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OUR TEAM ARE AVAILABLE NOW TO HELP WITH COMPLEX INSOLVENCY ISSUES

 

Speak to Bankruptcy.co.uk today to discuss options and solutions to current Personal or Business Debt issues.

We provide Positive Solutions to Negative Situations to individuals and Business owners seeking assistance to significant financial problems.

Established 1998 our team continues to help Individuals and Business with financial and trading difficulties. Empowering our clients to understand and make moves by implementing insolvency solutions that are practical and efficient and very importantly tailored specifically for the individuals needs.

Our many years in the industry provides the experience to solve most problems that are usually encountered.

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.

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

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.

If I am an accountant how will bankruptcy affect me?

I am an accountant thinking of going bankrupt – how will it affect me? I have personal guarantees that I cannot meet. I am a partner of a licensed practice and looking for help with this debt. What should I do?

If you have unmanageable debt and need a fresh start, bankruptcy could be the answer. You didn’t mention whether you are a Director of the company; if you are, you will need to step down from that role, but can reapply  after 12 months. Likewise, there may be restrictions on practicing as a Chartered Accountant during the same period, though lesser roles might not be a problem.

We would also need to establish what assets you have and whether these might be under threat. For example, if you owned a property with negligible equity it wouldn’t be under any immediate threat. You could argue, however, that even if there was, say, £30,000 equity and the personal guarantees totalled £150,000, it might still be in your best interests to proceed. Until we have a complete picture we can’t say for certain and we therefore ask you to call in when you have time.

Bankruptcy UK specialises in taking people through the bankruptcy process and submitting the bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for an informal chat on 01425 600129.

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