You will need to carry out a number of steps to go bankrupt. These include completing your on-line application form and an interview with the Official Receiver.
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The information given on this page relates to going bankrupt in England or Wales. The steps you need to take in Northern Ireland and Scotland are different.
The decision to go bankrupt is not one you should take lightly. You need to understand the implications of this solution based on your personal circumstances.
In particular you need to understand the likely impact on any valuable possessions such as your house and car. You will also want to know whether you will be required to make ongoing payments towards your debts.
Speak to one of our experienced advisers who will help you analyse your financial situation and decide if Bankruptcy is right for you.
Your Bankruptcy application form needs to be completed using the Government’s on-line system.
First, you have to create an account. You will then be asked to provide lots of information about your financial circumstances
It is vital that the information you submit is correct. It will be used by the Adjudicator to decide whether or not you should be made bankrupt.
The details about your assets and your income and expenses will then be reviewed by the Official Receiver. They will use it to make decisions about what you will have to pay towards your debt and what will happen to anything of value you own.
The Adjudicator is unable to give advice on completing your on-line application. If you require help, contact us about our bankruptcy assistance service.
Once you are happy that all the information you have provided is correct, you are ready to submit your application. But before you can do this, you will need to pay your Bankruptcy Application fee.
The easiest way to do this is use the on-line payment system attached to your application. You can pay by instalments of as little as £5, but you can’t submit your application until the fee is paid in full.
Once you have submitted your application it will be reviewed by the Adjudicator. They will contact you via e-mail if they have any questions.
The Adjudicator has up to 28 days to make a decision. But provided the information you have given is correct, you will usually be declared bankrupt the next working day.
After you have been made Bankrupt you will have an interview with the Official Receiver. An examiner from the OR’s office will contact you within a few days to arrange this.
When you first speak to the Official Receiver they usually just want to introduce themselves and confirm a mutually convenient for the interview. The interview itself will normally take place over the telephone and last around 1 hour.
During the interview you will be asked questions about your financial situation. Following this. a decision will be made about how to deal with any assets you own and whether you will have to pay anything towards your debts.
If you are self employed the Official Receiver may want to interview you face to face. They will request that you travel to one of their regional offices to do this.
You will normally be Bankrupt for 12 months. You are then automatically discharged. Your name will come off the Insolvency register 3 months after this.
It is not possible to be discharged early. However the discharge date could be extended if you do not co-operate with the Official Receiver or are dishonest about your assets
If you are asked to make ongoing payments towards your debts this is called an Income Payment Agreement (IPA). The payments last for 3 years from the date they start.
Need assistance with your bankruptcy? Call us (0800 044 3194) or complete the form below and we’ll call you.