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Glenn.08
Starting Member
2 Posts |
 Posted - 13 February 2014 : 18:04:50
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| What is the cost of declaring bankruptcy, i am claiming benefits |
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pcoventry2
Junior Member
230 Posts |
Posted - 13 February 2014 : 18:07:45
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quote:
Originally posted by Glenn.08
What is the cost of declaring bankruptcy, i am claiming benefits
If you’ve got a low income or receive benefits, you may be exempt from paying the court fee so you can go bankrupt for £525 in England and Wales or £532 in Northern Ireland.
http://www.stepchange.org/Debtinformationandadvice/Debtsolutions/Bankruptcy.aspx
IMO they do very little to nothing for that money. Based on my own experience. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 13 February 2014 : 23:15:15
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Hi Glen,
As pcoventry has posted, the court fee is £700 but you may only have to pay £525 if on certain benefits.
Please make sure you take advice on all your options.
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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pcoventry2
Junior Member
230 Posts |
Posted - 13 February 2014 : 23:51:06
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Not sure if Viki would agree with this but I was told when I decided to go BR to just stop paying my creditors and use that money to get the £700 together as once you are granted insolvency it doesn't matter anyway.. what's the worse they can do, mark your file? They can't enforce anything once the Judge has said so.
I know you are on benefits but not sure what your other circumstances are regarding payments you may currently make. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 14 February 2014 : 08:07:47
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A lot of people stop paying to get the money together. However, as Viki says, advice should be taken about all options available. You should contact an expert - the initial advice is free.
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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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 14 February 2014 : 09:27:45
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Hi Glenn.08
Of course the other people who have responded to this message are correct in that it would still cost £525 to make yourself bankrupt.
I certainly concur with pcoventry2 about stopping paying your creditors to save some money for your bankruptcy. The Official Receiver could rap you over the knuckles for this but it is highly unlikely because, after all, the bankruptcy fees are paying his costs!
For help and advice on the easiest and most effective way to a debt free future, please telephone me on FREEPHONE 0800 298 0253 |
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What is the cost of declaring bankruptcy, i am claiming benefits
