If you are one of the millions who have
been struggling ith debt over the last three years then you may have considered
a number of debt solutions.
Perhaps you have tried something as simple
as a debt management plan, either set up yourself or through a debt management
company. For others, it may have been an IVA put in place for you by one of the
numerous providers who you can see advertising on TV and in the papers and
across the web. In have helped out many people who have tried an IVA but found
that they cannot meet the monthly contributions.
If you have tried these solutions and found
they didn’t work, or if you have realised that your debt problems need a quick
but effective solution, then bankruptcy may be the appropriate solution for
you.
The bankruptcy experience can be daunting
if you have never been involved in producing official paperwork, or been at the
county court before.
You can get help with the bankruptcy
process from organisations such as the CAB or ourselves. You can get your
bankruptcy pack from me, the CAB or the court.
The court clerks are very knowledgeable and
do their best to put you at ease.
When you begin the bankruptcy process you
need to have all your information to hand. This would be details of your income
and expenditure and your assets and liabilities. This will make the process of
completing your statement of affairs. Which is 28 pages long, an easier
process.
If you can complete your paperwork
yourself, you need to take the statement
of affairs and the petition in triplicate to your court. You will also
need a fee of £700 (unless you qualify for a remission). That fee needs to be
in cash.
The court clerk will process your papers
and check, (a) that you at the correct court, (b) your paperwork is in order
and (c) that you have taken appropriate advice. If the clerk is satisfied that
all is in order, then they will process your papers and give you a court
number. They will take your payment, and advise you where to wait to see the
District Judge.
That part of the process should take no
more than 30 minutes.
It may be some time before you can get to
see the Judge. It mainly depends on when he can fit you in between all his other
scheduled work. In some courts the process is structured to enable the Judge to
see you before he starts any of the rest of his days work.
The Judge will be concerned primarily in
ascertaining that you have taken proper advice and you appreciate what the
effects of bankruptcy are. He will check to see that your debts levels are
appropriate for bankruptcy. He will make an order with a specific time quoted.
This will mean that at that moment 12 months hence you will be automatically
discharged.
You will be free to leave they court after
the order has been made.
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