Declare Bankruptcy
Our sister company Baker Evans Limited offers expert Bankruptcy support services.
Declaring Bankruptcy should be the final option when it comes to dealing with debt. Filing for Bankruptcy is a big step and one which needs careful consideration. The effect that Bankruptcy has on your life and credit ratings can be severe. Ultimately Bankruptcy is the last step in dealing with debt problems. Debt help specialist, Baines & Ernst, can help with general Bankruptcy advice. There are a number of debt solutions and dependent upon your personal circumstances going bankrupt may not be the best debt solution and can often be avoided with individually constructed Debt Management Plans or IVAs. We're happy to advise you on the best debt solution to help manage your debts and alleviate your money worries. If filing for Bankruptcy can be avoided we could help and even if declaring Bankruptcy is your only option, Baines & Ernst guarantees a sympathetic ear to guide you through the Bankruptcy process.
Call our Helpline number now on 0800 096 1331
How to declare Bankruptcy?
You or your creditors may file a Bankruptcy Petition if you owe them more than £750. However, in order to declare Bankruptcy you must firstly fill in a Bankruptcy petition. Once the petition has been filed, a court date will be set for an initial Bankruptcy hearing. This first hearing will decide whether or not a Bankruptcy Order should be made. If a Bankruptcy Order is made you will be declared bankrupt.
How much will it cost me if I go bankrupt? If you go bankrupt you may have to pay around £150 (dependent on your financial circumstances) for court fees, about £450 for the Official Receivers Deposit and a fee of around £12 to swear the statement of affairs in the High Court or before a Solicitor.
What are the effects of declaring Bankruptcy?
- During your Bankruptcy period:
- you can't hold certain public offices.
- All assets including your home are controlled by the trustee.
- You can only conduct business using the name under which you were made bankrupt and you can't form, manage or promote a company without the court's permission.
- In certain circumstances your employment may also be affected. You should check with your Human Resources department.
- You may open a new bank account or building society account but you will have to disclose the fact that you are bankrupt.
After you are discharged from your Bankruptcy you are no longer bound by most of the legal implications of Bankruptcy, however, your Bankruptcy will be registered with the credit reference agencies that you were bankrupt and this will usually stay on your file for six years which will affect your credit rating and your ability to obtain credit in the future. Even after this point, if you apply for a mortgage, you may still have to declare that you were bankrupt. Ultimately you will have to rebuild your credit rating which may take a long time. At Baines & Ernst we are more than happy to offer our services. Our staff are debt experts, and will offer you sensitive, professional debt and Bankruptcy advice. Are you sure declaring Bankruptcy is the only option?
But before you file for Bankruptcy make sure you're certain you've considered the following questions:
- Would an IVA help me in my situation?
- Could a DMP solve my problems?
- Are there other alternatives suitable to my circumstances?
Alternatively speak to a Baines & Ernst specialist now on 0800 096 1331