Very naive debt ridden newbie question re bankruptcy

fantasia322

Do you have to seek advice from one of the debt charities before you go apply for bankruptcy and does bankruptcy always cost a huge fee

tigerfeet2006

Hi and welcome to the board.

Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only.National Debtline operate an advice on first phonecall system CCCS operate a system of telephone appointments that are designed to be flexible and don’t require you to attend an office based interview. At the CAB you will need to make an appointment with a specialist Financial Advisor; other advisors may not have the specialist knowledge you’ll need.

http://www.cccs.co.uk/

http://www.nationaldebtline.co.uk/

http://www.citizensadvice.org.uk/index.htm

You need to do this as your petition can be postponed by the courts until you have. I have personally seen it happen to a friend of mine who would not listen.

If you’re advised that bankruptcy is the most suitable solution to your financial problems then we can offer the best support and anecdotal advice that you’ll find anywhere on the Web.

Read as much on here as you can, starting with the Bankruptcy Help sticky and that will answer a lot of your questions. But don't be afraid to ask about anything you don't under stand.

http://forums.moneysavingexpert.com/...html?t=1056083

Just remember, as desperate as you may feel at the moment, we have all experienced what you are going through at the moment and with the right support and advice things will improve. It’s not an easy route to take but it is a route that will put you back in control of your life rather than just reacting to events.

The fee is £510. £150 to the courts, you may be able to get remission on this if you are on certain benefits or low income. £365 to the OR, there are some places you may be able to get help with this but the best place to get advice on this is the CAB as there may be local charities willing to help.

MicheH

We paid £510 each for our bankruptcy but I know some people don't have to pay the full amount. Some one will be able to give you the ins and out of it.

Yes, you will have to show that you have had financial advice, the debt charities are a free way to do it. A judge will not grant bankruptcy if s/he can't be sure you have sought advice from professionals andknow the consequences of it

fantasia322

Thank you, I have been a long time lurker here, thinking about handling things and putting it off. I really appreciate the quick replies.