Bankrutpcy in Scotland

faildeadly85

Have I missed something here?

I'm applying for Bankruptcy later on this month. But I keep reading about people writing their reasosn for bankruptcy, going to court and filling in an SOA. As far as I have been advised, in Scotland, there's one form. You fill in what debts you have, attach the necessary supporting evidence (e. tenancy agreement, evidence of benefits) and send it to the Account in Bankrupting and pay your £100 fee. 5 days after they receive it, you're bankrupt. No SOA to fill in and no court to attend.

It seems so much simpler than the English system, either that or I've got it horribly wrong and the 3 hours I spent filling the form out is wasted!

wildheart83

Nope, we don't have a part that asks for your reasons for going BR. I didn't have any phonecalls from the AiB, but I've read that others have had an interview (either face to face or on the phone) so it might not go amiss to write down your reasons for going BR.
If memory serves me correctly, the AiB does ask for your income & expenditure, but I can't remember whether it's on the forms as well as at the 6 month mark or if it's just at the 6 month mark.

The CAS are brilliant at talking you through the form and the process though, so it might be worth speaking to them? If you make mistakes then the AiB can reject your application and the £100 fee is non refundable. Also if you can hand the form into them in person, they'll check it for you there and then before you hand over your fee.

sniggings

yep two different systems,I guess there are good and bad points to both,to be honest though,my BR could not have been easier,got forums on Monday handed them in on Friday,went to the court on Monday and BR 4 mins later,with no Judge interview,so it can be simple here too depending on the case I guess.

blonde_babe_2

When my hubby went BR (via a trustee), he had a 2 minute phonecall from the AiB, who wanted some extra information on the sources of income that we had.

skintandfat

I went to an Insolvency Practitioner and they looked at my finances and concluded I would be better bankrupt

They filled out the form for me and charged £50 for this and £50 for the certifricate of sequestration.

2 days later I was sequestrated

I had a telephone interview (as I am a self employed joiner, with a home in negative equity).

If you get a call (they make an appointment) have as much info as possible and stay calm. The guy was professional and then sent out a form with all the info on it for me to sign and return

wildheart83

For anyone thinking of BR in Scotland, a money advisor through CAS will help you fill out your forms for free. All you need to do is phone and find out where the nearest money advisor is and make an appointment.

coolcait

skintandfat wrote: »

I went to an Insolvency Practitioner and they looked at my finances and concluded I would be better bankrupt

They filled out the form for me and charged £50 for this and £50 for the certifricate of sequestration.

2 days later I was sequestrated

I had a telephone interview (as I am a self employed joiner, with a home in negative equity).

If you get a call (they make an appointment) have as much info as possible and stay calm. The guy was professional and then sent out a form with all the info on it for me to sign and return

Hi skintandfat

Wildheart is correct in saying that you can get free help and advice from CAB when it comes to going bankrupt, getting help with filling in the forms etc.

I'm a bit worried by the fact that you have been charged for the Certificate for Sequestration. IPS and money advisers are supposed to issue the certificate free of charge - although IPS can charge a fee for any advice they give you.

Did you pay the Accountant in Bankrutpcy fee of 100 pounds in addition to the money you gave the IP?

Or, have you just paid 100 pounds in total (which was probably the AiB fee - though I don't know why the IP couldn't just say that! )

skintandfat

I paid £200 in total

I went to a local IP that I know

They charged £50 for meetings (2 @ 1 hour)
£50 for the certifcate of sequestration

The other £100 was for the AIB fee

I decided to go this route as I really needed professional advice, the IP had all the info and put additional comments on the magins (accountant style)

If 'felt' the right thing to do for me- I always believe in following my instincts and that's what I did

Fixer

I applied for the bankruptcy pack online,when it arrived filled it in sent it off. Two days later a two minute phone call from the accountant in bankruptcy(who were very sympathetic and helpful).Within a week received the certificate of sequestration.