How can a Bankruptcy help me?
Bankruptcy is an option which can relieve you off your debt which would otherwise take you years to pay off.
Bankruptcy is an option we would consider as a last resort as implications could affect you long term.
In some instances going bankrupt will not result in losing your assets such as your house or car.
|All unsecured debts will be written off in bankruptcy.||Any assets you have may have to be included in your bankruptcy such a property or car.|
|Bankruptcy is the quickest way to clear your debt.||The cost of going bankrupt is £680.00|
|Creditor Contact will stop completely once you have declared yourself bankrupt.||Your name will appear on the insolvency register which is available online.|
|The fee to go bankrupt could be reduced depending on your circumstance’s.||You may find it difficult to act as a company director once you are made bankrupt.|
|The bankruptcy fee can now be saved up online, however you cannot petition for bankruptcy until the full fee is paid in full.||You may have to attend court on the day of your bankruptcy this could also include being interviewed by the official receiver.|
How much does bankruptcy cost?
The application fee is £130 and
The bankruptcy deposit is £550.
The court fee is £115,
The bankruptcy deposit is £525, and
There is a solicitor’s fee of £7
If you live in Northern Ireland and receive a low income or receive certain benefits, then the court fee may be waived. However the bankruptcy deposit still has to be paid in full no matter your situation.
Once your petition for bankruptcy has been successful, the official receiver is appointed to help deal with your bankruptcy and will look through your finances and assets and will then decide if you need to pay anything towards your debts. You may have to pay a monthly payment towards your debts for up to 36 months (3 Years). This is called an ‘income payment arrangement’ or IPA. It’s payable if you have available income of more than £20 per month after paying your household bills and essential living costs.
The official receiver will not make you pay anything into your bankruptcy if you cannot afford to do so.
If you and the official receiver cannot decide on an amount to pay in to the bankruptcy order then the official receiver will ask you to pay into an ‘income payment order’ or IPO.