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NoMoney
Starting Member
14 Posts |
 Posted - 26 January 2010 : 16:42:00
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Hello Forum,
I just thought of asking if a person in debt needs to get a professional or company to help in filing a bankruptcy, or can you do it on your own?
I'm a bit hesitant doing it on my own, but unsure if I can afford to get assistance.
Thank you.
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 26 January 2010 : 17:08:31
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No, you can file for your own bankruptcy and fill in the forms yourself. You do not need to pay for a professional company to help you.
However, having said that, most District Judges these days expect the debtor to have taken professional advice. It certainly helps to have assstance as any potential pitfalls can be sorted out before the bankruptcy. A professional could save you money in the long run as they will know the expenditure that you are allowed in your Income and Expenditure form. If you have any assets, an experenced bankruptcy specialist will know how these are dealt with by the Insolvency Service, again saving you money and allowing you to safeguard these assets.
Most of these companies, whose services are on the Internet, will give you free advice and if you use one of the services offfered, you would be expected to pay for that service.
All the best
John Blackadder |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 26 January 2010 : 17:54:36
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You don't need to use a professional company to file for BR but you do need to have sought professional advice. The CAB, CCCS and National Debtline all provide free advice and even if they advise a different option regarding your financial situation you can still declare BR and mention that you have taken advice from them.
In probably 99% of cases the BR is pretty straight forward so there is no need to use a professional service and you can complete the forms yourself.
You can post here on any parts of the form you are having difficultly with and you should get an answer pretty quickly. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 27 January 2010 : 12:10:42
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Hi No Money
The choice of using a professional or company to help file for bankruptcy is ultimatly the indivudals choice.
personally, I was from a professional background, I had some rental properties, lots of debts from a failed business venture. I was going into a new territory. i did not want to make further mistakes and get deeper in the ****, so I made a phone call to one of the experts.
Like you I thought, i could not afford to use the services of a company but having had a telephone conversation I realised that i could not afford NOT to have proper guidance and help.
I found that as i got further into Debt my normally clear and active mind got fogged with all of the phone calls, letters and what ifs , I found it a huge relief having someone at the end of the phone dealing and directing the Planning, The BR and after BR day .
The advice i received even when i take into account the fees actually saved me money. !
good luck in what ever direction you decide to take |
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NoMoney
Starting Member
14 Posts |
Posted - 27 January 2010 : 13:36:12
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Hi Blackie, Gettingoutofdebt,
Thank you for your responses, very much appreciated.
Hello John,
Thanks for your response and insight. Mentioning your situation, in hindsight my predicament is probably the same as yours. I also have a couple of houses on rent, and registered a ltd last year for a business that I was not able to make a sucess. Paul (RevivaUK) has given an initial insight on my problem, especially on the funding side, so hopefully we will be able to come up with an acceptable solution for this mess that I put myself into.
To be honest, being in this situation has literally made my brain totally cluttered and useless, add to it the sleepless nights I am getting for the past couple of months now. As you said, it's probably best that someone will guide me and make sure I don't make a mistake again.
Fingers crossed, I can get my sleep back and get rid of my chest pains in the next couple of months and hopefully give my own insight to the people who need it.
Thanks again guys!
quote:
Originally posted by Richard P
Hi No Money
The choice of using a professional or company to help file for bankruptcy is ultimatly the indivudals choice.
personally, I was from a professional background, I had some rental properties, lots of debts from a failed business venture. I was going into a new territory. i did not want to make further mistakes and get deeper in the ****, so I made a phone call to one of the experts.
Like you I thought, i could not afford to use the services of a company but having had a telephone conversation I realised that i could not afford NOT to have proper guidance and help.
I found that as i got further into Debt my normally clear and active mind got fogged with all of the phone calls, letters and what ifs , I found it a huge relief having someone at the end of the phone dealing and directing the Planning, The BR and after BR day .
The advice i received even when i take into account the fees actually saved me money. !
good luck in what ever direction you decide to take
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 27 January 2010 : 14:08:40
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Hi No Money
I had two big pressure lifting moments
The first was when i finally decided to stop fighting and admit that BR was the best solution
The second was after the court day
I now sleep better, not constantly checking the drive for people chasing me about debts and the mental clog has now gone. I can think more than a week in advance>
good Luck regards Richard |
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