Frequently Asked Questions about bankruptcy
How does the bankruptcy process work? If you owe a creditor more than 750GBP and have failed to make repayments, then they can petition the court for your bankruptcy. You can also file a petition for your own bankruptcy. A court date will then be set for the hearing. If the judge at the hearing accepts the petition, you will be made bankrupt.
How much do bankruptcy proceedings cost. There is a non refundable deposit of 345GBP, plus a court fee of 150GBP and a 7GBP charge for swearing the statement of affairs if the case is heard in the High Court in London. Sometimes, the court fee will be waived in cases of extreme poverty.
Where are bankruptcy orders made? They are always made at the same court where the petition was filed, either at a local county court or the High Court in London.
What can happen at a bankruptcy hearing? There are a number of possible outcomes. The proceedings may be delayed so that more information can be gathered, the Bankruptcy Petition may be dismissed, an Insolvency Practitioner may appointed to set up an Individual Voluntary Agreement instead, or the Bankruptcy order will be made and you will be declared bankrupt.
What are the possible outcomes of a bankruptcy hearing? If the order for bankruptcy is made, you will be declared bankrupt. However, the judge may choose to delay proceedings pending further information, appoint an Insolvency Practitioner, or dismiss the petition entirely.
Who has the responsibility of dealing with bankruptcy cases? A civil servant known as the Official Receiver administers bankruptcies. They act as a trustee of the bankrupt estate, and are responsible for investigating the financial affairs of the bankrupt.
What happens during the bankruptcy period? Your assets will be shared out among your creditors, and you will face certain restrictions, such as not being allowed to borrow more than five hundred pounds without alerting the lender to your status. You will also be barred from certain jobs and business activities until your bankruptcy period is over.
How will bankruptcy affect my credit rating? Your bankruptcy will stay on your credit record for at least six years, and probably longer. You will also have to mention it whenever you apply for a mortgage or a public service job.
Kristan Brangers has recently been looking into debt help offered by Baines and Ernst and is now creating a debt management plan.
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