee of £680 payable to the Insolvency Service on submission, with no exceptions. The previous concessions for pensioners and those of low income / benefits, no longer apply. We charge professional fees for assisting the public, but this ensures a fast, accurate service.

Feel free to call us for a chat about your circumstances on 01425 600129.

 

 

 

So you’re thinking about doing your own bankruptcy .. read this first

With the advent of online bankruptcy applications it almost seems like fun to apply for bankruptcy these days, but the process is fraught with hidden dangers. We won’t go as far as saying the Insolvency Service has deliberately laid traps for us all to blunder in to, but after completing around 150 of these online applications we urge caution before proceeding.

The online application comprises eight sections and it all starts off harmlessly enough, but where it becomes really tricky is the completion of the income and expenditure. Bearing in mind that this will decide whether you will be placed in an Income Payments Agreement (IPA) for the next three years or not, you’d best answer all the questions correctly.

Here, the Insolvency Service is generously inviting us to claim costs for things like hairdressing, social clubs, alcohol, tobacco, entertainment, newspapers, magazines and gifts – but guess what? These things are not allowed!

We counted around 18 separate items that would definitely not be allowed and if you happened to include any of these in your income and expenditure, you would have unwittingly painted yourself into a corner. If you consider that an IPA of £150pm will cost £5400 over three years, we recommend you seek professional assistance. We are especially aware of the importance of the income and expenditure and know exactly what may be claimed and for what amount.

Another area where we experienced difficulty was in loading the various creditors. In one case, we wasted half an hour trying to figure out how to load ‘Intelligent Finance’ which was being repeatedly rejected. It turned out that you have to initially enter ‘Intelligent’ without the ‘Finance’ and it then gives you options – talk about obtuse!

Bankruptcy UK will assist those who might be unfamiliar with the jargon and procedures involved in submitting an application online. We will take care of everything and submit the application to your best advantage. Court appearances are no longer required for bankruptcy. Call us for bankruptcy help on 01425 600129.

Online Bankruptcy Service

Online Bankruptcy Service

At Bankruptcy UK we will quickly provide a solution for your particular circumstances. Although we do not offer direct advice, we will provide you with more than enough information to make an informed decision.

It is our view that people often make better decisions when presented with impartial information, rather than being told what to do. After all, many of us would hardly have taken financial products had we been given all the information we required upfront. The truth is many of these financial services were sold by advisers based solely on what was most profitable for the company and not what was in the best interests of the client.

Bankruptcy.co.uk will assist all parties, from private individuals to self employed sole traders and business owners. Unlike other debt solution providers, we provide assistance across the board and are not restricted to any particular part of the market.

Help with credit card debt

Help with credit card debt

Due to regulation changes that took place on 6th April 2016 you no longer have to attend court for bankruptcy. The bankruptcy process is now conducted online. If you are looking for help and assistance or simply want some information, call our helpline.

If you cannot afford the bankruptcy fees, we can provide you with access to 48 charities and businesses that could provide you with financial assistance.

Our online bankruptcy service will relieve you of the pressure of having to tackle the online application, which in many cases is designed to trick the applicant. Remember, one of the objectives of the Official Receiver is to place you in an Income Payments Agreement and mistakes made on the application – and particularly the income and expenditure – could cost you dearly.

Bankruptcy UK offers bankruptcy help across the board and will submit your application online. Court appearances for bankruptcy are no longer required. Feel free to call us on 01425 600129 for a chat about your circumstances.

Help with Bankruptcy Fees

At Bankruptcy UK we do our best to help those people who are looking for a solution to their debt problems. We can provide you with links to 48 debt help charities which in many cases will help with these costs.

Many people delay calling us for help as they can’t find the £680 bankruptcy fee. We have found that most individuals have been conditioned to being in some kind of debt solution. It may be that the first step was a debt management plan, followed by an IVA, but at bankruptcy.co.uk we see through it all.

The Insolvency Industry has seen many regulation changes over the last 10-15 years following the Insolvency Act 1986 when the industry first became regulated. But the bottom line is that there has been an abuse of process that has been applied by many companies engaged in dealing with peoples debts. Knowing who you can trust in this sector can be hit and miss.

Only you, the client, can make a decision based on whether you feel an adviser has been ‘upfront’ with you and provided enough impartial information to make an informed decision.

IMG_0008

Our services consist of:

1. Pre Bankruptcy Consultation. This is a series of questions and answers designed to help us understand your circumstances and whether bankruptcy or some other debt solution is the way forward.
2. Fully detailed Income Expenditure and history and background, which provides us with a detailed account of who you are and how you have ended up in your present position.
3. You will be provided with access to all the private organisations that provide the fees to enable a person to enter bankruptcy but who simply can’t afford the fees.

If you are looking for help with bankruptcy fees then call our information helpline 7 days a week to speak with a specialist debt consultant.

Bank Workers Charity – www.bwcharity.org.uk.
British Boxing Board of Control charitable Trust – www.bbbofc.com.
Ben – www.ben.org.uk.
British Gas – https://bget.app.charisgrants.com.
Boots Benevolent Fund – opencharities.org/charities/1046559.
Bordan Charity – www.blhcharity.co.uk.
Charis – www.charisgrants.com.
Charity for Civil Servants – www.foryoubyyou.org.uk.
Chesham Sick Poor Fund – www.charitychoice.co.uk/chesham-sick-poor-fund-
166223.
Dibs charitable trust – Fax: 0148 471 8647.
Eaton fund – www.eaton-fund.co.uk.
East Surrey Domestic Abuse Services – www.esdas.org.uk.
EDF Energy Trust Fund – www.edfenergytrust.org.uk.
Electrical Industries Charity – www.electricalcharity.org.
Elizabeth Finn – www.turn2us.org.uk/default.aspx.
Griffin Club – www.charitychoice.co.uk/the-griffin-club-55607.
Grocery Aid – www.groceryaid.org.uk.
Hair and Beauty Benevolent Fund – www.habb.org.
Hospitality Action – www.hospitalityaction.org.uk.
Iver Heath Sick Poor Fund –
www.turn2us.org.uk/charities/i/the_iver_heath_sick_poor_fund.aspx.
Joseph Rowntree Foundation – www.jrf.org.uk.
Lions Clubs – lionsclubs.co.
Lighthouse Benevolent Fund (construction industry and related trades) –
www.lighthouseclub.org/p/benevolent-fund.
Matthew Trust (mental health) – www.matthewtrust.org/master.htm.
Miners Benevolent Fund – ciswo.org.
Perennial (Horticulture) – www.perennial.org.uk.
Railway Benefit fund – railwaybenefitfund.org.uk.
Rainy Day Trust – www.rainydaytrust.org.uk.
Retail Trust – www.retailtrust.org.uk.
Roland Hill Fund – www.rowlandhillfund.org.
Rope Trust – www.rope.org.uk.
Royal British Legion (and SSAFA) – www.britishlegion.org.uk.
Sail – sailine.org.uk.
Society for the assistance of Ladies in Reduced circumstances –
www.salrc.org.uk.
Southern Water – www.southernwater.co.uk.
Thames Water – www.thameswater.co.uk.
Unison – www.unison.org.uk/.
United Utilities – www.unitedutilities.com.
Vicar’s Relief Fund – charity.stmartin-in-the-fields.org/grants.
Watford Health Trust (residents of Borough of Watford) –
www.turn2us.org.uk/charities/w/the_watford_health_trust.aspx.
Hospitality Action – www.hospitalityaction.org.uk.

Bankruptcy UK offers bankruptcy help for those who might be unfamiliar with the jargon and procedures involved in submitting an application online. We will take care of everything and submit your application to your best advantage.

Court appearances for bankruptcy are no longer required. Feel free to call us on 01425 600129 for an informal chat about your circumstances.

 

Featured

2017 Business Bankruptcy Tips

2017 Business Bankruptcy Tips

 

The beginning of 2017 has seen a variety in client types seeking assistance

BUSINESS OWNERS

Company Directors-Bailiffs and HMRC demands for payment and the serving of Statutory Demands has pushed a lot of business owners into an uncomfortable position, and seeking urgent help and assistance with a strategy to stave off liquidation or personal bankruptcy. Turning to their accountants and solicitors for help often means that valuable time is wasted with their professionals not really providing the skill set that allows an enterprise to negotiate from a position of weakness.

Business and company owners should establish what options are open and available to them.

If you consider an instance where there are considerable assets such as the private home with equity and or freehold premises or contracts and it is imperative that you at least try to get the time needed to trade positively through a troubling period, then its imperative that you identify the options available.

We notice that people try to do the right thing, but if they have established relationships with their accountants or a particular solicitor they will almost certainly reach to the closest professional person they know to assist them But this doesn’t always work.

Business owners should remember that just because they pay a consultant or a firm to deal with particular facets of their business. If that business is in trouble then it ultimately falls on the owners head to resolve. If you really don’t feel that your professional doesn’t have the skill; set needed to deal with whatever it is thats going on, then it could be a wise move to find a firm that can identify fully with what the situation  is, and importantly to provide an action timeline that will rescue and recover a damage limitation position.

We often see directors seeking assistant but because they are so intertwined with their professional advisors that they don’t feel like changing.  Why this happens has become obvious. These people have often been paid fees to manage parts of the business process that the owner or business doesn’t want to handle.  So the owner often feels that are are owed this service and don’t really want to consider writing the monies off that they have already paid and start looking for someone else to assist them.

But people need to consider what advise has already been acted upon and why are they in this position in the first instance?

These hard periods and positions always make it hard to be negotiating from a position of weakness. After all Insolvency is a subject that gives people a steep learning curve where they realise that it often doesn’t work in the way they thought it would.

You will need a pro active insolvency practitioner. Someone you know understands the position you are in. And someone that can offer you a strategy to work towards that sounds feasible and straight forward without delays. Speed, efficiency and transparency is they key.

 

If you have been caught really off guard and your business is in the process of a growth spurt and there are staff, premises and a process that needs managing then we are seeing that Administrations are a very effective mechanism to get the business on track and to manage creditor expectations . Creditors are often relieved when a business goes into administration as it provides hope that there is a strategy in place and there will be a line of regular communications that will allow anxious creditors to know whats happening.  Although theres a cost with all these things. Its ultimately a survive with the chance of thriving which which will provide the tipping point as to whether or not this is a worthwhile decision.

 

 

 

CAB braces itself for a flood of Debt Enquiries in January

The Citizens Advice Bureau is bracing itself for upwards of 370,000 financial enquiries during January, including tens of thousands of debt related enquiries. The CAB reported upwards of 8,500 visits to its online money pages in January 2016 and the figure is expected to be a third bigger again this January.

The analysis of statistics over the past year showed that January and February were the busiest months of the year for debt enquires, with someone clicking on advice pages every 3 seconds during January. The CAB has issued general guidelines for those families suffering with overwhelming debt, complicated by unforeseeable cuts in income, job losses and reductions in benefits / tax credits.

Indeed, Bankruptcy UK has had many referrals from the CAB as they struggle under the workload. This is especially the case where Bailiffs are preparing to visit, as we have a same day service that guarantees a Bankruptcy Case Number within hours. Provided you have creditor details (and other personal information) to hand , we will instantly process an application for submission to the Insolvency Service.

For those considering Bankruptcy, please note that there is a universal fee of £680 payable to the Insolvency Service on submission, with no exceptions. The previous concessions for pensioners and those of low income / benefits, no longer apply. We charge professional fees for assisting the public, but this ensures a fast, accurate service.

Feel free to call us for a chat about your circumstances on 01425 600129.

 

 

 

When is my name removed from the Insolvency Register?

Your bankruptcy is completely removed from the Insolvency Register 15 months after you entered into bankruptcy or 3 months after discharge. The Insolvency Register (Google it) is a public record of all those persons currently involved in Debt Relief Orders, Individual Voluntary Arrangements and Bankruptcies i.e. court sanctioned arrangements.

You are automatically discharged after 12 months and in some cases people are even discharged before the end of the 12 month period.

These include persons whose circumstances are unlikely to change viz. pensioners, people on DLA, etc. It is important that you obtain a certificate of discharge when you have completed the 12 month period and submit copies to the three main credit reference agencies, as there can be delays before information is updated. There is a charge for the discharge certificate, but it’s worth paying.

Bankruptcy UK specialises in taking people through the bankruptcy process in a straightforward manner. We will assess your circumstances then submit the bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for a chat about your circumstances on 01425 600129.

Will I still have to pay Council Tax arrears if Bankrupt?

Council Tax may generally be included in a bankruptcy, but there might be complications if a Liability Order has already been issued and an arrangement with Bailiffs has been made e.g. £150 x 6 payments. Under these circumstances, you might be obliged to complete the arrangement despite having gone bankrupt and the Official Receiver might not intervene.

It is therefore very important that you make an arrangement with your Council before they issue a Liability Order. A Liability Order is the seventh and final stage a Council will take to recover outstanding council tax. You would have had plenty of notice that trouble is coming and it can be avoided by simply offering a low, affordable amount.

Bankruptcy UK specialises in taking people through the bankruptcy process in a straightforward manner. We will assess your circumstances then submit the bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for a chat about your circumstances on 01425 600129.

How do I apply for bankruptcy? I have around £25k debt and mortgage arrears

The former Debtors Petition and Statement of Affairs have since been replaced by an 8-part online form which you can access by entering ‘Apply for Bankruptcy’ into Google and following the prompts on the Insolvency Service’s website. You will initially be asked to provide some basic information, at which point a 12-digit security code will be emailed to you. Once you have this, you may proceed.

Care needs to be taken when completing the income and expenditure section as, if it is found that there is surplus income, you could be placed in an Income Payments Agreement (IPA) for 36 months. We were very surprised to find the Insolvency Service generously inviting us to claim costs for things like hairdressing, social clubs, alcohol, tobacco, entertainment, newspapers, magazines and gifts – but guess what? These things are not allowed!

We counted around 18 separate items that would definitely not be allowed and if you happened to include any of these in your income and expenditure, you would have unwittingly painted yourself into a corner. If you consider that an IPA of £250pm will cost £9000 over three years, we recommend you speak to our advisors. We are very aware of the importance of the income and expenditure and know exactly what may be claimed and for what amount.

Please note that entering into bankruptcy will not directly affect your property (you mentioned arrears) but if you intend giving up the property, any shortfall will also be included in the bankruptcy. We have found cases where people are in hopeless negative equity and really struggling with high monthly payments on mortgages / secured loans – in these cases, it might be best to surrender the property and go into rented.

Bankruptcy UK will assess your circumstances, prepare the necessary paperwork, then submit the bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for bankruptcy help on 01425 600129.

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