I have been made bankrupt over a £1300 visa, I am not sure what happens next and what I will have to pay out i.e. costs.
We are surprised to hear this, as it would have cost the creditor almost as much again to take you through the process. You will receive paperwork from the court and your circumstances will be assessed in much the same way as if you did it yourself. The good news is that any other unsecured debt you might have, will be written off at the same time. If you have no other debts and wish to avoid bankruptcy, you could offer to settle the debt and it will be reversed.
A word of caution if you decide to proceed – if you have significant assets or a high income, you would do well to seek professional assistance or you might end up in an Income Payments Agreement or losing the assets.
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 an informal chat about your circumstances on 01425 600129.