if i declare bankrupt what happens

[chris_h2]

if i declare bankrupt and have no assetts of my own what happens and is it expensive to declare myself bankrupt

[Adam Davies]

Hi
Bankruptcy will cost you £485,less if you are on benefits.
Your income will be assessed to see if you have a surplus that you can pay into your bankruptcy over a three year period,the maximum of this surplus[disposible income]that you will have to pay will be 70%
You will be discharged from bankruptcy in 12 months unless you receive a Bankruptcy Restriction Order from the Official Receiver in charge of you case.This only happens if you have been reckless with your spending or incurred a large part of your debt through gambling etc
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[melanie.n]

Hi there Chris_H2

Andy has provided you details of the costs incurred in filing your petition, I thought I would just let you know a few details on the process:
Contact your local County Court, ask for the bankruptcy Section as not all County Courts offer bankruptcy services, (if they don't offer bankruptcy services, they will point you in the right direction as to the local Court with jurisdiction over your home area) Ask for them to send you a pack to complete to 'file for your petition in bankruptcy'. Once completed, take the forms back to the Court together with the appropriate fee (£485) and you will be provided with a date of hearing. On the day of hearing you will speak to the District Judge, he or she will ask you a couple of simple questions concerning your debts, stamp the order, and you will go back to the admin area and be put on the telephone to the local Insolvency Service office where a telephone appointment will be given to dicuss your financial affairs - this is usually within the following 2 weeks. Hope this helps and good luck

[Skippy]

Can I just add something else - you can also complete the BR forms online at www.insolvency.gov.uk. I did it this way and you can save the forms as you go along which makes life easier!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/