Bankruptcy Fees

distressedpleasehelp

Anyone know how much the fees are for going bankrupt in Scotland?

I don't mean the £100, I mean the fees it costs to process the bankruptcy.
I'm so unhappy being bankrupt. I really want to get out of mine and just wondering how much would be added to my debt. So I can get a figure to aim towards.

philnicandamy

Information for those in Scotland.


Advice on bankruptcy.

• Consumer Credit Counselling Service (Scotland) - Website: CCCS Telephone: 0800 138 3328
• National Debtline (Scotland) - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

Others:

• Business Debtline Scotland - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

.
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Accountant in Bankruptcy (equivalent of the English Insolvency Service).

Main website: www.aib.gov.uk

For general queries about insolvency (but not debt advice) you can contact: General helpline - Tel: 0845 762 6171 - Email: [EMAIL="Helpline@aib.gsi.gov.uk"]Helpline@aib.gsi.gov.uk[/EMAIL]

Bankruptcy

Low Income Low Assets.

Debt Arrangement Scheme

Trust Deeds

Bankruptcy after 1 April 2008

• DAIP - Debt Advice and Information Pack
• Debtor's Guide
• Creditor's Guide
• Bankruptcy Restriction Guide
• Trust Deeds Guide

Bankruptcy before 1 April 2008 (follow for links)

jonliv

distressedpleasehelp wrote: »

Anyone know how much the fees are for going bankrupt in Scotland?

I don't mean the £100, I mean the fees it costs to process the bankruptcy.
I'm so unhappy being bankrupt. I really want to get out of mine and just wondering how much would be added to my debt. So I can get a figure to aim towards.

Sorry to hear Br has made you SO unhappy (not that I am bouncing of the walls with happiness)

http://www.aib.gov.uk/Resource/Doc/4/0000529.pdf

This link tells you how to go about trying to get the Br petition recalled
It does not give any idea of the costs

Did you take advice on the consequences of bankruptcy before you applied?

I went over everything with the CAB they were very helpful and so were the AiB

Good luck

Jono

fermi

Not sure about Scottish stuff, but maybe this helps?

Details of new fees payable to the AiB in bankruptcies (PDF)

distressedpleasehelp

Thanks Fermi, that helped. I reckon my costs would be around £1600.

Jono, I can't afford to recall the bankruptcy or I wouldn't have gone that way already. I just read on these boards that you can pay around 25p in the £ plus fees and not recall it but end the bankruptcy. Not that I can afford that either but I guess just unhappy, scared, ashamed and desperate for a way out.

I had a feeling of doom about the application and then the same week I went bankrupt, I my best friend died and a close family member was taken into hospital and given a terminal diagnosis. I just feel like its all my fault, a sort of punishment for my sins!

I'm mixed up and confused, and no I don't think I was given good advice from my CAB, I look back now and feel I was lulled into it.

hattybee

You’re probably thinking of an Offer of Composition.
At any time during your sequestration you can propose an Offer of Composition to your creditors - a voluntary agreement with your creditors to part-pay your debts.
An Offer of Composition must be able to pay at least 25p in the pound to all your creditors, as well as your trustee’s costs and fees.
It must be agreed by at least two-thirds in value or a majority of your creditors.
If the Court approves the offer, you will be discharged from bankruptcy.
If you are unable to pay what you have agreed, the composition will end and your sequestration will be revived.
They’re very rarely used, but can work.

Captain_Obvious

distressedpleasehelp wrote: »

Anyone know how much the fees are for going bankrupt in Scotland?

I don't mean the £100, I mean the fees it costs to process the bankruptcy.
I'm so unhappy being bankrupt. I really want to get out of mine and just wondering how much would be added to my debt. So I can get a figure to aim towards.

I went bankrupt in 2009 (got discharge letter this morning) and I only paid £100 and that was it. £28,000 of debt GONE !