Apply bankruptcy online ? So you’re thinking about doing your own bankruptcy .. read this first
With the advent of being able to apply for bankruptcy online online almost seems like fun to apply for bankruptcy online these days, but the process is fraught with hidden dangers. We won’t go as far as saying the Insolvency Service has deliberately laid traps for us all to blunder in to, but after completing around a hundred of these applications we urge caution before proceeding.
The online application comprises eight sections and it all starts off harmlessly enough, but where it becomes really tricky is the completion of the income and expenditure. Bearing in mind that this will decide whether you will be placed in an Income Payments Agreement (IPA) for the next three years or not, you’d best answer all the questions correctly.
Here, the Insolvency Service is 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 £150pm will cost £5400 over three years, we recommend you seek professional assistance. We are especially aware of the importance of the income and expenditure and know exactly what may be claimed and for what amount.
Another area where we experienced difficulty was in loading the various creditors. In one case, we wasted half an hour trying to figure out how to load ‘Intelligent Finance’ which was being repeatedly rejected. It turned out that you have to initially enter ‘Intelligent’ without the ‘Finance’ and it then gives you options – talk about obtuse!
Bankruptcy UK offers bankruptcy help for those who might be unfamiliar with the jargon and procedures involved in submitting an application online. We will take care of everything and submit your application to your best advantage.
Court appearances for bankruptcy are no longer required. Feel free to call us on 01425 600129 for an informal chat about your circumstances.