Thinking about bankrupcy

ozzyio

Hi all, i would appreciate some help,

i owe approx £30k to various debtors, bank loan credit cards etc.

I am unemployed at the moment claiming ESA, i'm getting a lot of phone calls. i was wondering if it would be best to go bankrupt as i hav'nt got a hope of clearing these debts.

Also i understand it costs £750 to declare your self bankrupt is there any organisations that help with the cost.

Thanks in advance

Paul

banksshouldworry

Paul

Make sure that you get some proper advice before going bankrupt.

Call one of the free debt advice charities like StepChange (0800) 138 1111.

To go bankrupt in England usually costs £525 to pay the official receiver and £175 to pay the court fees.

As you're on ESA, you may be able to get help with at least the court fees of £175:

http://www.justice.gov.uk/downloads/forms/hmcts-fees/ex160a-eng-upto-6.pdf‎

There are also some social funds that help with bankruptcy fees but they have strict criteria, eg some are for non home owners only.

I went bankrupt earlier this month and should have done it ages ago. I remember when the credit card/debt chasing companies were calling me day and night making the situation worse. They made lots of empty threats but followed through with none of them. Once I shared my income and expenditure with them they agreed to token payments of a pound each and I strung them along until I had the funds to go bankrupt.

Keep your chin up - it will get better.

longtermplanner

hi Paul,

If you are on ESA you will get exemption from the court fee which means you "only" have to find £525.

Google for:
bankruptcy fees help
and you will find sites which talk about where you can go for help. Check the dates on the pages if they have them as something a few years old may be out of date. Your local CAB would also know if there are any local charities that might be relevant to ask.

macbabypam

Are you ex forces?

My OH was, and The British Legion contributed our fees, for which we were very surprised but grateful