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Not if you sold it at true market value, as this would rule out selling an asset at undervalue. However, they would want details of the transaction as any profits will be attached and distributed among your creditors. If the property was sold under the true market value, the Insolvency Service would try to recover the difference from your dad. If he didn’t cooperate the IS would petition the Secretary of State to force a sale. In other words, think carefully before making any decision.

Call us on 01425 600129 / 07479 739139 / 07894 481175 with any further bankruptcy questions or information on how to go bankrupt. Our advisers are not scripted and will gladly explain everything in easy to understand terms.

If you have received a liability order from the Council it could be tricky, as any monthly payment scheme set up by the Bailiffs prior to the bankruptcy generally has to be honoured for the year you are bankrupt and the Official Receiver rarely intervenes. However, if you are lucky, the Bailiffs will back off once the advice from the Insolvency Service is received – but don’t bet on it. The reason for this is the seriousness of non-payment of Council Tax.

Call us on 01425 600129 or 07479 739139 / 07894 481175 with any further bankruptcy questions or for bankruptcy help. Our advisers are not scripted and will gladly explain everything in easy to understand terms.

We will gladly assist you with the preparation of the paperwork and its online submission to the Insolvency Service. An important aspect of bankruptcy is the income and expenditure – we need to show that you have little or no surplus income and our knowledge of the allowances usually means you get a good result.

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.

My 3 year income payments agreement (IPA) ended a few months ago yet I’m still paying the monthly agreed fee and I haven’t heard anything from them.

You need to contact the Insolvency Services’ solicitors viz. Moon Beaver and have this IPA cancelled. Please understand that there are literally thousands of people in these arrangements and the completion of one is easily overlooked.

Avoiding an IPA or monthly payment to the Insolvency Service is one of our strong points. We have an extensive knowledge of the allowable limits for expenses in bankruptcy, whereas members of the public do not. Avoiding even a modest IPA of £100pm will save you £3600 over three years, a good reason to seek professional help.

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.

I left the UK with outstanding VAT and revenue arrears and HMRC threatened me with bankruptcy. I wrote to the tax office explaining i was going abroad and that i have no assets. If I return to the UK will  I be arrested at the airport over this? My debt level is in excess of 60k ..

No, because it is a civil rather than a criminal matter. However, if HMRC followed through with the threat and made you bankrupt in your absence, you will remain bankrupt until such time as you get in touch with the Insolvency Service and provide them with the information they require. The terms ‘Insolvency Service’ and ‘Official Receiver’ are interchangeable in this context. For the record, HMRC often follows through with bankruptcy threats and it’s best to make arrangements beforehand. If you Google ‘Insolvency Register’ and search by ‘all courts in England and Wales’, you will soon see if you are bankrupt.

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.

I have an Income Payments Agreement and am about to be discharged – do I need to notify the OR of any increases in income?

For the benefit of our readers, discharge usually takes place 12 months after commencing the bankruptcy, whereas an IPA last for 36 months thus surviving the discharge by two years. You have an obligation to notify the Official Receiver of any changes in circumstances, but we have found that people are often no better off after an increase, as their expenses have also increased or they have gone into a different tax band.
If you call us, we will run through your income and expenditure in line with the latest guidelines and see if you are any better off. At this stage, you will no longer be dealing with the Official Receiver but with a state appointed Solicitor, possibly Moon Beaver.

 

A bankrupt may be discharged (freed from obligations under the bankruptcy order) in 12 months or less from the date of the bankruptcy order. Discharge releases the bankrupt from most of the debts owed at the date of the bankruptcy order. Exceptions include debts arising from fraud, certain crimes and fines. Certain other debts such as damages or personal injury or money owed under family proceedings (such as maintenance) will be released only if the Court agrees. The good news, however, is that in 99% of cases you will be debt free in one year or less.

Bankruptcy UK offers bankruptcy help across the board and will submit your application online. Court appearances for bankruptcy are no longer required. Feel free to call us on 01425 600129 for a chat about your circumstances.

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.

A debt relief order (DRO) is an order granted by the Insolvency Service in cases where you can’t afford to pay off debts.

With a debt relief order, none of the companies to which you owe money (your creditors) can take action against you to get their money back.  This lasts for as long as you have the DRO, which is usually about a year.

At the end of this time, all the debts included in your order are written off.

To apply for a debt relief order, you must have debts of less than £15,000 and a low income.  As you cannot apply for a DRO yourself, you will need to contact an authorised adviser who will apply for a DRO on your behalf.  First though, your adviser will check whether you meet the conditions. For example, you won’t be able to apply for a DRO if yoAu own things of value or have savings of over £300.

To proceed with an order will cost £90, but you can spread the cost of this over six months.

To find out more details about a debt relief order, please read on.  Please note that a debt relief order is a cheaper option than going bankrupt, but there may be more ways to deal with your debts and your authorised adviser can provide further information about these other options.

 

 

Bankruptcy UK-Debt Solution Bankruptcy Experts

Bankruptcy UK-Debt Solution Bankruptcy Experts