At Bankruptcy Guide, our mission is to provide comprehensive guidance that lifts the stigma surrounding going bankrupt. We explain the implications in clear terms and help you make an informed decision about whether this is the correct debt solution for you
Whether you just want to find out more about this option or you are about to embark on the journey, having bankruptcy explained by an experienced professional who has already guided many people through the process is the best way to go.
Bankruptcy assists people to manage debts which they are unable to repay. It allows excessive debt to be written off. This means you can draw a line under your problems and move on with your life.
Going bankrupt typically involves the following steps:
The application form is accessed by registering on the Government’s online system. Once you have registered you can log in and begin completing your form.
There is no information or advice about how to complete your application on the Government’s system. For assistance, get in touch with us today.
You cannot submit your completed form until the required fee has been paid. This is done via the application system. Your payment needs to be made using a credit card or debit card. The card account can be in your name or someone else can make the payment for you.
Once you have submitted your application, an Adjudicator has up to 28 days to decide whether or not you should be made bankrupt. In most cases, this will actually happen much more quickly.
After you are made bankrupt, it is likely that you will have a telephone interview with the Official Receiver. The purpose of this is for them to find out the background of your situation and why you decided to go bankrupt. They also need to consider what to do with any assets you have such as your car.
If your circumstances are more complex, you may have to attend a face-to-face interview at the Official Receiver’s office. This could happen if you run a large self-employed business or owe a significant amount to HMRC.
We can advise you on how to approach these interviews so you feel confident and fully prepared before having them.
The information you give in your application about your income and expenses will be used by the Official Receiver to determine if you can afford to pay anything back towards your debts every month. If they believe you can, you will receive an IPA (Income Payment Agreement).
An IPA lasts for 3 years. In other words, you have to continue paying after your bankruptcy itself is already over.
You will be bankrupt for 1 year in almost all circumstances. After a year, your bankruptcy ends and you are automatically discharged.
Your discharge happens on its own. The official receiver will not provide you with a letter of confirmation.
The Importance of Bankruptcy Explained
Having Bankruptcy Explained in a way that you fully understand is crucial. Making any kind of financial decision requires knowledge of the topic and an understanding of what comes with it. On top of any existing problems that may be arising due to your money, the last thing you want is to make the wrong choice when it comes to bankruptcy.
This also applies to people who are already bankrupt. If you have already been made bankrupt and are already dealing with the Official Receiver, not understanding an important step or a piece of documentation may cause problems.
The process should be seamless and provide you with an opportunity to reclaim your financial stability. This is how we can help. Bankruptcy Guide is ready to ensure you fully understand every step and that you are making decisions that are right for your situation.
How we Approach Bankruptcy Explained
All information, advice and assistance is provided by James Falla. James has over 20 years of experience and has gained an extensive range of knowledge to provide the best, confidential and personal bankruptcy advice.
Here at Bankruptcy Guide, we understand that approaching bankruptcy can be daunting, especially given you have limited prior experience.
For this reason, we provide guidance personalised to your circumstances at every stage of the process. This ensures you can move through your bankruptcy journey with confidence.
Reach out to us today. Have bankruptcy explained and get started.