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Uncategorized Archives - Page 4 of 4 - Bankruptcy UK

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Is bankruptcy advertised in the newspaper?

No, the advertising of names in local papers stopped in 2009. The only time a name is published in a local newspaper these days is if the Official Receiver feels that it might be in the best interests of the community. For example, a sole trader who owed money to a number of different local suppliers in the area. But this is rare and in 99% of cases, names are not published.

Call us on 01425 600129 or 0800 5977 977 with any further bankruptcy questions or for bankruptcy help.

Partners Income and Bankruptcy – Questions

Partners Income and Bankruptcy

Are my partner’s wages taken into account in bankruptcy payment orders

The short answer is yes, but only what they contribute to the household. A lot will also depend on whether your partner is also going bankrupt, as she might have her own expenses. Let’s take, for example, John who is going bankrupt but Janet is not and she earns £1000 per month. Janet might have personal expenses of £600 (loans, car payments, etc) and is therefore only able to contribute £400 to the household and it is this lower figure which is declared. The other point is that although her income is included, the expenses also double up and it’s often the case that there is no surplus income.

Compiling an accurate income and expenditure statement is the single most important part of preparing the bankruptcy paperwork as, if you get it wrong, you could end up contributing in an Income Payments Agreement for the next three years. We know what may claimed when it comes to preparing an income and expenditure, and we’ll gladly talk you through it.

Call us on 01425 600129 or 07479 739139 / 07894 481175 with any further bankruptcy questions or for bankruptcy help.

 

 

What if I pay my bankruptcy fee and then i’m not made Bankrupt?

If there was a problem with the online submission it would be picked up by the Adjudicator who would seek clarity on whatever the issue might be. Seeing the £680 fee is paid at the same time as the online application, this would be refunded if the case did not proceed.

Feel free to call us with any further questions or for bankruptcy help on 01425 600129 or 07479 739139.

PPI and bankruptcy .. can we still claim?

Can the Official Receiver take my wife’s PPI refund if I go bankrupt?

If your wife did not enter bankruptcy with you, her PPI claim cannot be touched. Your wife is a separate legal entity and any money she receives is her business. The only circumstance that might affect the situation is if you were in a payment agreement based on household income and her monthly earnings suddenly increased dramatically. You would need to report this to the OR as a change of circumstances, but as for anything else, she cannot be interfered with. Just to clarify, PPI taken on loans taken prior to bankruptcy is deemed a ‘bankruptcy asset’ and goes to the Official Receiver.

Bankruptcy UK offers assistance at all levels and will also prepare and submit your bankruptcy application online. Court appearances for bankruptcy are no longer required. Feel free to call us for bankruptcy help on 01425 600129 for a chat about your circumstances.

 

What expenses can I claim in bankruptcy?

I’m bankrupt and waiting for my trustee to get in touch as no doubt they will want to try and get a monthly payment out of me (even though it was my ex that ran up all these debts in my name!) Anyway, I don’t see why I should be left with absolute peanuts, as they are saying they will take any surplus income in an IPA. What am I allowed to put down for monthly allowances?

Knowledge of the various expense allowances in bankruptcy could easily prevent you from receiving an Income Payments Agreement or IPA. Or at the very least, prevent you from having to pay over the odds for the next three years. This is something we specialise in and is the very reason why people entering bankruptcy should seek professional assistance. If you were to receive an IPA of £100pm this would equate to £3600 over three years and it is worth paying professional fees to avoid this happening.
Bankruptcy UK offers a full bankruptcy administration service, including dealing with creditors, completing the all important Income and Expenditure, professional completion of the relevant paperwork, etc. Call us on 0800 5977 977 or 01425 600129 for a chat about your circumstances.

Can i include my income tax bill in my bankruptcy?

Yes, you may include Income Tax and VAT up to and including the date of the bankruptcy. Many of our cases revolve around issues with HMRC whom, for reasons only they understand, only allow 12 months to settle outstanding bills. The Government would benefit enormously if they slightly extended the settlement period.

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 a chat about your circumstances on 01425 600129.

 

Debt Relief Orders – the dos and donts

Before you apply for a debt relief order and during the debt relief order, there are certain things you must not do. These include:

  • hiding, destroying or faking any information, books or documents up to one year before you apply for a DRO and during the length of the DRO
  • failing to tell the Official Receiver of any change in your circumstances that would affect your application for a DRO between applying and the order being granted
  • giving away or selling things of value for less than they are really worth to help you qualify for a DRO.

It is an offence to do any of these things and, if found guilty, the Official Receiver may refuse to grant you a debt relief order.  In more serious cases, you could be prosecuted and fined, sent to prison or both. If you have already been granted a debt relief order, the Official Receiver might apply for a Debt Relief Restriction Order, or take your DRO away.

(If you didn’t intend to defraud anyone or hide information, you will not be found guilty of an offence.)

Also, for the period of the debt relief order, you cannot:

  • get credit over for over £500 without telling the lender you have a debt relief order
  • carry on a business under a different name from the one on which you were granted a debt relief order, without telling everyone involved with your business the name under which you were granted your debt relief order
  • be involved with promoting, managing or setting up a limited company, without getting permission from court.  You also cannot act as a company director without getting permission from court.

If you do not comply with the conditions of the debt relief order, or the Official Receiver believes you have provided wrong information or been dishonest, they can apply for a Debt Relief Restriction Order. If you are given Debt Relief Restriction Order, it means the restrictions on the things that you can do remain in place from two to fifteen years.

(This will not affect your debt relief order which will still end after twelve months and the debts included in the order will still be written off).

However, if you fail to follow the restrictions, you will be committing an offence.  This could lead to a fine or imprisonment.

If you have any queries about things you must not do before and during a debt relief order, ask your authorised debt adviser.

How do I apply for a Debt Relief Order?

Only an approved third party or an intermediary (such as the CAB) can apply online for a debt relief order on your behalf.  Debt relief orders are granted by the Insolvency Service and administered by the Official Receiver. The register is open to the public and your name and address will remain on the register for fifteen months. It might be an idea to google ‘Debt Relief Order’ and check the criteria before getting your hopes up, as they are strict.

There is a cost of £90 to apply for a debt relief order.  This fee must be paid in cash at a Payzone outlet. You can spread the cost over a six month period but the Official Receiver will not consider your application until the £90 fee has been paid in full.

Once you have paid the fee and sent your application, the Official Receiver can make a debt relief order, providing you meet all the conditions.  (It is important to note that it is an offence to give false or misleading information on your application.)

When your debt relief order has been granted, you do not have to pay any of the creditors listed on the order.  Your creditors will be informed about the debt relief order and they cannot take any action against you.

 

 

Bankruptcy UK

Bankruptcy UK