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OUR TEAM ARE AVAILABLE NOW TO HELP WITH COMPLEX INSOLVENCY ISSUES

 

Is bankruptcy really the only way out?

My husband has divorced me from his finances. I have been dependant on him for the last 3 years as I am a live at home mother. When I met him I had a £50,000 liability to Northern Rock for a 120% mortgaged property that was repossessed and I have been repaying the shortfall for the past 4 years.  I have two other debts which are credit cards totalling £7,000.00. I am just wondering if there is any other option.

bankruptcy-solicitor

We could try a full and final settlement with Northern Rock and then obtain a payment holiday with the possibility of freezing the interest payments and reducing the payment down to £1.00 per month for a period of 6 months. This would give you the opportunity to get yourself repositioned and placed where you have an income and can manage your debts independently without 3rd party assistance. In many instances we are able to negotiate positive solutions with lenders that people generally are not aware of.

However, this will require you coming up with some money and if this is not possible bankruptcy is without doubt the best solution, as the amounts involved are sizeable. A plus point is that you will not have to attend court as everything is processed online and over the phone.

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.

Will I have a monthly payment once bankrupt?

This will depend on your current income and expenditure, and whether you have any surplus income after all your expenses. This is arguably the most important element of the service we offer, as it is important that you claim the maximum allowable limit for all expenses.

We know the limits and have an outstanding track record in helping people avoid having to pay anything after bankruptcy, known as an Income Payments Arrangement or IPA. If you are placed in an IPA it will be for 36 months and this can amount to a lot of money over the period.

The Insolvency Service has made things tough for those attempting their own bankruptcy, as all manner of non-allowable expenses have been included on the online application. For example, we were astonished to see things like tobacco, alcohol, entertainment and club subscriptions included in the form, as we know these are not allowed.

In fact, we counted around 15 of these non-allowable expenses and if you had included any of them in reducing your surplus income to zero, you would find yourself involved in an IPA. We have a few tricks of our own for avoiding excessive IPAs so call us if you need help.

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.

Bankrupt but still being harassed

If the trustee has the keys to my house, why is the secured loan company still harassing me and taking me to court to repossess my house?

This doesn’t sound right, because the Trustee would have had an obligation to advise the secured loan company of your status and his interest in the property. We have to assume that this has not happened and you need to make the Trustee aware of this development.

For those of you who don’t know, in cases where there is a property (with equity) involved in a bankruptcy, a Trustee is appointed in place of the Official Receiver. This would be a private Insolvency Practitioner and is often a firm of accountants or solicitors. It seems someone has taken their eye of the ball, as this sort of thing rarely happens.

Bankruptcy UK offers bankruptcy help for those who might be unfamiliar with the procedures and will submit your application online. Court appearances for bankruptcy are no longer required. Feel free to call us on 01425 600129 for an informal chat about your circumstances.

 

Do I see a Judge when I go to court?

The short answer to this question is no, as from 6th April 2016 bankruptcies are submitted online and there are no more court appearances.

We have now completed around 60 of these online applications and they are every bit as formidable as completing the former Statement of Affairs – especially the income and expenditure, which is loaded with all manner of trick questions – so call us if you need professional assistance.

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 Questions and Answers

To access the complete list of bankruptcy questions and answers on this website (210+), simply click on ‘bankruptcy questions’ at the top of the Home Page and scroll through the ten available pages. Everything, from ‘do I need to take my ID to court’ to ‘how do I go bankrupt from Ireland’ is covered and there is also a facility to ask your own questions. If you would prefer a quick chat, call us on 01425 600129 or 07894 481175.

Can I include a car tax violation fine in my bankruptcy?

You can include parking fines in a bankruptcy as they are civil offences, but you cannot include fines such as speeding fines or non payment of car tax, as they are criminal by definition.

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 UK

Bankruptcy UK