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Bankruptcy Archives - Page 2 of 24 - Bankruptcy UK

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My wife and I both received breach of terms letters re our IVAs and would like to know what happens next

My wife and I both received breach of terms letters re our IVAs and would like to know what happens next

A Breach of Terms letter is usually received when an individual has missed three payments on an IVA and failure to act results in termination of the agreement 6 – 8 weeks later. A Letter of Termination is required by the court to effect bankruptcy, so it is important that this is chased up. Failure to enter into the protection of bankruptcy will result in the creditors contacting you all over again as they attempt to arrange new payment plans. If you leave an IVA prematurely, the debt is as it was before entering into it i.e. you still owe the full amount. Taking people out of IVAs and into bankruptcy is something of a speciality for us so call us if you need help.

Bankruptcy UK offers a full bankruptcy administration service and will submit your bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for bankruptcy help on 01425 600129 or for an informal chat about your circumstances.

Donald Trump and Bankruptcy – it’s nothing personal

A business filing for Chapter 11 bankruptcy in corporate America hardly raises an eyebrow these days, but the multi billionaire with the dodgy hairstyle has taken it to a whole new level, with four corporate bankruptcies since 1991.

Following the collapse of his Taj Mahal venture in the early 90s, there have been further corporate bankruptcies in 1992, 2004 and 2009. Yet what would seem like a catastrophe for you and I, is little more than ‘the restructuring of loans’ at this level and on this score Trump has no equal.

With his ‘Win –Win’ philosophy in business, Trump has won over the banks time and again with tempting deals. For example, when Trump Hotels and Casinos went belly up in 2004 he surrendered his control of the Corporation and in doing so, secured lower interest rates and another loan to upgrade the properties.

Trump’s secret is to never get personally involved and to keep his personal finances separate from those of his corporations. That and keeping his job as CEO which pays plenty of money.

Pensions not affected by Raithatha v Williamson Case

The High Court has refused to follow the Raithatha v Williamson case, where it was held that a bankrupt aged 55 or over could be forced to draw down his/her pension to pay creditors. Prior to May 2000, a bankrupt’s personal pension vested in their Trustee in Bankruptcy.

This changed following the introduction of the Welfare Reform & Pensions Act 1999 and pensions were finally deemed untouchable following the Lesser v Lawrence and Krasner v Dennison cases in 2000.

The case is going to appeal in the Court of Appeal, but it looks as if, for the moment at least, the Official Receiver and Trustees cannot compel a bankrupt to draw down his/her pension if the bankrupt has not already elected to draw on his pension prior to the bankruptcy. So pensions are once again off limits as the law originally intended.

As it stands, the OR / Trustee can only:

(a) Challenge any excessive contributions made by a Bankrupt into a pension scheme on the basis it was an attempt to put assets out of the reach of creditors or

(b) Include any income received by a bankrupt from a pension scheme as part of an Income Payments Arrangement / Order

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

Apply For Bankruptcy | How To Apply For Bankruptcy

Looking to : Apply For Bankruptcy How To Apply For Bankruptcy. Bankruptcy is often seen as the fastest way out of debt and is an excellent facility for resolving impossible situations. But to get it right, you need accurate bankruptcy information.

Once bankrupt, you come under the protection of the court and your creditors can no longer pursue you.

If you have debts exceeding £20,000 and are currently involved in a Debt Management Plan or IVA, you could benefit enormously by changing direction and drawing a line in the sand.

How to apply for bankruptcy is a process whereby if you are looking to petition for your own bankruptcy then you will need to submit an online application to the Insolvency Service and pay the £680 bankruptcy fee at the same time. People no longer need attend court for bankruptcy.

Bankruptcy UK offers bankruptcy help across the board, including dealing with creditors like HMRC, completing the all-important Income and Expenditure and professional submission of the application online.

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

How do I get my name removed from the Bankruptcy register?

I was made bankrupt in March 2007 and received a notice discharge later in the same year. All payments to the insolvency service under an IPA were completed by October 2010. Do i have to contact anybody to get my name removed from the Bankrupt register?

If you Google ‘Insolvency Register’ and search by ‘All courts in England and Wales’, we’re willing to bet any amount of money that your name no longer appears there. Names are removed after 15 months, without fail. The only possible exception is if you are in a restriction, which you are not.

Bankruptcy UK offers a full bankruptcy administration service and will submit your bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for bankruptcy help on 01425 600129 or for an informal chat about your circumstances.

Bankruptcy loan To Pay Off Bankruptcy

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If you are a homeowner and you have equity

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If you decide the best solution to stop your

bankruptcy is to sell your home, we can arrange to

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We can give you an interest free cash advance from your house sale proceeds when we are purchasing your property.  This stops all bankruptcy proceedings immediately, and can help you move forward stress free.

Bankruptcy and Rentals – Will my landlord know if I’ve gone bankrupt?

As a rule, landlords are advised of the bankrupt status of tenants, but if you provide evidence of a tenancy agreement upfront and provide a good reason why your landlord should not be told e.g. it is stipulated in your agreement that bankruptcy terminates the tenancy, you might get away with it. Having said that, good tenants are hard to find and Landlords rarely act on this sort of thing.

Bankruptcy UK offers a full bankruptcy administration service and will submit your bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for bankruptcy help on 01425 600129 or for an informal chat about your circumstances.

What Is Bankruptcy?

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.

Why would I want to leave my IVA and enter into bankruptcy?

Perhaps the best way to answer this question is to simply state the facts and let you be the judge. 

            Some interesting points about IVAs: 

  • IVAs are intended to protect assets that might otherwise be lost in bankruptcy e.g. properties, high value vehicles, etc. If you are living in rented and only own everyday items like TVs and fridges, there is no reason to be in an IVA.
  • You will be tied into the IVA for a minimum of 60 months, but if you are on a ‘low start’ IVA i.e. paying less than you should, you will be tied in for a minimum of six years. For example, if your debts totaled £20k when you entered the IVA you should be paying around £185pm
  • The set up costs for an IVA can run into thousands of pounds and this is where your monthly payment goes for the first two years of the IVA – to the IVA company to pay the set up costs. Not a penny goes to the creditors.
  • Thereafter, a trickle of money goes to the debt collectors that bought the debt. It is a myth that you are repaying the banks you borrowed from as it has already been sold on and written off.
  • IVAs have exactly the same effect on your credit rating as bankruptcy. In the eyes of the High Street, people in IVAs are bankrupt.
  • Your credit rating is zero for a minimum of 6yrs in an IVA, whereas those discharged from bankruptcy can now get a mortgage after 36 months (credit cards in half that time). Which begs the question: why struggle in an IVA for years on end when you can be in and out of a bankruptcy in just 12 months? 

 

        Some interesting points about Bankruptcy:

  • You no longer have to attend court. Everything is done online and over the phone. You can literally go bankrupt from the comfort of your armchair.
  • Nobody comes to your house to check what assets you have
  • Bailiffs, Debt Collectors and harassing phone calls are a thing of the past
  • You are only bankrupt for a maximum period of 12 months
  • You can keep cars up to the value of £1000 (but this is often stretched)
  • You can keep your bank account provided there is no debt or overdraft in place
  • Mortgaged properties are not lost in bankruptcy if there is no equity
  • Your name no longer appears in local newspapers
  • Around 85% of those switching from IVA to Bankruptcy have no monthly payment at all while the remaining 15% have a greatly reduced monthly payment.

Perhaps the most significant point when considering whether to leave an IVA is that your financial circumstances are reassessed. It is often the case that people’s financial positions have worsened since entering the IVA and this is recognised by the court. The end result is that there is often no monthly payment – or a greatly reduced one – following 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.

 

 

 

Official Receiver took my PPI .. now the claims company wants payment

My PPI claim has been sent to the Receiver … do I still have to make payment to the claims company acting on my behalf?

If you engaged a ‘no win no fee’ service to manage the process, then you would almost certainly have signed terms of business agreeing to pay their fees if successful. Money from PPI claims is a so-called ‘bankruptcy asset’ and correctly goes to the Official Receiver. This should have been pointed out by the claims company, but we’ll let you into a little secret .. they will claim their cut directly from the Official Receiver.

Feel free to call us on 01425 600129 with any other questions or for bankruptcy help. Questions may also be posted on our Home Page.

 

 

 

Bankruptcy UK

Bankruptcy UK