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Debt Relief – Insolvency – Bankruptcy Information » Uncategorized » Help paying for bankruptcy

Help paying for bankruptcy

Do you need help paying for your bankruptcy? Do you need help filing in your bankruptcy forms? Are you at a stage in your finances when you simply cannot afford to make payments to any of your creditors? If so you may be thinking of seeking a bankruptcy solution. Here at Help With Debt, we walk people through the bankruptcy process every day of the week in County Courts up and down the country. We have excellent experience in making sure that bankruptcy petitions are processed and accepted along with the 30 page statement of affairs.

There are a number of ways that you may be able to get assistance with your bankruptcy fees. The new fee level if £600 which is made up of £150 for the court issue fee and £450 for the Official Receiver’s deposit. If you are on job seekers allowance or have a low income you may be able to get a rebate on the court fee only.

Some of the utility companies have trust funds which could offer help with the bankruptcy fees. These include The British Gas Energy Trust and the EDF Energy Trust. Some trade unions may also have money set aside to help and you should seek to talk to your union welfare officer.

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Once you have the fee set aside, it is necessary to consider how you complete the paperwork. You can do it yourself, or engage an expert such as ourselves.

It is vitally important to make sure that the Statement of Affairs is correctly and accurately filled in as the Official Receiver will be able to ask you for monthly payments if your statement indicates to him that you have disposable income.

This is known as an income payments agreement. We have had a case come through us where an individual was due to do an IVA. It was rejected as the creditors would not accept an offer of £500 per month. We took him through the bankruptcy process and were able to get the official receiver to accept payments of £75 a month for 36 months. This client saved nearly £27500 by doing a bankruptcy instead of an IVA.

Bankruptcy is seen by some people as a very drastic measure and one which they don’t wish to take. However it is now the case when you are made bankrupt the bankruptcy itself is not advertised. This takes a lot of worry off of clients who do not want friends and neighbours to know their business.

Bankruptcy does have its restrictions. You cannot for instance be bankrupt and also be a company director. For those individuals that we take through a bankruptcy, hardly any will experience any problems with this restriction. For some a bankruptcy will make it difficult to continue in a profession such as accountancy or as a solicitor. For these people we would not advocate bankruptcy but instead an IVA. However consider the benefit of getting your debt written off and knowing you can move on with your life again.

It is also the case that when you declare yourself bankrupt all of your assets vest with the Official Receiver. If you have a house which you own, your share will vest by operation of law with the OR. If you have negative equity, then the OR will probably sell it back to you for £1 plus his costs. We have had very many clients this year with negative equity who have got rid of all their debt, but retained their house as it has negative equity and they can pay their mortgage.

If you are thinking of making yourself bankrupt, it can seem a daunting process. It is good to know therefore that help is at hand and there are companies who can take you through the whole process for as little as £250.

For personal contact, email sthatcher@helpwithdebtuk.com. If you have any debt problem whatsover either personal or corporate make Steve your first call on 0808 160 5577. All telephone advice is free.

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