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How long does it take to go Bankrupt

How long does it take to go BankruptBankruptcy can be implemented very quickly. After submitting your application you will normally be declared bankrupt the next working day.

  • Making the Decision to go Bankrupt
  • Completing the Application Form
  • When will you be made bankrupt
  • When will you hear from the Official Receiver?

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The information given on this page relates to going bankrupt in England or Wales. The time it takes to go bankrupt in Northern Ireland and Scotland is different.

Making the Decision to go Bankrupt

Deciding to go bankrupt should not be taken lightly. Before making any decision you must find out how it will affect you. Take your time and review the impact it will have compared to other debt solutions available to you.

You need to consider the implications for your property particularly if you are a home owner. In addition think about the affect on any other valuable assets such as your car.

It is also sensible to find out whether you will have to make ongoing payments towards your debts. If you have disposable income you are likely to be required to do so for 3 years.

Speak to us if you want help to decide whether bankruptcy is the right debt solution for you.

How long does it take to complete the Bankruptcy Application Form

In England an Wales your bankruptcy application is submitted on-line via the Government’s Bankruptcy website. You will have to register to gain access to the application form.

The form requires details about four key arears of your financial situation. The amount of debt you owe and to whom; Your income; Your living expenses and Assets.

If you have all of this information to hand it will normally take between 3-4 hours to fill out. You can save your work, log out and then log in again at a later date if you wish.

You will need to pay a bankruptcy application fee. It can be paid in instalments but must be paid in full before your application form can be submitted.

When will you be made Bankrupt

Once you have paid your fee and submitted your application it is reviewed by the Adjudicator. Officially they have up to 28 days to do this but it will normally be done the next working day.

Given you qualify you will be made bankrupt immediately. They will send you an e-mail confirming that the status of your application has changed.

If the Adjudicatior has any questions about the information you have provided they will contact you and ask. This is usually done via e-mail. Your application will be suspended until you respond.

The Adjudicator is unable to give advice on completing your application. If you require help please contact us about our Bankruptcy Assistance Service.

As long as you qualify for bankruptcy the Adjudicator is unlikely to have any objection to your application. Given this you will normally be bankrupt the next working day.

How long will you wait until you hear from the Official Receiver?

Once you are bankrupt your circumstances are then managed by the Official Receiver (OR). Generally speaking an Examiner from the OR’s office will contact you within a week of your bankruptcy date.

They will want to arrange a time have an interview with you so they can understand more about your situation. This will normally take about an hour and be conducted on the telephone.

The Examiner will speak to you about your debts and how they came about. They may also want to clarify information about your assets, income and living expenses budget.

If you are self employed the OR might want to interview you face to face. You will be able to agree a mutually convenient date and time to do this in one of their local offices.

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