subject: Help filing in bankruptcy forms [print this page] Help filing in bankruptcy forms Help filing in bankruptcy forms
Do you need help filing in your bankruptcy forms? Are you at a stage in your finances when you simply cannot afford to make payments to any of your creditors? If so you may be thinking of seeking a bankruptcy solution. Here at Help With Debt, we walk people through the bankruptcy process every day of the week in County Courts up and down the country. We have excellent experience in making sure that bankruptcy petitions are processed and accepted along with the 30 page statement of affairs.
It is vitally important to make sure that the Statement of Affairs is correctly and accurately filled in as the Official Receiver will be able to ask you for monthly payments if your statement indicates to him that you have disposable income.
This is known as an income payments agreement. We have had a case come through us where an individual was due to do an IVA. It was rejected as the creditors would not accept an offer of 500 per month. We took him through the bankruptcy process and were able to get the official receiver to accept payments of 75 a month for 36 months. This client saved nearly 27500 by doing a bankruptcy instead of an IVA.
Bankruptcy is seen by some people as a very drastic measure and one which they don't wish to take. However it is now the case when you are made bankrupt the bankruptcy itself is not advertised. This takes a lot of worry off of clients who do not want friends and neighbours to know their business.
Bankruptcy does have its restrictions. You cannot for instance be bankrupt and also be a company director. For those individuals that we take through a bankruptcy, hardly any will experience any problems with this restriction. For some a bankruptcy will make it difficult to continue in a profession such as accountancy or as a solicitor. For these people we would not advocate bankruptcy but instead an IVA. However consider the benefit of getting your debt written off and knowing you can move on with your life again.
It is also the case that when you declare yourself bankrupt all of your assets vest with the Official Receiver. If you have a house which you own, your share will vest by operation of law with the OR. If you have negative equity, then the OR will probably sell it back to you for 1 plus his costs. We have had very many clients this year with negative equity who have got rid of all their debt, but retained their house as it has negative equity and they can pay their mortgage.
If you are thinking of making yourself bankrupt, it can seem a daunting process. It is good to know therefore that help is at hand and there are companies who can take you through the whole process for as little as 250.
