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Pam.rg
Starting Member
25 Posts |
 Posted - 19 August 2011 : 19:21:32
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| my husband and i have been in an iva but due to changes in circumstaces. we are thinking of bankrupcy, my first worry is that i am not working, the main reason that i have been looking after our son who has cancer. will this make any difference. also have heard many stories about going to court. could you please explain what actualy happens when declaring bankrupcy. last thing we have a cash debit card with nationwide will this have to change? |
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debtinfo
forum expert
2826 Posts |
Posted - 19 August 2011 : 19:39:34
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The OR who looks after your case is sympathetic to peoples circumstances and so im sure that looking after your soon will be seen favourably.
As to exactly what happens in declaring bankruptcy, it vavies a little between court but something like this,
First you need to get advice(it is a requirement) so speak to someone like your IP, the CAB, CCCS or national debtline, they can look at your case in particular and forwarn you if there is anything specific you need to look out for.
After that you fill out the PETITION and the STATEMENT OF AFFAIRS which are the 2 forms you need and can be downloaded from the Insolvency service website.
Next you ring the court, some have a walk in service,some you have to book an appointment, also check that you are in the right court juristiction(some times they have funny boundries), also ask about any fee reductions you may get because you are not working.
on the day
In a lot of courts this is purely admin now, you turn up and pay your fee, the clerk checks the forms to make sure that they are reasonably flled out (dont worry if there are a few mistakes it wont make any difference)and then you usually do a bit of waiting around. The clerk takes the forms to the judge who will either just stamp them or sometimes may want to see you. If they do dont worry, you are not in open court usually just a little side room or office of the judge, Normally they just ask a couple f questions and that is it.
Then the clerk types up the actual order and gives you a copy and you go home, at that point you are offically bankrupt, After that the Official Receiver (OR) will usually contact you within a few days and ask you a coupe of questions and arrange an interview (usually a telephone one but some people have to go to their office) it is at the Interview where most things get sorted out all the debts, any assets, any payments you migt have to pay etc |
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Please explain what exactly happens when declaring bankruptcy
