In order to go Bankrupt you need to complete an application form. It is very important that this is done correctly.
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The information on this page refers to bankruptcy in England and Wales. If you live in Northern Ireland or Scotland the process is different.
In England and Wales the bankruptcy application form must be completed on-line. As such before you can start you will have to create an account on the Government’s system.
You will need access to your e-mail to to create your account. You will then be given access to both the form and payment system. The form has 8 sections.
You are required to give information about your personal circumstances, your assets, debts and income & living expenses. You must complete each section in full before moving on to the next.
To find out more about the information you will have to provide you can download a paper version of the form. Go to this page: The Steps to go Bankrupt and click on the “Download Bankruptcy Forms” button.
There are a number of personal details you have to provide in the first 3 sections of your bankruptcy application form. In particular you will have to give information about where you live.
You must to state whether you live in a property you own or that you rent. If you rent you will have to give the name and address of your landlord. However they will not be told of your situation.
Information about your employment will also be required. If you are an employee you will be asked for the name and address of your employer. Again do not worry they will not be informed.
You must list your bank accounts on your application form. Depending on the type of account you have you may need to open a new account.
Clearly you will be asked about any property you have an interest in. You will also need to give details about a vehicle that you own.
In addition information will be required about any life insurance that you have. Where you have a policy you may need to buy back the interest in it from the Official Receiver after you go Bankrupt.
You also have to provide details of any non state pension policies. Any funds currently saved in a personal or company pension are protected. However ongoing payments into the funds might have to be reduced or suspended.
You will normally be allowed to keep all of your household belongings. The only things at risk are those which individually are worth £500 or more on the second hand market.
You should list all of your unsecured creditors in section 5 of your application form. You will need to give both the name and address of each creditor.
Try to add the account or reference number for each if you have one. This is not manditory but will help when the Official Receiver writes to the creditor to inform them you are bankrupt.
You will be asked to provide the outstanding amount owed to each. This does not have to be an exact figure. When asked what date the debt started give the date it was first taken or in the case of a credit or store card the date you first stared using it.
If you cannot remember all of your unsecured debts do not worry. They are included whether you list them or not.
One of the most important parts of your application form is section 6: Income and Expenses. The Official Receiver (OR) will use this information to calculate whether you should make ongoing payments towards your debts.
You should include all forms of income including wages (after tax), pension receipts and benefits you receive. If you get DLA or PIP include this as well. However it will be cancelled out by including the same amount under “PIP Expenditure” in your expenses budget.
If your partner or other members of your family also receive income you must include this as well. The OR needs this information to ensure that they are contributing their fair share to the household expenses.
Download our free Living Expenses Guide to find out more about the amounts you will be allowed to include in your bankruptcy living expenses budget.