Where is the bankruptcy order made?

The UK Insolvency Helpline run the UKs largest bankruptcy advice centre with staff available to answer questions on all aspects of bankruptcy.

The bankruptcy advice team can be contacted on 0800 074 6918 24 hours day all year round, including public holidays.

What is Bankruptcy?

Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due. A first time bankrupt with debts will generally receive their discharge one year after the date of the bankruptcy order (there is the possibility that in some cases the bankruptcy discharge period will be less than one year).

Although bankruptcy has a bad stigma and is publicly advertised, it should always be considered when dealing with individual insolvency cases.

Please note that if your are ever faced with the prospect of bankruptcy you should look at alternatives as soon as possible such as the Individual Voluntary Arrangement procedure (IVA).

Bankruptcy Advice - The basics

• Bankruptcy is a very serious situation.
• Bankruptcy will probably result in the loss of your home, if you have equity in it.
• Bankruptcy can result in you being forced to working as a director of a limited company.
• Bankruptcy is a complex subject based governed under UK insolvency legislation.
• In England and Wales bankruptcy is defined by the Insolvency Act and Enterprise Act
• Bankruptcy law has recently been changed. The result change is bankruptcy has been reduced from a three year period to just one year
• Bankruptcy Restriction Orders (BRO's) exist for some bankrupts.
• Under bankruptcy, a bankrupt can face is public examination in court.
• There are many myths about bankruptcy, such as you can be sent to prison. This is very rare.
• Bankruptcy is seldom an easy way out. It is vital to explore every alternative.
• Finding good advice about bankruptcy can be very difficult and you must be wary of fee charging firms.
• For those considering bankruptcy, you should also look at an IVA – Individual Voluntary Arrangement.
• Bankruptcy can be very emotional.
• The bankruptcy uses a court form called “6.27” and ”6.28”that have to be filed at a Bankruptcy Court. The bankruptcy application forms are lengthy
• Bankruptcy currently costs £450.00 but with a reduction of £130.00 can be claimed if you are in receipt of certain benefits
• If you are threatened with bankruptcy or proceedings are underway it is vital to take immediate advice on your position as there may be bankruptcy alternatives.
  You should be aware of the implications of bankruptcy and the options open to you.
  If you are already bankrupt, you may be able to have the bankruptcy order cancelled.

What are the alternatives to Bankruptcy?

Individual Voluntary Arrangement or IVA

This is a formal and legally binding arrangement between a Debtor and their Creditors. To propose such an arrangement you will need the services of a licensed Insolvency Practitioner or IP. Call us for more information on 0800 074 6918.

Proposals to creditors can be based on a lump sum offer or regular monthly payments. If 75% (in value of debt) of those creditors who vote agree, then the arrangement is legally binding on all concerned.
Regular payment IVAs normally last for between three and five years. An IVA may safeguard your property to a certain extent.

Informal Arrangements

You may be able to come to an “informal” arrangement with your creditors to repay what you owe. It can be difficult to get everyone to agree to such an arrangement.

Debt Management Plans

There are several agencies that will act on your behalf to negotiate reduced payments with your creditors. Beware of those that charge you fees for their services.

Administration Order

If you owe less than £5,000 in total to two or more different creditors and have at least one County Court judgment against you then this Court monitored arrangement could be a good option. You will need to obtain Form N92 from your local County Court Office.

Please contact the 'Bankruptcy Advice' team on 0800 074 6918. The advice team will be able to provide callers with the information and advice to determine if their bankruptcy is an option for you.

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