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Monday, 31 January 2011 13:07

How Much Will It cost Me To Go Bankrupt?

Written by  Jon
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I am currently in a outstanding debt of roughly around 11000 pounds. I am unemployed and receiving benefits and in no situation to pay this money back. I am bound to around 20 creditors.

Is it possible for me to go bankrupt under these surcumstances as this is the only option. If so could you please inform me on how much it will cost me being on benefits and how to go about it. Thanks for your time.

Answer: The fees for filing for bankruptcy are £600, (£612 in London) due at the time of filing.  If you earn less than 14K PA or are receiving benefits, the fees can be waived by £150, by filing form ex160; so £450 is due at the time of filing (£472 in London).

If you are struggling with saving for the fees for bankruptcy, you can inquire with your local water, gas or electric provider as in some instances they have grant funds available to assist with various expenses.

 

To begin the process you may want to obtain and review the bankrutpcy forms, and/or also speak to someone about getting assistance in completing the forms.

 

I hope this has answered your question.

For more information and assistance, please complete our eligibility form at our web site www.bankruptcy.org.uk or ring us at 0800 0029951.

Regards,

Jon

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If you have a serious debt problem, bankruptcy can free you from your debts within 12 months. As a solution for dealing with serious debt, bankruptcy is a last resort. Other debt solutions need to be explored first, to help determine if bankruptcy is the right debt solution for you.

 

Your financial affairs are put into the hands of an Official Receiver or Trustee, who will control all your assets - and if you own a property, this will also be included. These will be sold and the money used to pay as much as possible to your creditors.

 

There are consequences to bankruptcy which will affect your finances and work life. You may struggle to borrow money, for example, and will not be able to apply for certain jobs.

 

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