Process of bankruptcy

sammy65

Hi there,

Can anyone tell me the process of what happens when you decide to go bankrupt? I got some advice, and I was told that it would be best to go bankrupt, since I hardly have any income coming in, and have £30k of debt.

I'm thinking of going bankrupt. What happens anyway? Fill in a few forms and send them to an OR? Do you fill it in online? How long after the forms does the OR give you a telephone interview? What's the length of time after the interview do you go to court? How long does it all take? I know I can't pay the debt right now since a student, but at the same time, scared to death of going bankrupt.

Please help!

maxmycardagain

take advice (CAB or CCCS)

complete the forms

go to court

pay the £500 fees

become bankrupt

have OR interview

job done

student fee debts are NOT included and still payable though...

sammy65

I knew that student fees would still be payable, but regarding the £500 in Bankruptcy fees - If you had no money coming in whatsoever, how would it be payable? I have a £2k car, so if they sold that to pay some of the debt, could you do it so that they take the money for the fees out of any assets like my car?

Waspeze

First off i'd phone the court to see what their booking procedure is, some are walk in on the day and some you have to book in advance.
Ask them to send you the forms you need (you can do them online if you want)
You go to court before you the OR contacts you.

Briefly its

1. Book a date at court (if you need to)
2. fill forms out, you might need 3 copies but check with your court
3. go to court, made BR
4. get a phonecall from OR
5. Have an Interview with OR
6. IPA (or not) is set, you sign the form the OR has sent you.
7. Finished (though the OR can ask for anything at anytime so don't throw anything away!)

Cinderbrook

If you look at the debt charities` websites they have a guide to bankruptcy.

CCCS
CAB
National Debtline

Payplan, not a not for profit charity but I found them good.