It used to be the case that you had to complete two lengthy forms and submit these to the court, but as from 6th April 2016 this has been replaced by an online procedure.
The Statement of Affairs and Debtor’s Petition are now obsolete and have been replaced by an 8-part online form, while the universal £680 bankruptcy fee is paid at the same time. Provided you know what you are doing – the forms are still formidable – and have a measure of IT skill, petitioning for bankruptcy these days is straightforward.
However, a word of warning. The income and expenditure is still the single most important element of the online petition as this will decide whether you are placed into an Income Payments Agreement (IPA) for the next three years, or not. If you are uncertain about how to complete this, or what you are able to claim (and the limits), call us as bodging the I and E will surely cost you.
The Income and Expenditure includes all manner of illegitimate expenses; what might to you and us seem perfectly reasonable, is not allowed under this regime and if you include any of these expenses, they will be used to set up an Income Payments Agreement. We know how to overcome this, so call us.
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 and receiving bankruptcy help on 01425 600129.