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Debtors Petition Archives - Bankruptcy UK

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The former Debtors Petition and Statement of Affairs have since been replaced by an 8-part online form which you can access by entering ‘Apply for Bankruptcy’ into Google and following the prompts on the Insolvency Service’s website.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

What happens after you have been made bankrupt?

You will receive a phone call from the official receivers office wanting to speak to you for around 30 – 40 minutes. This is simply to confirm the information you have submitted in the Statement of Affairs and Debtors Petition. They will also assess your income and expenditure with a view to obtaining an Income Payments Agreement (IPA).

One of the most important aspects of seeking professional bankruptcy advice, is submitting an income and expenditure that reflects as little disposable income as possible. If there is less than £20 disposable income, you may well avoid an IPA which is the best possible result.

At bankruptcy.co.uk we have access to the latest allowable limits re your expenses and this could be the difference between receiving an IPA or not. If you receive an unfair decision re an IPA, we will help you contest it and our success rate is outstanding.

Bankruptcies are no longer published in the local newspaper unless it is in the public’s best interests. However, they are advertised in the London Gazette and are recorded in the Insolvency Register.

 

 

 

Bankruptcy UK

Bankruptcy UK