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| essexboy87 |
Posted - 05 June 2013 : 18:28:03
Hi there,
I'm in approximately £25,000 of debt,I'm currently unemployed and have been for a few months now, I owe about 8 different creditors,and getting letters left right and centre from them. I currently don't have any assets of my own,and moved back to the parents because of the unemployment situation.
What would the process be to make myself bankrupt? Because I currently have no income apart from job seekers allowance and no savings etc,also what would I have to pay back if the bankruptcy was successful?
thank you. |
| 4 L A T E S T R E P L I E S (Newest First) |
| Viki.W |
Posted - 05 June 2013 : 23:19:14
Yes, you will need proof of income and you will fill in an expenditure form. You are allowed to pay board to your parents/contribute to bills etc. The OR has guidelines to work to and you are given a strict budget. If after taking all that into account, there is disposable income, that is what you will pay. If no disposable income, then you won't pay anything.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
| essexboy87 |
Posted - 05 June 2013 : 22:51:37
Thank you so much for the helpful replies,
The chances are I will be employed again within a year, so when the OR assesses me for what I can afford to pay back,how will he do this,will he find out my income or will I need to disclose this to them,plus where I live at home,I do have to pay my share of the rent and bills,but they aren't in my name so how would I go about proving my outgoing expenses without them thinking I was being fraudulent? |
| Niobe |
Posted - 05 June 2013 : 19:51:22
Hi and welcome.
I can only echo what Viki says above - please speak to an expert for some free advice. Viki comes highly recommended.
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
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| Viki.W |
Posted - 05 June 2013 : 19:03:00
Hi essexboy87,
You would need to download the forms from the insolvency service website and book an appointment in court. You would get £175 off the fees, so you would need to pay £525 to go bankrupt.
While you don't have an income from a job, you would not be assessed for a monthly payment so would not ay anything back. If you get a job during the one year you are bankrupt, then the OR would look at your income and expenditure to see if you can afford to pay anything back.
Please speak to an expert for advice.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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