Bankruptcy....I need help.

pwnhorde

Morning,

I lost my job and got divorced all this year...what a year it has been. I have spoken to CCCS and they have recommended bankruptcy is my only option. Due to the divorce I have been lumbered with approx 70k of unsec debt and I only earn 15k annually.
I am under the impression I have to pay to become bankrupt but I have no idea how on earth I am going to come up with this money to do so. I am wondering are there any circumstances where by I can get a reduced rate or even fee exempt.

Your thoughts are appreciated
Pwnhorde.

Angiepange

Hi

You do have to pay to petition your own Bankruptcy, I think the fees are £600 now.

You can get some assistance if you are claiming certain benefits, but hopefully someone with more knowledge on that will advise you.

Otherwise this link here is worth a read, in case you may be entitled to help from charities and service providers.

http://forums.moneysavingexpert.com/showthread.html?t=1167839

tigerfeet2006

If you are on certain benefits or low income you can get a fee remission on the court fees of £150 but you still have pay the OR's fee's of £450. You may be able to get help with the other fee's from various charities.

Some links for you from the Bankruptcy help sticky.
Court fee remission and forms.

• HMCS - Court fees do you have to pay them? (And guidance on completing the fee remission form). (pdf)
• HMCS - Form EX160 - Application for a fee remission (pdf)
• Example application for a fee remission based on gross annual income - EX160 (Thanks to NE Derbyshire CAB)
• Example application for a fee remission based on permitted benefits - EX160 (Thanks to NE Derbyshire CAB)
• Possible assistance with Bankruptcy costs / fees (Thanks to NE Derbyshire CAB)

Have a good read of the Bankruptcy Help sticky as well, there is some useful info n it.

https://forums.moneysavingexpert.com/discussion/1056083




Stop paying all creditors, just pay essential living bills, and put the money towards the fee's. Cut back on everything as far you can and put it towards fee's. Do you have any money left on an overdraft or credit card? If so you can use this for the fees, not ideal and the OR may frown but they do understand.

Do some of the challenges in the challenge sticky on the Debt Free Wanabe board to raise some pennies, every little helps.

One poster sold things like her microwave, settee and bed in the local paper and then used that money for the fees. She replaced the items using Freecycle/Freegle.

johnygambles

Listen to the last comment...If you are going bankrupt, which in my opinion is your best option, then you must STOP paying Banks Building Society's, Credit cards and other unsecured debt.
Take time to write a letter stating that you are finding it difficult to pay them and suggest that they freeze all activity with immediate affect unit your position get better and insert a cash flow situation, but don't tell them of your intentions to go bankrupt. All this will do is less pressure and less threatening letters coming through the door, but well worth it.
Save what you can to pay the Courts (sounds scary but it isn't) and like me you will start looking at potential money making opportunities.
Give the Banks F' all cuz one things for sure they give you nothing but hassle as you will find out. I had a nightmare with a black horse after 22 years of loyalty the kicked me when I was down.
Good luck