Although there are no forms as such to complete these days, by talking to you we can do our own fact find and record all your details. The Bankruptcy application is an online process these days, but there is still a great deal of information required to submit this successfully.
Perhaps the single most important aspect of bankruptcy these days is the accurate completion of the income and expenditure, as this will decide whether you will be contributing towards the bankruptcy in an Income Payments Agreement (IPA) for the next three years, or not.
The income and expenditure on the online application is particularly tricky, as it appears you may claim expenses for items we know will not be allowed. We will stop short of saying these are traps, but if you happened to claim any of them you would find yourself with surplus income once they had been disallowed.
As from 6th April 2016, there are no more court appearances and bankruptcy applications are completed online. However, that does not necessarily make things any easier as the original Statement of Affairs (Form 6.28) and Debtor’s Petition (Form 6.27) are now merged into one long, complicated online submission.
As mentioned above, perhaps the most important part of the bankruptcy application is the income and expenditure. This is because the Official Receiver will seek to attach any surplus income in what is known as an Income Payments Agreement (IPA). This is where you might be expected to pay an amount each month for 3 years. This money goes towards repaying your creditors if the Official Receiver believes you can afford it. Note: Although your listed expenditure is considered, it might not be accepted, as there are strict guidelines which the Insolvency Service adheres to and we know what these are.
This means that it is critical to seek advice about the process and, on this note, we have access to the very latest criteria and expenditure limits. Call us on 01425 600129 and we will talk you through what can or cannot be claimed and do everything possible to get you the best possible result.
Please contact us for help with the online application
Contact us for more information about this service with no obligation. We are always pleased to help.
This information on Bankruptcy Forms is brought to you courtesy of Bankruptcy UK.
Feel free to call us for a confidential chat on 01425 600129 to discuss the bankruptcy forms process