From the 6th April 2016, there will be changes to the way an individual applies for bankruptcy.
The individual won't go to court to apply, there will be no paper debtors petition or statement of affairs as they will need to apply online directly to an adjudicator within the insolvency service.
The fee to submit an online application will be £130 and the official receiver deposit is the same, £525, so the total to apply is £655 and there is no fee remission as there are no court fees, so this fee is the same for everyone. However, similar to a debt relief order, you will be able to pay the fee in instalments prior to sending the application.
The process and what happens when you're made bankrupt is the same as it is now.
Always remember to take advice and have all your options explained before you make a decision.
What happens if you have have no access to a computer?
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
You would need to get assistance, either over the phone or face to face. That person would need to enter the details for you though, there is no alternative paper application.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
I advised my friend to do it now and save the £185 court costs as he is on benefits. Now the costs have been confirmed I would rather lend him the money. I had read about this but was awaiting the costs.
At least it can now be done online rather than going to court which has to be good.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
I imagine they can still chase you as they can with an IVA before it is set up - you just tell them you are going bankrupt and there's not a lot worse they can do to you!
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
Bankruptcy changes from April 2016
Posted - 08 March 2016 : 21:19:57
