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Bankruptcy Options | Stay in control with your options

Bankruptcy Options

Is bankruptcy really the only way out?

Ordinary people often don’t understand the language used in insolvency or bankruptcy matters. People are afraid of the letters and are put off by the fact that they don’t actually think they can do anything about it.

We are expert Insolvency problem solvers and the first task conducted by us to to ensure that the person grasps the meaning of what is exactly happening and the implications if they fail to respond properly to action that is being taken against them.

Bankruptcy options
Bankruptcy options

Here is one example of the questions we receive. Please be sure to look through our other bankruptcy questions.

My husband has divorced me from his finances. I have been dependant on him for the last 3 years as I am a live at home mother. When I met him I had a £50,000 liability to Northern Rock for a 120% mortgaged property that was repossessed and I have been repaying the shortfall for the past 4 years.  I have two other debts which are credit cards totalling £7,000.00. I am just wondering if there is any other option.

We could try a full and final settlement with Northern Rock and then obtain a payment holiday with the possibility of freezing the interest payments and reducing the payment down to £1.00 per month for a period of 6 months.

This would give you the opportunity to get yourself repositioned and placed where you have an income and can manage your debts independently without 3rd party assistance. In many instances we are able to negotiate positive solutions with lenders that people generally are not aware of.

However, this will require you coming up with some money and if this is not possible bankruptcy is without doubt the best solution, as the amounts involved are sizeable. A plus point is that you will not have to attend court as everything is processed online and over the phone.

Bankruptcy UK has been helping people with bankruptcy since 1998 and will guide you through the process step by step. We will avoid jargon and confirm all discussions by email within 30 minutes. Call us for a chat about your circumstances on 01425 600129.

Will I have a monthly payment once bankrupt

Will I have a monthly payment once bankrupt – Income Payments Agreements

Some people are so intent with forging ahead with their bankruptcy that they fail to pay attention to the Income and Expenditure section of the bankruptcy application.

This is arguably the most important part of the service we offer, as it is important that you claim the maximum allowable limit for all expenses, to avoid surplus income. If it is found that there is surplus income, you may well be involved in an Income Payment agreement for the next 36 months. To put this into perspective, even a £50 payment equates to £1800 over three years.

We know the limits and have an outstanding track record in helping people avoid having to pay anything after bankruptcy, known as an Income Payments Arrangement or IPA. If you are placed in an IPA it will be for 36 months and this can amount to a lot of money over the period.

The Insolvency Service has made things tough for those attempting their own bankruptcy, as all manner of non-allowable expenses have been included on the online application. For example, we were astonished to see things like tobacco, alcohol, entertainment and club subscriptions included in the form, as we know these are not allowed.

In fact, we counted around 15 of these non-allowable expenses and if you had included any of them in reducing your surplus income to zero, you would find yourself involved in an Income Payments Agreement. We have a few tricks of our own for avoiding excessive IPAs so call us if you need help.

Bankruptcy UK has been helping people with bankruptcy since 1998 and will guide you through the process step by step. We will avoid jargon and confirm all discussions by email within 30 minutes. Call us for a chat about your circumstances on 01425 600129.

Do I see a Judge when I go to court?

The short answer to ‘Do I see a Judge when I go to Court’ is no, as bankruptcies are now submitted online and there is no longer a need to attend court.

We have now completed several hundred of these online applications and they are every bit as formidable as completing the former Statement of Affairs. The really tricky part is the income and expenditure, which invites people to claim all manner of non-allowable expenses and if you do, you will find yourself saddled with an Income Payments Agreement (IPA) for the next three years.

For example, the application invites applicants to claim for everything from tobacco and alcohol – completely reasonable you might think – to magazines and sports clubs memberships. When it comes to bankruptcy, the Insolvency Service is set in its ways and anything fanciful or excessive is soon reigned in.

You might think it perfectly reasonable to include an element of entertainment into your income and expenditure, but this is exactly what they want you to do, as it ensures an IPA for the next 36 months. These IPAs are necessary for the Insolvency Service as they help offset their costs, but they are avoidable if you know what you’re doing – and we do.

The £680 that the Insolvency Service charges for processing a bankruptcy does not cover the administrative costs despite the fact that there no more rebates for those persons out of work, or on pension or disability. By making this an online process and adding this ‘user friendly’ slant to the application, people soon drop their guards and find themselves in an IPA.

Bankruptcy UK specialises in guiding people through the bankruptcy process in a no-nonsense, straightforward manner. We will assess your circumstances then submit the bankruptcy application online. call us for an informal chat about your circumstances on 01425 600129.

Bankruptcy Questions and Answers

To access the complete list of bankruptcy questions and answers on this website (210+), simply click on ‘bankruptcy questions’ at the top of the Home Page and scroll through the ten available pages. Everything, from ‘do I need to take my ID to court’ to ‘how do I go bankrupt from Ireland’ is covered and there is also a facility to ask your own questions. If you would prefer a quick chat, call us on 01425 600129 or 07894 481175.

Can I include a car tax violation fine in my bankruptcy?

You can include parking fines in a bankruptcy as they are civil offences, but you cannot include fines such as speeding fines or non payment of car tax, as they are criminal by definition.

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. Please note, court appearances are no longer required for bankruptcy as everything is processed online.

 

 

Bankruptcy UK

Bankruptcy UK