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Bankruptcy Fees To Increase
After April 5th 2010 It Will Cost More To Go Bankrupt
The courts and insolvency service are making a change to the fees to go bankrupt effective after April 5th 2010, and it isn’t a reduction or concession on the fees.
As they say, rarely does the cost of things go down and this is no different.
After April 5th it will cost you an additional £90 to go bankrupt.
So the total fees to the court to be paid at the time of filing the forms will now be £600, £612 if you reside in London.
That is a hefty increase and one would wonder why they are doing this?
It maybe they feel by increasing the fees it will slow down the number of people filing for bankruptcy.
And it may just due that, but it will not change the number of people who are insolvent and need to go bankrupt.
Last year insolvencies and bankruptcies were at a near record high and it was a large increase over prior years.
Of course you can still apply for and possibly receive a reduction of the court fees of £150 if you are receiving benefits are on a very low wage, but that still leaves £450 to be paid, and if you are not working, that can be a tidy sum.
As news of this increase gets out I wonder if more people will try to file sooner and cause a small rush on the courts?
If you have a bankruptcy question you’d like to ask, just ask using this online form. All help is free.
Source: Bankruptcy Fees To Increase