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How Do I Apply For Bankruptcy- Call

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The former Debtors Petition and Statement of Affairs have since been replaced by an 8-part online form which you can access by entering ‘Apply for Bankruptcy’ into Google and following the prompts on the Insolvency Service’s website.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 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 an informal chat on 01425 600129.

Redundant and Bankrupt – will I still have to pay?

I was made redundant in January and  have since been made bankrupt by HMRC. I have no disposable income; in fact, I have no income at all. If I don’t start working in the next 12 months can they still set up an IPA or would it be over?

It would be over. If you have no income there is no possibility of an Income Payments Agreement (IPA). For the benefit of other readers, an IPA is a 36 month payment agreement based on any surplus income you might have after all of your income and expenditure has been taken into account. Possibly the most important part of our job is to ensure that we have claimed the maximum amount possible for your expenses, thus avoid an IPA.

If you were to start working in the next year, you would have to report your change of circumstances and the Official Receiver would assess your income and expenditure to see if there was any surplus income, in which case there might be an IPA. However, we have an extensive knowledge of what may be claimed as expenses and for how much, and we’ll be happy to assist if required.

Feel free to call us on 01425 600129 with any other questions or for bankruptcy help. Questions may also be posted on our Home Page. Please note, court appearances are no longer required for bankruptcy as everything is processed online.

Bankruptcy fees reduced from 6th April 2016

The Insolvency Service has announced that bankruptcy fees will be reduced from the current £705 to £680 from 6th April 2016 as it rolls in its new online service. The bad news is that this applies across the board and there will no longer be ‘Court Fee Remissions’ for those on lower incomes, pension or benefits.

The fee comprises two elements i.e. the Adjudicator’s Fee of £130 (which replaces the old Court Fee) and the Bankruptcy Deposit of £550, which is really the Official Receiver’s Administration Fee. Good news is that people no longer have to attend court for bankruptcy hearings.

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

Bankruptcy procedures have changed as of 6th April 2016

As from 6th April 2016 the courts are no longer processing bankruptcy applications and the new-style 8-part application is now submitted to the Insolvency Service online.

In what appears to be a concerted bid to streamline the process, people are no longer required to attend court and simply tick a box declaring that what has been submitted is accurate. The reduced court fee of £680 applies to everybody as fee remissions are done away with. It used to be the case that those on limited income or benefits could apply to have the court fee waivered, but this no longer applies.

Once submitted, the case is assessed by an Adjudicator who decides whether to proceed or not. Should it proceed, the bankrupt will be advised and the case is passed on to the local Official Receiver’s office, who processes the case as previously.

To some people, especially younger folks who have been weaned in an online society, this might almost sound like great fun but a word of warning: the forms are still formidable and have to be completed accurately or they will be rejected. Moreover, no allowances have been made for those who do not have home PCs, people with learning disabilities or older folks who know little about modern technology.

At Bankruptcy UK we have set up procedures to deal with all of these issues and will do everything for the client, from completing a fact find and preparing documents for sign off, to submitting everything online. In other words, we’ll make the process seamless while you go bankrupt from the comfort of your armchair.

Bankruptcy UK will help you throughout the process and 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.

I owe about £25000 and HMRC won’t give me two years to settle

I owe HMRC money and they will not enter in a payment plan – I also have other bills I cannot pay .. is bankruptcy the answer?

For reasons known only to HMRC, they will only allow 12 months to settle outstanding tax commitments, something which is costing them a fortune. Once someone has declared bankruptcy, all amounts owing are written off and there is no recourse.

Depending on your circumstances i.e. whether you have significant assets or not, bankruptcy may well be the answer. Most of the people we speak to are just everyday folks with a basic income and living in rented, and these are ideal candidates for bankruptcy.

In bankruptcy you may keep any car up the value of £1,000 and you won’t have to close your bank account unless you owe money to the bank concerned. In most cases there is no monthly payment after bankruptcy, but we can establish this for you in a few minutes. If you have a property with no equity it will not be lost in bankruptcy and we’ll explain more about that too.

Feel free to call us on 01425 600129 with any other questions or for bankruptcy help. Questions may also be posted on our Home Page. Please note, court appearances are no longer required for bankruptcy as everything is processed online.

Do I have to complete a tax return for the year before bankruptcy?

You will not be liable for any tax owing up to and including the date of the bankruptcy. By doing the returns you will at least be able to define exactly how much is owing, but this will be established in due course anyway as the Insolvency Service will write to HMRC for these figures.

Feel free to call us on 01425 600129 with any other questions or for bankruptcy help. Questions may also be posted on our Home Page. Please note, court appearances are no longer required for bankruptcy as everything is processed online.

How can I get a bankruptcy discharge certificate?

I filed for Bankruptcy in 2007, but never received a Discharge Notice. How do I apply for one please? I still have the original papers, because I was told I would have to wait 7 years to apply for a discharge, but is this no longer the case?

You would have been automatically discharged after 12 months and removed from the Insolvency Register 3 months later, but if you are looking for an actual discharge certificate you will need to pay £70 for one at the county court where you went bankrupt – it is not free despite the court fees you paid. We don’t think there is any point in doing this now, but for the benefit of other readers, it is worth obtaining the discharge certificate and sending copies to all of the credit reference agencies. The agencies are slow to update credit files and we’ve heard of cases where people are still being listed as bankrupt two years after discharge. Needless to say, this does little to help those trying to improve their credit ratings.

Bankruptcy UK offers a full bankruptcy administration service, including dealing with creditors, completing the all important Income and Expenditure, professional completion of the relevant paperwork and bankruptcy help at all levels. Call us on 01425 600129 or 0800 5977 977 for a chat about your circumstances.

Could I be discharged early from Bankruptcy?

People are usually discharged from bankruptcy after 12 months, but we have known people to be discharged after just four months and many more after 6 – 7 months. Early discharge is entirely at the discretion of the Official Receiver, but this usually takes place when a person’s circumstances are unlikely to change e.g. someone who is on pension, long term unemployed or receiving disability.

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

Help with Bankruptcy

Bankruptcy is often seen and the fastest and simplest way out of debt for individuals and business owners who are in seemingly in either a difficult or impossible financial difficulties.

The facts are that not everyone chooses the right debt solution for their circumstances and subsequently there is a significantly high number of people who have entered a never ending debt solutions program that they are unlikely to ever complete.

29% of people who entered an IVA (Individual Voluntary Arrangement) would have been better served with bankruptcy. Either they were given the wrong advice or they didn’t look into the facts surrounding bankruptcy.


bankruptcy-solicitor

If you are looking for options then we can provide you with all the information you require to make an informed decision. More importantly our team is on hand 24 hours a day to provide you with a clear and concise review. So getting help with bankruptcy information is pretty important on the list of things to do.  As much as we would like to help everyone the reality is that people operate in vastly different way. Some people can deal with financial difficulties head on, and others find it a lot harder. the statistics are that only 1 in 6 people who need help actually look for help. The remainder suffer in silence which is sad as most people can be helped if only they could think to find it.

 

We provide a comprehensive bankruptcy help service and have in fact just launched our complimentary pre bankruptcy consultation. This provides an opportunity to speak with us today and get the information they need to process whether or not bankruptcy is a positive alternative.

Most of us just accept things the way they are. Most people don’t look back to see how they have ended up in the position they have ended up in. Or look to identify the reasons why. Its only by looking back at the past that we can really pinpoint significant things that have happened and identify the reasons for how you have ended up in the position you have ended up in.  The bankruptcy laws have changed a lot in the last 10 years and its easier to consider bankruptcy today with its reduced amount of time spent in bankruptcy, it is not advertised in the local press unless it is a public interest bankruptcy, and your name is removed from the insolvency register 3 months after your automatic discharge at the 12 month point.

We are here on hand to provide direction and information to help you get what you need. Although bankruptcy is usually the last place that people want to look for help, but it should really be the first.

We are  experts in business strategy and military precision in developing Small and Medium sized enterprises.

To speak to us now then call 01425 600129or request a call back.

Don’t take our word for it take a look at our testimonials and see for yourself

Bankruptcy or IVA?

Is an IVA better than a bankruptcy?

The only way to truly answer that question would be to look at the failure rates of IVAs after the first 18 months. They sound great at the outset but a significant number fail in the first two years. More importantly, the IVA companies that arrange these wretched debt solutions are motivated to sell IVAs ahead of anything else and will bias their presentation accordingly.

Individual Voluntary Arrangements and bankruptcy are both court sanctioned debt solutions, yet are essentially very different. The prime function of an IVA is to protect assets such as properties and businesses, which might otherwise be lost in bankruptcy. Bankruptcy, on the other hand, is ideal for those who do not have significant assets, are in rented and holding down everyday jobs like the rest of us. They both harm your credit rating, but it is a proven fact that discharged bankrupts can get mortgages within three years (other forms of credit within 18 months), whereas there is no chance of this happening for those in IVAs, within 5 – 7 years.

The big selling point for IVAs is that part of the debt will be written off ‘using Government legislation’, yet any apparent savings are soon eroded by the high fee structure. We speak to scores of dissatisfied IVA holders who all complain about the same things : once the IVA is set up it is almost impossible to speak to anybody from the company; there are frequent ‘reviews’ and requests for more money, and there is very little understanding if anything goes wrong with your finances (illness, redundancies, etc). Assuming, of course, you manage to speak to somebody in the first place. We could talk forever about the injustices of IVA companies that have set up arrangements for those who should have been recommended bankruptcy at the outset, but what it really all comes down to is whether you have any assets or not. And if you don’t, you certainly wouldn’t want to be tied into an IVA for five years.

 

 

Bankruptcy UK

Bankruptcy UK