Bankruptcy nuts and bolts of it?

StevedeadlyStevedeadly Forumite
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What is required to actually go bankrupt?

do you need up to date balances and loads of details of all your debtors or does it automatically cover all debts?

how do you go about including all the future council tax for the rest of the year?
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  • cymruchriscymruchris Forumite
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    You fill out the form, go to the court, pay the fee, and that's about it. 

    You'll then likely get an interview from the official receiver to discuss the ins and outs, which can take a couple of hours, and if all is within the scope of a regular bankruptcy without any hint of fraud or deception, that's as far as it goes until you're discharged.

    The OR will speak to all of your debtors to inform them of your bankruptcy, and you'll also have a document from the court recording this fact that you can also then share with others. If anyone keeps knocking on the door, or writing letters, you can send them a copy which will include all the relevant details, and they should then leave you alone.

    It's best if you know who all your accounts are with, and at least have an idea of the outstanding debt, even if you don't know it to the exact penny.

    There are certain types of debts that aren't covered by bankruptcy.

    You might want to put together what's known as a statement of affairs - SOA - so that we can see a little more of where you're at to be able to advise further.
    An ex-bankrupt on a journey of recovery. Feel free to send me a DM reference credit building credit cards from the usual suspects :) Happy to help others going through what I've been through!
  • hugh6989hugh6989 Forumite
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    You can do the form online and pay ,the interview will likely be a phone call mine was had most of the balances but explain when you get the phone call 
  • edited 27 June 2020 at 8:29PM
    sourcratessourcrates Forumite, Board Guide
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    edited 27 June 2020 at 8:29PM
    The process is now online only, you fill in the form, pay the fee, job done.

    You’ll need to provide information about your income, outgoings and debts, including:

    • wage slips
    • benefits or pension statements
    • bills - for example, electricity, credit card and council tax
    • letters from a bailiff or enforcement agent
    The OR will conduct a telephone interview with you, at a pre-arranged time, and your situation will be discussed, you will be told if an IPA is applicable or not, and if things are fairly straightforward, that, as they say, is that.
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  • StevedeadlyStevedeadly Forumite
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    Thanks all

    i would go ahead but can’t raise the fees just yet
  • cymruchriscymruchris Forumite
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    Thanks all

    i would go ahead but can’t raise the fees just yet
    Are you paying minimum payments towards any credit card debts that will be included in your bankruptcy ? If so, stop paying them to afford the fee. The OR will understand you taking this action. 
    An ex-bankrupt on a journey of recovery. Feel free to send me a DM reference credit building credit cards from the usual suspects :) Happy to help others going through what I've been through!
  • cymruchriscymruchris Forumite
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    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    The process is now online only, you fill in the form, pay the fee, job done
    I hadn’t realised it had become online only, good to know 👍
    An ex-bankrupt on a journey of recovery. Feel free to send me a DM reference credit building credit cards from the usual suspects :) Happy to help others going through what I've been through!
  • hopper01609hopper01609 Forumite
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    I have paid half of the money for br and bricking it :(
  • StevedeadlyStevedeadly Forumite
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    I have paid half of the money for br and bricking it :(
    How have you paid half? Why are you worried surely you should be relieved right
  • StevedeadlyStevedeadly Forumite
    22 Posts
    10 Posts
    MoneySaving Newbie
    Thanks all

    i would go ahead but can’t raise the fees just yet
    Are you paying minimum payments towards any credit card debts that will be included in your bankruptcy ? If so, stop paying them to afford the fee. The OR will understand you taking this action. 
    Thank you, this is very helpful I will do this now.
  • hopper01609hopper01609 Forumite
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    I have paid half of the money for br and bricking it :(
    How have you paid half? Why are you worried surely you should be relieved right
    Just online you can pay as little as £5,but yea I should be relived 
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