Bankruptcy Advice

andyred03

Need some advice on whether bunkruptcy is the right thing, How to go about it and what the costs are. My mother and father had thier home repossesed 2 years ago after several years of struggling. They are now being chased for the shortfall after the house was sold. This is £32000! My father is 55 and a sub contractor with work costantly stop start. My mother is 53 and a factory worker on just over minimum wage. She is becoming increasingly worried and its making her seriously ill. I just want to know if bankruptcy is their best option and if so what they need to do. they had a guy come round offering to make them bankrupt and wipe the debt but for a fee of something like £2000. How easy would it be for them to do it themselves?

Any advice is much appreciated

Thanks
Andy

Sunnylooloo

Andy I would advise you to seek help from one of the Debt Charities first.

Maybe see if you can make an appointment at your local CAB office and go with them? or call one of the Debthelplines. They will be able to give you good sound independent advice, I really don't likethe sound of "some guy" coming round! Doesn't sound right to me?

Re: the house and the shortfall someone with much more knowledge than me will be along to give you some advice on that

LL

andyred03

Thanks sunnylooloo

dojoman

As SLL says please contact one of the debt charities, links below. No one needs to pay anybody to go through the BR process.



https://www.cccs.co.uk/
https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/

sizzler

Hi there and welcome as sunny says get some advice asap.

Whatever you do do not let them pay somebody £2000 to do it:mad:

pnone cab and cccs. THEY ARE FREE.

Once you get some more info let us know and we will help all we can.

Any questions let us know.

Health is more important so advice sooner and problem can be dealt with.

Best of luck sizz:)

debtinfo

Hi Andy, we cant say if it is the best option, as this is a decision they have to make themselves, we can answer any procedural questions you have though. We always advise that anyone considering bankruptcy speak to a debt charity who will give free independant advice, the most well known of these are the CAB, CCCS or national debtline, numbers in the sticks at the top. They should also look at the other options involved including IVA's and Debt Managment plans to make sure they have a good understanding of their options (even if this is not the path they want to go down).

Petitioning for there own bankruptcy is relativly stright forward to do themselves unless they have extremely complicated circumstances, They certainly dont need to spend £2,000 for help doing this. If they make the decision to go for bankruptcy you can ask on here for help in filling in the forms.

The actual process is very straightforward, they fill in a petition form and a Statement of affairs form and go to court with there fees, Sometimes you have to book a date with the court and a quick call to the local court will tell them what system they operate.

The costs are at the moment £360 for the bankruptcy deposit plus £150 for the court fees. From April 6th the deposit is rising to £450. If they are on certain benefits sometimes the court fee is waived.

Hope that helps feel free to ask any other questions