Articles Comments

Debt Relief – Insolvency – Bankruptcy Information » Insolvency » The Way to File Bankruptcy/insolvency

The Way to File Bankruptcy/insolvency

Applying for insolvency in the UK can be a scary experience but not an impossible task. For filing bankruptcy individual just need to do your homework properly.

 

There are financial consultancies & agencies are available to assist and guide individual’s during the procedure. There are many Government run agencies which are providing individual free guidance for filing the forms for bankruptcy.

 

The preliminary step is to begin the procedure by filing a insolvency appeal, if an individual files his/her  file for bankruptcy then this will be called a ‘Debtor’s Petition’. If individual wants the help of any agency to file for bankruptcy then bankrupt person need to visit there local court and they will give provide the particulars of nearest county court that deals with bankruptcy investigation.

 

If individual’s creditors, the people owe money to, is forcing to go bankrupt then they will file the bankruptcy appeal. This is then called a ‘Creditor’s Petition’ and can only be filed by those people that owe £800 or more to.

]]>

 

When individual’s file the petition for bankruptcy there is a charge of £390 to the court, this covers the court fee and also the official receiver’s deposit. The charges of filing petition change time to time.

 

When the appeal is accepted then there will be a court date set. This will be for the first hearing date. In this hearing one of the subsequent alternatives are available such as:

 

• The court may need additional information before it make a decision whether to issue a bankruptcy order consequently the proceedings will have to be postponed.

 

• The court has a right to discharge the bankruptcy petition that has been filed.

 

• The court will make a bankruptcy order straight away and individual will be declared bankrupt directly.

 

Once you individual have been stated bankrupt, individual need to have a dialogue with the official receiver. During this preliminary meeting individual has to tell the reasons for declaring bankrupt. The official receiver will weigh up property and legal responsibility, afterwards the trustee is appointed. If individual has no assets or property then he/she will not require a trustee.

 

The trustee is the person that is accountable for selling any property that individual own and distributing the sale profits among creditors.

 

Individual will be set free from bankruptcy normally a year from the date that the bankruptcy order was issued.

 

At all times judge all the alternatives open before individual file for bankruptcy, evaluate everything carefully. If there is no option left except bankruptcy then individual need to upto date information on the entire procedure.

Minkesh Sood is working with Financial Consultancy.

He has a Masters Degree in Business Administration and expert in financial advice.

He writes about various finance related topics.

To find how to clear your debts, repayment, debt clearance

For more information please visit:-

http://loansadvisor.blog.co.uk

RELATED POSTS:

  1. How to use the individual insolvency register What is the individual insolvency register? Basically, this can be a publicly held signup with details of folks who have...

  2. How to File for Bankruptcy: 3 Methods on How to File Personal Bankruptcy That You Must Know How can you start with your bankruptcy? If you want to declare yourself bankrupt you have to start the bankruptcy...

  3. Is there any want to file for liquidation and being deemed insolvent? Most clienteles in the preceding years, used to be highly worried about their high credit card debts. During those times,...

  4. Bankruptcy Lawyer: The Last Resort When You Need to File Bankruptcy You should make sure that you know what does bankruptcy means you before you visit a lawyer to get assistance...

  5. How to File for Bankruptcy in Canada Even with the best efforts and intentions to resolve unpaid debt, in some cases declaring bankruptcy is the only option...

Written by

Filed under: Insolvency · Tags: ,

Leave a Reply

Connect with Facebook

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player