Bankruptcy Information – Best Bankruptcy Information in UK.
Bankruptcy Information provided by clear money solutions. When looking for bankruptcy information it is important to get the bankruptcy information that is tailored to you as bankruptcy affects everybody differently depending on your circumstances.
Bankruptcy information - who is eligible for bankruptcy?
Any individual in the UK (as long as you’ve been resident for 6 months) owing over £750 can file for bankruptcy. To be able to file for bankruptcy you need to be classed as insolvent, which means you cannot afford to make repayments to the debts when they fall due. It is best not to have any assets when you go bankrupt this is because when you file for bankruptcy you will lose assets usually with the single value over £1000. Cars, Paintings, Stamp Collections, Savings, equity in property can all be classed as assets.
Bankruptcy information – how to file for bankruptcy?
To be able to file for bankruptcy, it is best that you get bankruptcy information from experts first to ensure that you are eligible, to go through your circumstances and let you know what effects bankruptcy will have on you when you file for bankruptcy. Our experts will speak to you for free on 08001303007.
Once you have decided that bankruptcy is the right option for you, you will need a set of legal documents called a bankruptcy petition and statement of affairs. This will give the bankruptcy courts all the bankruptcy information they need to be able to make a decision on your bankruptcy. The bankruptcy information included on your petition and statement of affairs includes income, expenditures, assets, how the debts came about and what debts are owing. You will need to submit your documentation to your local bankruptcy court.
Bankruptcy information – What happens at the bankruptcy court?
The main reason that you need to attend your local court is because it is a legal document you will need to sign the paperwork under oath to declare that the information that you have provided is true and correct. The main part of the bankruptcy court can be seen as an administrative process rather than having to stand up in a court room, declaring where the money went and having to justify why you cant make repayments and have to go bankruptcy. This is not the case. Majority of the work is done behind scenes with the official receiver and their team. Once complete you will be called back to the bankruptcy counter where you handed in your documentation and declared bankrupt on the same day. You will get a bankruptcy certificate to declare that you have been made bankrupt and you are now debt free. The creditors are legally not allowed to hassle you from now or in the future regarding your previous debt.
Bankruptcy information – What are the bankruptcy restrictions and how long am I bankrupt?
The restrictions of bankruptcy are:
- You are not allowed to obtain finance over £500 without disclosing to the companies that you are a current bankrupt
- You will lose your assets in bankruptcy (usually over £1000)
- There are restrictions on certain employment which we class as higher profile employment, company directors, accountants, solicitors, police officers, certain civil servant positions. Check with HR if unsure.
- Vehicles – If your vehicle is over the value of £1000, be prepared to lose the car. If it is under you will need to justify the need for the car. Employment, children, disability etc. If it is purely for luxury it could be taken by the official receiver.
- Property – If your property has no equity you should be fine to keep the property. If it has equity (usually over £10K, you may be forced to release the equity to the official receiver, by means of sale) If you live with friends, family or rent your property should not be affected.
- You will be subject to the above restrictions for 12 months if you are a first time bankrupt. After 12 months you are discharged from the bankruptcy and are no longer bankrupt or held to the above restrictions.
If you need further bankruptcy information or would like free advice on how to file for bankruptcy give our bankruptcy information experts a call on 08001303007 or click on the banner below and our bankruptcy experts will give you a call.