What You Need to Do After Filing Bankruptcy
Bankruptcy is a legal status that usually lasts for a year and can be a way to clear out debts that you cannot pay. Sometimes this is the only way to be able to restart a company. It does not mean the end of business. You can get out of bankruptcy and continue to prosper successfully.
Immediately after a declaration of bankruptcy in the UK, documents and information on the debtor’s financial situation are collected. Usually, the data is obtained by email or by post. Sometimes, however, you may be invited to a meeting or a phone call for an explanation.
After confirmation of bankruptcy in the UK, this information is announced in the so-called London Gazette and on the Insolvency Register website. Generally, the decision for bankruptcy in the UK is granted within 28 days of applying. In practice, this time is significantly shorter.
Many people in debt consider bankruptcy. It’s important to know what bankruptcy is and the options to resolve your financial difficulties and get out of debt. Sometimes it is better to find the best solicitors in England to handle your bankruptcy. Then you can be sure that nobody will miss anything and that your case will be appropriately taken care of.
In this article, we will explain what happens after you file for bankruptcy and what further steps you should take.
Bankruptcy – an Overview
Several factors must exist for you to go bankrupt:
- you owe 5,000 or more
- you can’t pay your debts
- you have broken the rules of the Individual Voluntary Arrangement (IVA)
- you provided false information to receive an IVA
If one of the above occurs, you will need to apply online and pay £680.
After looking at your application, an adjudicator who works for the Insolvency Service will decide whether you should be made bankrupt or not.
Note: An Individual Voluntary Arrangement (IVA) is an agreement you sign with creditors to pay off your debts. You agree to make regular payments to the trustee who will divide this money among your creditors.
If You Are Declared Bankrupt
If the adjudicator declares you bankrupt, the next steps are to provide you with a bankruptcy order and possibly an interview about your situation. Your resources will most likely be used to pay off your debts. You will be required to follow bankruptcy restrictions, and your name and process details will be made public in the Individual Insolvency Register.
Free Advice After Filing Bankruptcy
If you go bankrupt, you are entitled to free advice. The available forms of assistance are:
• National Debtline is a charity that gives free and independent advice over the phone. There is also web chat, phone call and an intuitive online tool where you can quickly identify your case.
• Money Advice Service provides online contact and face-to-face meetings. You can also call for advice.
• Citizen’s Advice gives you access to guides that you can read. If you prefer more direct contact, you can call and ask to speak to them.
When in Scotland and Northern Ireland
When you are not in England or Wales, the process of becoming a bankrupt looks different. The biggest difference is in the application and court fees.
• A security deposit of £ 525.00 for the administration of your bankruptcy, which can be paid online, in cash, money order or check from a bank.
• A court fee of £ 144.00, which can be paid in cash, by check or money order to the Tribunals Service and Northern Ireland Courts, sometimes the court will not charge this fee or may charge you less.
• Fee due to the attorney to whom you swear the wording of your affidavit, this service costs approximately £ 7.00.
Therefore, bankruptcy proceedings can be started when you have:
• No money to pay your debts
• Debts ranging from £ 1,500 to £ 25,000, no disposable income and little estate (assets)
• If you have £ 3,000 or more in debt
Application for Deletion of Data From the Insolvency Register
You can file a request for your address to be removed from the Individual Insolvency Register if the publication of your details will expose you to violence. It will not affect your bankruptcy.
Remember that filing for bankruptcy can be a tedious process in which it is worth enlisting the help of lawyers. Professionals can help you cancel your bankruptcy up to one year.
After 12 months, you are usually exempt from bankruptcy and debt restrictions. Assets that were part of the estate during the bankruptcy period can still be used to pay off debts.
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