How Can I Declare My Own Bankruptcy? A Guide.
This is a question often asked by those who are having debt problems. Since the credit crunch bite in about October 2007, many thousands have seen their ability to pay back debt that they built up in the good times.
Very many have opted to enter simple debt management plans, which can be entered into without penalty when they are ended, if circumstances change.
County Court
Beginning a bankruptcy starts with finding out in which County Court you need to present your petition. Not every county court has what is known as bankruptcy jurisdiction. A call to your local county court and quoting your postcode will allow them to direct you in the right direction.
Documents
You next need to complete your paperwork. The Petition is a mere two pages long and can be completed quite simply. The statement of affairs is longer, running to 35 pages with a whole range of questions. If you feel you need help completing this, there are companies who for a modest fee will help you complete the questionnaire.
When these are completed in full, you need to make three copies. Photocopies are acceptable. It would be better however to produce the forms on a computer and either print off a copy and photocopy it, or print three from a printer. All forms can be downloaded and saved from the government Insolvency website. If you do not have access to a computer, you local court will be able to give you a pack.
Fees
If you are not in receipt of income support you will need to pay a court fee of 150. In addition no matter what your income you will also need to pay the Official Receivers deposit of 360. This goes towards to costs of processing your bankruptcy. These fees are paid at the presiding court when you issue your petition.
Hearing
You need to check carefully what system of hearings your court operates. Some courts, have a turn up and issue system, followed by a hearing later that morning, others have a booking system, which may extend many weeks ahead, others have a system where you file your papers one day and come back for the hearing the next day.
All courts are also different as to how they then make the order. Some courts will simply take the papers to a District Judge who will make an order without seeing you. Others will want to see the bankrupt before making the order.
The Official Receiver
After the Order is made, the OR will call you to arrange an interview. This will take place either in person or over the telephone. It lasts between 1 and 3 hours and takes the form of asking questions on the statement of affairs. You may or may not be asked to agree and income payments agreement. This is where you agree to pay the OR a small amount from your disposable income for 36 months. This is entirely dependent on whether you have spare income left after paying all your bills.
If you need further advice, please speak to an insolvency expert.
Very many have opted to enter simple debt management plans, which can be entered into without penalty when they are ended, if circumstances change.
County Court
Beginning a bankruptcy starts with finding out in which County Court you need to present your petition. Not every county court has what is known as bankruptcy jurisdiction. A call to your local county court and quoting your postcode will allow them to direct you in the right direction.
Documents
You next need to complete your paperwork. The Petition is a mere two pages long and can be completed quite simply. The statement of affairs is longer, running to 35 pages with a whole range of questions. If you feel you need help completing this, there are companies who for a modest fee will help you complete the questionnaire.
When these are completed in full, you need to make three copies. Photocopies are acceptable. It would be better however to produce the forms on a computer and either print off a copy and photocopy it, or print three from a printer. All forms can be downloaded and saved from the government Insolvency website. If you do not have access to a computer, you local court will be able to give you a pack.
Fees
If you are not in receipt of income support you will need to pay a court fee of 150. In addition no matter what your income you will also need to pay the Official Receivers deposit of 360. This goes towards to costs of processing your bankruptcy. These fees are paid at the presiding court when you issue your petition.
Hearing
You need to check carefully what system of hearings your court operates. Some courts, have a turn up and issue system, followed by a hearing later that morning, others have a booking system, which may extend many weeks ahead, others have a system where you file your papers one day and come back for the hearing the next day.
All courts are also different as to how they then make the order. Some courts will simply take the papers to a District Judge who will make an order without seeing you. Others will want to see the bankrupt before making the order.
The Official Receiver
After the Order is made, the OR will call you to arrange an interview. This will take place either in person or over the telephone. It lasts between 1 and 3 hours and takes the form of asking questions on the statement of affairs. You may or may not be asked to agree and income payments agreement. This is where you agree to pay the OR a small amount from your disposable income for 36 months. This is entirely dependent on whether you have spare income left after paying all your bills.
If you need further advice, please speak to an insolvency expert.
