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Bankruptcy is a recognised method for individuals to liquidate debts that would otherwise be impossible to repay. It releases people from the burden of overwhelming debt and allows them to restart their lives. Bankruptcy is a civil process, much like a divorce or rent dispute and does not involve standing before a Judge in open court. In fact, as from 6th April 2016 you no longer have to attend court as applications are now submitted online. There are many misconceptions about bankruptcy, but the following points should put your mind at rest about this underrated debt solution:

  • Bankruptcy is a civil process, much the same as a rent dispute or a divorce
  • At no stage of the process does anybody visit your home
  • You do not lose any household furniture or personal items in bankruptcy
  • You no longer attend court – bankruptcy applications are now submitted online
  • Your name no longer appears in local newspapers
  • The Insolvency Service will treat you fairly and has no interest in making money out of you (unlike IVAs which, although court sanctioned, are administered by private companies)
  • In most cases, there are no monthly payments to be made after bankruptcy
  • You are allowed to keep vehicles within reason in bankruptcy (£1,000 is the current threshold)
  • You are allowed to have a bank account like everyone else in bankruptcy

If you are considering bankruptcy, we will help you throughout the process and submit your application online. Court appearances for bankruptcy are no longer required. Feel free to call us for a chat or for bankruptcy help on 01425 600129.

A bankrupt may be discharged (freed from obligations under the bankruptcy order) in 12 months or less from the date of the bankruptcy order. Discharge releases the bankrupt from most of the debts owed at the date of the bankruptcy order. Exceptions include debts arising from fraud, certain crimes and fines. Certain other debts such as damages or personal injury or money owed under family proceedings (such as maintenance) will be released only if the Court agrees. The good news, however, is that in 99% of cases you will be debt free in one year or less.

In addition to the usual credit card, loan and overdraft debts, you may include HMRC, tax credit overpayments, creditor bills, utility bills, council tax, shortfalls on property repossessions and just about any kind of debt worth mentioning. Regarding property, it’s worth mentioning that even if a repossessed property has yet to be sold it can still be included in the bankruptcy as a ‘foreseeable debt’ and you would not be liable for any shortfall after bankruptcy.

You can’t include court (speeding) fines, Child Support payments and student loans, but you can include parking fines and congestion charges, which might be useful for those living in London!

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.

 

 

Bankruptcy UK-Debt Solution Bankruptcy Experts

Bankruptcy UK-Debt Solution Bankruptcy Experts