Bankruptcy - My Personal Experience

eveningstar201

insideinfo wrote: »

Hi evenigstar201, I am a debt counsellor and it's sometimes hard to convince a client that bankruptcy is their best option, I always suggest that my clients read the boards on MSE.

What a fabulous account of your experiences. There are many people out there who are worried sick about the BR process. Well done you. I think that newcomers reading your piece will be completely re assured!

Hi insideinfo,

Thank you very much. This forum has been so helpful and comforting to me that I want to give something back. I don't have much expert knowledge like all the others so all I can contribute is my own personal experience and hope it can reassure other people.

eveningstar201

confused76 wrote: »

hi eveningstar
thank you so much for sharing your experience! try not to judge yourself so harshly, we certainly don't!
i have my day in court next month, booked it today!
i found it interesting to hear what the judge said, and the or.
i hope that you are happier nowadays, and what lovely parents you have!!
take care x

Hi confused76,

Thank you very much! I am definitely happier now and I hope that after your day at court, you will be too. Best of luck for next month!!

eveningstar201

Sinderella wrote: »

Hi Eveningstar!

I'm so glad I came across your piece here because I know I need to become bankrupt and the whole process scared me a bit. I can honestly say that now, I actually feel able to go back to the CAB to talk through my petition.

My situation is similar to yours with regards to no income (JSA and child tax credit only), no job at the moment, (made redundant several months ago), no assets but hugh debt from credit cards. Could you possibly tell me from when you first had the appointment with the OC or whoever (sorry not sure who you see first), and filling in the SOA, from that date how long was it until your date to see the judge when you became bankrupt?


Thanks

Sinderella

Hi Sinderella,

From what I have seen from various posts, things work slightly differently in each court so I don't know if my experience will be the same as yours. Let me tell you what I did step by step and hopefully this will help you.

1) I gathered information. Most of it came from from the Insolvency Service website http://www.insolvency.gov.uk/ and of course this forum.

2) I went to the Citizen's Advice Bureau. I just went in the morning and waited until they called me in. It may be possible that you need to make an appointment at your court so it's best to give them a call so as to not waste time http://www.citizensadvice.org.uk/

3) I discussed my options with them and they also came to the conclusion that bankruptcy was the only option for me, as I myself had decided.

4) In order to file for bankruptcy you need, two copies of the Bankruptcy Petition and the Statement of Affairs. You can get these at your local court and fill them out or you can do all this online at https://www.insolvencydirect.gov.uk/isolv . If you decide to do it online, you will need to fill them in but you will still need to print them out. You can read everything step by step here: http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/howtopetition.pdf

5) There are fees which are payable: £150 court fee (but there is a form you can find in the courts that you can fill to get this waived if you meet the requirements) + £360 (you must pay this) + £12 (this is for the fee for swearing an affidavit but it's ONLY applicable if you file in High Court)

6) So once you've filled all your forms, take TWO copies of each (petition and Statement of Affairs) plus the fees (contact the court to find out if they accept cash or cheque or card) and go to the court. Photocopying at the court is extremely expensive so make sure you take two copies of each.

7) As I said, each court is different so it's best to contact your local court to see if they require you to make an appointment: http://www.hmcourts-service.gov.uk/

8) After that, you go to court and take all the forms to the clerk who reads through them to see if you've missed anything and then asks you to say an oath. That's just basically saying something along the lines of "I swear everything I wrote here is the truth bla bla"

9) After that, you wait for the judge to call you into his chambers. This can be on the same day or they could tell you to come a different day if the judge is busy.

10) The judge reads through your forms and decides if bankruptcy is the best option for you. There is a possibility that he may refuse to make you bankruptcy but this is very very rare and happens only if he decides that an IVA or a DRO is the better option for you (See the various options available to you: http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/alternativestobankruptcy.pdf ) If you've discussed this with CAB or any other charity, they are bound to have discussed all the options available with you so it's unlikely that you'll have made the wrong decision.

11) The judge calls you to his or her chambers and asks you various questions such as whether you've taken independent advice on this. I have heard some judges have asked how you got yourself into this situation and criticised you but this is VERY VERY rare so you need not worry yourself about being told off.

12) The judge then declares you bankrupt and signes the form. You have to wait an hour or so to collect the bankruptcy order (official court order that says you are bankrupt) from the court clerk.

13) You will be told that the Official Receiver will call you within 48 to confirm deatils such as your address and contact number etc and to make an appointment for the interview (either by phone or in person) but my OR never called me. I got a letter three days later saying that on review my case, the OR had decided that an interview was not necessary at this stage. If you are told you need an interview with the OR, here is what you can expect: http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/interviewedbytheOR.pdf . From what I've heard here in the forums, most ORs are sympathetic and won't make that interview a misery so I wouldn't worry too much about it. It's highly possible that you won't even be interviewed.

I hope this helps. I re-read my post and it's a bit all over the place because it's a bit early in the morning for my brain to be in gear. I'm sorry if anything confuses you. Send me a PM if anything is unclear.

Best of luck!

EDIT: Omg, I started out in first person and then drifted on to second person... Sorry, this really is all over the place!

insideinfo

This post should be bumped up regularly, great reading for those new to this and facing BR.

Sinderella

Hi Eveningstar!


I really, really appreciate all this. I can't believe, if the court doesn't require you to make an appointment, it can all be done in a day from when you take your papers and fee there. Wow!

Thanks again, I can see that you spent some time on this so cheers and very good luck for the future too.

RecoveringAlcoholic

Thanks for sharing.

I like the signature!

"Never go to excess, but let moderation be your guide." - Cicero

.

eveningstar201

insideinfo wrote: »

This post should be bumped up regularly, great reading for those new to this and facing BR.

Thank you!!! I'm glad it helps!:cheesy:

eveningstar201

Sinderella wrote: »

Hi Eveningstar!


I really, really appreciate all this. I can't believe, if the court doesn't require you to make an appointment, it can all be done in a day from when you take your papers and fee there. Wow!

Thanks again, I can see that you spent some time on this so cheers and very good luck for the future too.

You're most welcome. And yes, it's true. I think people don't realise how quick it can be, if everything works out. I hope your local court is like mine and that you can get it all done in a day. I wish you all the best of luck!!

eveningstar201

RecoveringAlcoholic wrote: »

Thanks for sharing.

I like the signature!





.

Lol! Thanks! I chose this signature because excess was the root of all my troubles!

fermi

Hi eveningstar. :hello:

Thanks so much for posting this.

Must have missed it until now. :cool:

It REALLY helps people who are worrying to see accounts from people who have done it, and are getting through it.

Thank you, and good luck with the ED, jobseeking and future.