How To File Bankruptcy

How To Claim Bankruptcy:
What Is Bankruptcy and When Is It Appropriate?

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The main alternatives, which should certainly be considered first, are Debt Settlement for US citizens and IVAs for UK citizens.

How To File Bankruptcy:
What is Bankruptcy?

The process of Bankruptcy is that once a petition is made (usually either by you or one of your creditors) the court will make a Bankruptcy Order against you. This can still happen even if you dispute or ignore the process. Your affairs will then be dealt with by the Official Receiver, who will appoint a bankruptcy trustee, who has to administer your financial affairs and arrange disposal of your assets to repay your creditors.

There are certain assets that you should be allowed to retain, including pension funds, things to need to carry out a trade, clothing, furniture, bedding, etc and a modest vehicle. First time personal bankruptcies should only last for 12 months before being discharged.

How To File Bankruptcy:
The Process Involved in Declaring Personal Bankruptcy

The process for declaring personal bankruptcy is fairly straightforward. You first need to obtain the relevant forms from the County Court for the part of the country you live in. These forms are the 'Debtor's Petition' and the 'Statement Of Affairs'. Alternatively you are able to fill these in online via the website of the Insolvency Service. Before you can present your petition, you are required to swear an oath, which can be done through a solicitor or Commissioner For Oaths. There is a court fee to be paid before the bankruptcy proceedings can commence. Sound like the last thing you need, but it is to cover the costs incurred by the court. This is usually around £500, but check with the court first.

Once you have your forms completed you go to the County Court to present your paperwork. It is best to get there first thing, which should give time to get everything sorted in one day. The judge will then assess your claim and and if you meet the criteria will approve you being declared bankrupt. That is the easy part over!

Then you move on to the Official Receiver, who will go through your affairs with you in much more detail. This will include how long the bankruptcy should last, what happens to your assets and whether you need to make payments to any of your creditors.

How To File Bankruptcy:
The Advantages of Declaring Personal Bankruptcy

When declaring personal bankruptcy you are immediately protected by the court from being chased by your creditors

Your bankruptcy trustee takes over all your financial affairs including dealing with creditors, making decisions and paying your debts

Once your bankruptcy is officially discharged, most of your debts are written off and creditors cannot pursue them, so you can make a clean start

Your creditors are forced to recognise that they must accept less money than that which is owed to them

How To File Bankruptcy:
Disadvantages of Declaring Personal Bankruptcy

There is an up front fee to apply for declaring personal bankruptcy and all costs of courts, trustees, etc have to be paid for out of your assets

You will lose any assets you have of value, including your home if you own it

Even if you rent your home, this could be at risk, particularly if your tenancy agreement prohibits undischarged bankrupts

If you own a business, this could be sold and employees dismissed

Bankruptcy Orders are announced in the local press where you live as well as the London Gazette and the Insolvency Service website

You may find it difficult to obtain a bank account until after discharge

You cannot transfer ownership or give away any assets at less than the market value

Even after discharge your assets might still be administered by the bankruptcy trustee

There are certain professions in which you will not be able to work, and you may have to disclose your bankruptcy in other job applications

Certain types of debt cannot be written off, so you may still have some debt after discharge

What To Do Next

If you think bankruptcy may be the best course of action, but are still not sure, the best thing to do is apply to a Debt Advisor, who will be able to either begin the bankruptcy process of advise you of any alternatives available to you.

You can do this quickly an easily by entering you basic details through an onine form. The company will then get back to you to gather further details and advise you of the alternatives open to you, and your best course of action.

UK residents can apply for debt advice now by using the form at the bottom of this page, or you can view the recommendations for the best debt advisors in the UK and US on the main Debt Management page of this site.

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Advice on Declaring Personal Bankruptcy

How To Claim Bankruptcy:
What Is Bankruptcy and When Is It Appropriate?

Apply For UK Bankruptcy Advice Now

See Also The Following Pages:

The main alternatives, which should certainly be considered first, are Debt Settlement for US citizens and IVAs for UK citizens.

How To File Bankruptcy:
What is Bankruptcy?

How To File Bankruptcy:
The Process Involved in Declaring Personal Bankruptcy

How To File Bankruptcy:
The Advantages of Declaring Personal Bankruptcy

How To File Bankruptcy:
Disadvantages of Declaring Personal Bankruptcy

What To Do Next

Apply For UK Debt Help Now

How To File Bankruptcy

Advice on Declaring Personal Bankruptcy

How To Claim Bankruptcy:What Is Bankruptcy and When Is It Appropriate?

Apply For UK Bankruptcy Advice Now

See Also The Following Pages:

The main alternatives, which should certainly be considered first, are Debt Settlement for US citizens and IVAs for UK citizens.

How To File Bankruptcy:What is Bankruptcy?

How To File Bankruptcy:The Process Involved in Declaring Personal Bankruptcy

How To File Bankruptcy:The Advantages of Declaring Personal Bankruptcy

How To File Bankruptcy:Disadvantages of Declaring Personal Bankruptcy

What To Do Next

Apply For UK Debt Help Now

How To Claim Bankruptcy:
What Is Bankruptcy and When Is It Appropriate?

How To File Bankruptcy:
What is Bankruptcy?

How To File Bankruptcy:
The Process Involved in Declaring Personal Bankruptcy

How To File Bankruptcy:
The Advantages of Declaring Personal Bankruptcy

How To File Bankruptcy:
Disadvantages of Declaring Personal Bankruptcy