Thinking of going bankrupt

petec33

Hi,

I am currently on an IVA and am thinking of going bankrupt as i am still struggling to make ends meet.
I pay £211 on my IVA every month and just wanted to know how much i would be required to pay for bankruptcy and for how long does anybody know?
Also if anybody can tell me a bit more about how bankruptcy works and what documents and stuff i might need to produce i would be grateful.

Thanks

RichOneday_2

Another mis-sold IVA by the looks of it - no surprise there!

Bankruptcy costs about £495 although you can get £150 waived if on benefits.

You need to ring CCCS first though and explain what you're thinking of doing. If they then agree come back here re the ins and outs of preparing for BR.

dalip

petec33 wrote: »

Hi,

I am currently on an IVA and am thinking of going bankrupt as i am still struggling to make ends meet.
I pay £211 on my IVA every month and just wanted to know how much i would be required to pay for bankruptcy and for how long does anybody know?Depends on your income and surplus after allowances,which are far more generous than when in an IVA.The fees for bc itself are £495
Also if anybody can tell me a bit more about how bankruptcy works and what documents and stuff i might need to produce i would be grateful.You have to fill in 3(usually)copies of your SOA,go along with these at an appointed time to your local court,pay the fee, the judge then declares you bc. You have a brief chat with the official receiver on the day,they then make an appointment to speak to you in depth about why,when, ect you went bc.The OR usually asks for 12-24mths of bank/credt card statements,copies of rent agreement,any original loan application paperwork.Thats more or less it.

Thanks

I have simplyfied it but you get the gist. First thing you must do it ring and get proper legal advice as the judge can and will decline your petition for bc if you have not sought advice prior to bc.Can i ask who you have your IVA with?.Anything else fire away.D