The Official Receiver, who does all the administration associated with the bankruptcy, will contact you to arrange a telephone interview. Since everything is submitted online now, the file will be forwarded on to the OR once the Bankruptcy Adjudicator is satisfied that the application is legitimate.
In some cases the OR might wish to see you personally, but this is rare. The OR’s role is to see what money can be raised to pay back to the creditors and on this score, the OR will be looking for expensive vehicles, properties with equity and so on.
The OR will also look closely at your income and expenditure. If any surplus income is found, the OR will seek to impose a monthly payment for the next 36 months, known as an Income Payments Agreement (IPA). And it is for this last reason that you would do well to speak to us if considering bankruptcy, as a botched I and E will cost you dearly. An IPA of £120 per month will end up costing £4,320 over 3 years.
Bankruptcy UK offers assistance at all levels and will prepare and submit your bankruptcy application online. Court appearances for bankruptcy are no longer required. Feel free to call us on 01425 600129 for a chat about your circumstances.