How do I go about declaring myself bankrupt

[Noah]

As some will know I received a CCJ in December . I have been trying to get to the bottom of this but am just hitting closed doors. I have decided to declare myself bankrupt , it will give me a fresh start and as my credit file is now ruined for 6 years i don't see a downside

How do I go about it

Do I need professional advice before I can submit the forms?


I realise that there are some costs involved but I can manage to raise that money if need be

[Kati]

Re: How do I go about declaring myself bankrupt

[MENTION=48934]Debt Camel[/MENTION] has a good guide to bankruptcy here - http://debtcamel.co.uk/debt-options/...to-bankruptcy/ xx

[Nibbler]

Re: How do I go about declaring myself bankrupt

Do I need professional advice before I can submit the forms?

The court will normally ask you what formal advice you have taken that says bankruptcy is a viable or best option. Has been known for people to be sent away if they haven't, so it's best to do that.

If you can just say that you've had advice from one or more of CAB, National Debtline, Stepchange or similar, then is normally Ok. Will not normally even be asked for proof.

[Noah]

Re: How do I go about declaring myself bankrupt

Thanks kati for the link

Nibbler , thanks for that. I had always been told that I needed a signed piece of evidence from a registered debt advisor. Of course some would charge me for doing it and Cab near me have some challenges . NDL have already advised me that BR is a strong option.

[Nibbler]

Re: How do I go about declaring myself bankrupt

Thanks kati for the link

Nibbler , thanks for that. I had always been told that I needed a signed piece of evidence from a registered debt advisor.

I suppose some courts might be pedantic and ask for that, but most don't.

Mine certainly didn't when I did it.

To be certain with your court, give them a ring/email to ask. Then you know for sure and won't get a knockback on the day.

[Nibbler]

Re: How do I go about declaring myself bankrupt

I would also not that the process of debtor petitioning is to be taken out of the court's hands later this years, and you will apply direct to the OR as an adjudicator of applications from then onwards.

Was supposed to be in place from April (or maybe Oct), but detail of implementation are scare, so could be that it will be pushed back or not until some of the other things come in in October.

Still, if it may be after April you are thinking of this, you would be wise to check on any changes nearer the time.

[Openlaw15]

Re: How do I go about declaring myself bankrupt

As some will know I received a CCJ in December . I have been trying to get to the bottom of this but am just hitting closed doors. I have decided to declare myself bankrupt , it will give me a fresh start and as my credit file is now ruined for 6 years i don't see a downside

How do I go about it

Do I need professional advice before I can submit the forms?


I realise that there are some costs involved but I can manage to raise that money if need be

If the debt is not above 20k, a Debt Relief Order may be suitable. Only costs £90. Very limited monthly earnings though to be eligible. https://www.citizensadvice.org.uk/de...-need-to-know/

[Noah]

Re: How do I go about declaring myself bankrupt

I heard that the allowable monthly expenses were quite generous. Does anyone have a link to what is allowed please

[Debt Camel]

Re: How do I go about declaring myself bankrupt

This page https://nedcab.cabmoney.org.uk/ipaipo.asp looks at the subject in detail.

[Nibbler]

Re: How do I go about declaring myself bankrupt

There are not "allowances" as such. The OR has a set of guideline figures based on national averages to help them, but each cases is individual on it's needs.

See: guide on IPAs/IPOs

and: CabMoney Bankruptcy Payment Calculator

[Noah]

Re: How do I go about declaring myself bankrupt

Thanks
I must admit, to me these figures seem quite generous to me particularly if there is more than one adult in the house.

I am not suggesting that you could live the high life on these figures by any means but there are a huge number of people , even without debt who live on a lot less than this.
The only figure that i see which is low is public travel however i suspect that providing you can explain and justify the expenditure it would be ok. An example would be that around here a 4 week ticket for the bus is approximately £60 so if you were working that would be a realistic legitimate expenditure. there have been jobs that I have done in the past where my travel costs have been more than double that.
It is a very good base to see where I am regarding BR and what i would likely have to pay towards my debts .

[Debt Camel]

Re: How do I go about declaring myself bankrupt

For any lines where you are paying more, you just put in what you are spending. Transport to work is the classic example. If you live in Peterborough and pay thousands for a season ticket to London, that is what will be accepted.