Bankruptcy Help

Benson7150

Hi Guys

I am considering Bankruptcy as I have over £20,000 of debt and it is really getting me down now. I have tried for years to clear it but find IVA's and DMP options dont seem to work.

Question 1- how long does it normally take to go bankrupt from application to the court ?
Question 2 I am worried that I will pay £700 to go bankrupt then it may get rejected which will put me further in debt
I was feeling really positive about it but keep having second thoughts but I can no longer go on living on the absolute breadline

Any advice or help greatly appreciated

Cheers:)

Keeping_Positive

Hello

its good you are looking for help and advice. The is a separate bankruptcy board that has loads of great advice.

Also it's essential to get advice from a recognised debt charity such as step change, cab . Step change were excellent for me,.

it's not easy but 4 months on I'm so glad i did it.

Good luck

Keeping_Positive

Q1 . It varies take time to look into it and ensure that it's the best way for you. Then get everything in order ie bank account and information for the forms. Actually going bankrupt is half a day if which 5 mins if that in front of a judge most is just waiting.

2. If you get advice from an approved source ie step change or cab and tgey agree bankruptcy is a good option the court is very unlikely to not sign off on the application

dancingfairy

Hi. I was going to say a maximum of 3 hours altogether. You turn up to the courts, say you want to go bankrupt and then they process you. Obviously it depends on how busy it is on that day and whether the judge wants a quick word or not but basically they check your forms and rubber stamp it.
I've never heard of anyone being turned down. You have to be insolvent (ie can't meet your bills as they become due) and you have to have taken advice from a debt charity to make sure you understand the implications.
Just make sure when you do your budget for bankruptcy that you set a realistic budget as you will not be allowed to get any more credit (obviously) so you will need to make sure you have allowances for holidays, emergencies, presents, haircuts etc.
People on the bankruptcy board will help you when you get to the point of needing to fill the forms out to.
Why not head over to the bankruptcy board? Here: http://forums.moneysavingexpert.com/forumdisplay.php?f=136
df