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Bankruptcy Help

Do you need Bankruptcy Help? Hamilton Price could help you back on the road to financial recovery!

Bankruptcy is one way for a person struggling with debt to become debt free. Your money is shared out amongst your creditors (the people you owe money to) and most of your debts are written off. There are other options available to people struggling with debt and you should speak to an expert to find out which option is the best for you. You could call our  24hr helpline: 0800 088 2599 to speak with one of our expert advisor’s about your options today.

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Is Bankruptcy right for me?

If you’re not sure whether Bankruptcy is the right thing for you ask yourself the following questions…

 Are you struggling to repay your debts?

 Do you feel stressed by lenders contacting you about payments?

 Are you worried about debts affecting your personal life?

 Do you feel that your financial situation is out of control?

If you answered yes to any of the questions above, then Bankruptcy may be the best solution for you.

Why not try our free Bankruptcy Help debt test today to see how we could help you!

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View our Bankruptcy Help frequently asked questions

What is Bankruptcy?

Bankruptcy is one way for a person struggling with debt to become debt free. Your money is shared out amongst your creditors (the people you owe money too) and most of your debts are written off. There are other options available to people struggling with debt and you should speak to an expert to find out which option is the best for you.

How to go Bankrupt?

Either you will make a petition to the court, or someone else will petition to make you bankrupt. This means that a form will be submitted to the courts with information about who you are, where you live, how much you owe, what asset’s you’ve got, who your creditors are, whether you’ve been bankrupt before, and whether you’ve been through any other insolvency procedures in the last five years. You’ll be given a copy of any of the information given to court.

If someone else has asked for you to be made bankrupt, you’ll be made aware of it by the court. If you don’t want to be made bankrupt you’ll need to prove that you don’t owe the person applying money, or you’ll need to pay back any money you do owe them.

The first stages of the bankruptcy processes are usually managed by an official receiver, who works for the Insolvency Service. They are normally your trustee, unless an insolvency practitioner takes on that role. Your trustee explains the bankruptcy process to you and sells any goods or assets that you own which are not everyday household items or things needed to do your job.

If your bankruptcy is approved, you’ll have an interview with the official receiver, either by telephone or in person. Face-to-face interviews can take up to three hours, and telephone interviews last around half an hour. You must attend this interview and co-operate with the official receiver for the bankruptcy to run as smooth as possible. If you don’t, the bankruptcy may go on longer than the usual twelve months or you may have to attend court. It helps to be prepared with the information the official receiver needs. You’ll need to tell them everything about your finances, including all debts, bank accounts, assets, and changes in income. You will need whatever paperwork you have to prove what you’re telling them; the receiver will tell you exactly what paperwork you’ll need before the interview. You should also tell them if you need special help (if you have a disability or difficulty), there’s anything that needs to be sorted out urgently, or you need more time to find paperwork for the meeting.

 If you get a questionnaire, fill it in and return it as directed. If you don’t understand anything, note in down on the form.
 Your creditors will receive a report of your assets eight to twelve weeks after your interview.
 If you’ve broken the law in your financial dealings the Insolvency Service will be told
 Your trustee may advertise in the newspaper to ask your creditor to make formal claims on your debt.

Can I go Bankrupt and keep my house?

If you do not have enough assets to pay your creditors without selling your house, it can be sold as a part of the bankruptcy procedure.

If you’re the sole owner of the property, the house will be sold and any money left after paying off the mortgage will be used to pay off your debts.

If you own the property jointly with someone else your share of the equity in the property will be used to pay off your share of the mortgage and any money left will be used to pay off your debts.

If you have a partner, spouse or former spouse, or children living at the property, the trustee usually can’t sell the property without your permission for a year after the date of your bankruptcy. If after three years there’s less than £1000 equity remaining in the house then your house will not be sold and the ownership will not return to you. If more than £1000 equity remains after this time, the house may still be sold and a charging order will state the amount that will be taken from the sale towards repaying your debts.

You can stop the sale of your house if a family member or friend buys out the equity in your house. They must contact the trustee to do this.

If you fall behind with your mortgage payments, your lender may sell your home. This is not a part of the bankruptcy but can happen at the same time. You should tell your trustee if this happens to you.

How much does Bankruptcy cost?

Bankruptcy is not free. If you wish to declare yourself bankrupt, you must pay £180 to the court in advance, and you must pay a deposit of £525 to the official receiver managing the bankruptcy.

If you wish to declare someone who owes you money bankrupt, the court fee is £280 and the deposit to the official receiver is £750.

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