How do you go bankrupt?

[Ghozer 112]

Its VERY hard and expensive to do now, When I did it back in 2003 it was quite simple, and cost around £300 (court fees) but its much harder now, and more expensive.

[MuteWitness 10]

http://forums.moneysavingexpert.com/forumdisplay.html?f=136

[punk 10]

IF YOU HAVE CAR KEEP IT OUT OF THE WAY that is about the only thing they would take if you had one

 

Whatever you do don't follow that "advice", you'd have to be incredibly thick to do such a thing. The Official Receiver has access to your financial records and when your credit card/debit card/bank statement show daily payments to the garage down the road for petrol, a recent payment to the post office for a tax disc, monthly car loan repayments & insurance direct debits (etc), you're going to get sent to prison for insolvency fraud.

 

You should definitely get advice before considering bankruptcy. As per the advice above; go see your local CAB. Good luck.

[ricky36 11]

Whatever you do don't follow that "advice", you'd have to be incredibly thick to do such a thing. The Official Receiver has access to your financial records and when your credit card/debit card/bank statement show daily payments to the garage down the road for petrol, a recent payment to the post office for a tax disc, monthly car loan repayments & insurance direct debits (etc), you're going to get sent to prison for insolvency fraud.

 

You should definitely get advice before considering bankruptcy. As per the advice above; go see your local CAB. Good luck.

 

have you have gone banko, they can check, they dont. if you say you have not got a car, they will just accept you have not got a car. get in the real world pal stop reading books.going banko today is a paper excercise nobody checks nothing. only that the forms are filled correctly.

AND i dont like being told I am incredibly thick, I am extremetely resourceful, and I live in the real world. can you relate one instance where anybody in the last ten years that have been sent to prison for failing to decalare a car on a bankrupcy petition.I challenge you to give a link to such A THING HAPPENING

just a car mind nothing else. just one link and then tell me who is incredibly thick. been there done it worn the T-shirt.

And as far as going to the CAB what a useless piece of information the only thing they will do is tell you to set up a scheme of some sort and pay your debts off. KAT DOES NOT WANT TO PAY THE DEBTS OFF SHE WANTS TO GO BANKO. the CAB will only tell her not to do it as per usual and then she is paying a debt for the next few years that need not be paid going banko is no longer a thing to be afraid of.

it is the greatest and best way to clear you debts and get rid of the millstone round your neck. dont tell me the legalities etc I know them. AND EVEN BETTER how to avoid them

[sacredearth 10]

I would thin careully before such drastic action as that! It isn't as simpe as you think. My friend declared herself bankrupt, cost her about £500 she could'nt get a bank account for a year, they came round wanting her car etc and don't think she'll ever get a mortgage...

 

I would only suggest that action if you're in say more than £30k or something.....but then I have never done it nor am I a legal bod or in your situation.

However, there are ways of paying your debt off...search for other threads on here that name the Consumer Credit Service. They'll help you sort it all out.

 

Some banks won't let you have a bank account for 6 years. If you have a BT phone even if your bills are up to date they will end your contract as they do not supply bankrupts. If you own your own house they may force you to sell it to pay off your debts. If you you have a car and need it for work or health reasons you will be allowede to keep it if it is a cheap one otherwise you will be expected to sell it.

If you do still decide to go bankrupt include any addresses you have lived at in the past just in case there is anything you have overlooked or in case someone else has used your name at that address to get credit. You will not be able to get credit over the amount of £250 for three years and you must declare that you are a bankrupt. Hope this helps. If you need any more info send me a pm. Used to do Litigation and Debt management for a living years ago. Plus been there myself and its no fun, you just go round in circles. Depending on how much you owe maybe debt management could help. If you want to talk about it PM or email and I might be able to advise. I don't work in this field anymore but still know a fair bit about it.

[davyboy 17]

Whatever you do don't follow that "advice", you'd have to be incredibly thick to do such a thing. The Official Receiver has access to your financial records and when your credit card/debit card/bank statement show daily payments to the garage down the road for petrol, a recent payment to the post office for a tax disc, monthly car loan repayments & insurance direct debits (etc), you're going to get sent to prison for insolvency fraud.

 

You should definitely get advice before considering bankruptcy. As per the advice above; go see your local CAB. Good luck.

 

Good advice.

When you go for the interview it's the same as if you were in court........lie at your peril!

[Glennis 15]

i'm in alot of debt & before anyone judges me i wasn't expecting to be in the situation i'm in now (not being able to pay credit cards, store cards ect ect....) as things stand at the moment, the ammount i owe & have coming in there's no way i can pay it back & i now have 2 ccjs & nothing to loose (or i don't think i have?).

 

Its a lesson well learnt but does anyone know how to go about it & what happens ect ect

 

 

:help::confused::blush:

 

Go to the citizens advice bureau, they will look at your situation and advise you of the best option ... going bankrupt may not be in your best interests; as there are so many implications in doing so.

 

Avoid the debt agencies that charge for their services ... there is also a governmemt agency that also offers advice.

[md25 10]

Get on the phone now to the various debt advice charities and the CAB. Consider all your options and ask for advice on how to follow each of those options. If, after due consideration, you still think that you should go bankrupt, then do all the court stuff yourself. The civil servant who'll take care of your bankruptcy is the "official receiver". Do not lie about what you own to the official receiver, because if he catches you, you are in severe trouble. Honestly, if you lie then you probably won't be caught, but the downside risk is jail, so you shouldn't chance it. Perversely you'll probably have to cancel all of your direct debits to scrape together the court fees.

 

If you're going to lose a house then you'll need either buckets of cash or a guarantor to secure a private rent, start speaking to estate agents about whether they deal with undischarged bankrupts. If you're going to have to move then you'll need more wads of cash to pay for removal, new furniture and so on. Ensure that the official receiver knows what all that cash you have is for, otherwise he'll give it to your creditors.

 

Good luck!

[feargal 21]

Above it says that you can't get a bank account after being made bankrupt. Does this apply to, say, Post Office accounts too?

 

If a person had looked at various options, but had no option other to go bankrupt, but was still working (earning minimum wage), how would his employer pay him? If he got paid by cheque it'd cost to have it cashed anywhere other than an account in his name?

[boutiquechoc 10]

IF YOU HAVE CAR KEEP IT OUT OF THE WAY that is about the only t

 

Apparantly this will not stop them, as if you have a car and change the owners details before u go bankrupt you'll be in as a much trouble for doing that. If you do have one, i'd change the owners name asap before you file for it and say you sold it to pay off some debts. You may have probs when it comes to insurance, tax etc...I am not sure.

[boutiquechoc 10]

Whatever you do don't follow that "advice", you'd have to be incredibly thick to do such a thing. The Official Receiver has access to your financial records and when your credit card/debit card/bank statement show daily payments to the garage down the road for petrol, a recent payment to the post office for a tax disc, monthly car loan repayments & insurance direct debits (etc), you're going to get sent to prison for insolvency fraud.

 

You should definitely get advice before considering bankruptcy. As per the advice above; go see your local CAB. Good luck.

 

That is what i meant! And to the chap who said get int he real world to this post is wrong. My friend changed her car to her mums name and they came down on her liek a tonne of bricks as the car was parked outside and they knew she had changed it to prevent them from taking it. They were very nasty when they came round to her house apparantly.

[owlsman 10]

Its VERY hard and expensive to do now, When I did it back in 2003 it was quite simple, and cost around £300 (court fees) but its much harder now, and more expensive.

 

Its not, infact its easier. Court costs are around £475 unless you dont earn over £12,000pa??

 

Go to the citizens advice bureau, they will look at your situation and advise you of the best option ... going bankrupt may not be in your best interests; as there are so many implications in doing so.

 

Avoid the debt agencies that charge for their services ... there is also a governmemt agency that also offers advice.

 

Spot on. go to the CAB

 

Good luck!