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Bankruptcy FAQs

Questions:

Answers:

  • How do I contact Baines & Ernst?
    It's easy to contact a Baines & Ernst advisor. Simply call on 0800 294 6312, click the 30 second debt test form at the right of the page or click to contact us about debt management.

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  • How do I declare myself bankrupt?
    Your creditors may file a Bankruptcy petition if you owe them more than £750.

    However, in order to declare yourself bankrupt you must firstly fill in a Bankruptcy petition.

    Once the petition has been filed, a court date will be set for an initial 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.

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  • How much will it cost me if I go bankrupt?
    Anyone who goes bankrupt may have to pay the following:
    • The Court Fee of £150
    • The Official Receiver's Deposit of £335
    • The fee of £7 to swear the statement of affairs.
    Are there any other options?

    There may well be options other than bankruptcy such as a Debt Management Plan or an IVA. Make sure you have sought all relevant information before filing for bankruptcy as this should be a last resort. For information on your individual case please call our dedicated experts on 0800 294 6312.

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  • What are the effects of bankruptcy?
    Until your bankruptcy is discharged:
    1. You can't hold certain public offices.
    2. The trustee controls all of your assets including your home.
    3. You can only conduct business using the name under which you were made bankrupt.
    4. You can't form, manage or promote a company without the court's permission.
    5. In certain circumstances your employment may also be affected.
    6. You may open a new bank or building society account but you should disclose the fact that you are bankrupt.
    After you are discharged from your bankruptcy:
    1. The above constants are ended.
    2. It will be registered with credit reference agencies that you were bankrupt. This will usually stay on your file for 6 years.
    3. Even after this point, if you apply for a mortgage, you may still have to declare that you were bankrupt.

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  • What will I have to do if I go bankrupt?
    When you go bankrupt you must provide information about your financial affairs- handing over control of your assets, bank statements and insurance policies to the offered receiver.

    You could have to go to court to explain why you're in debt.

    You are not allowed to make any direct payments to your creditors.

    Any bank, building society accounts, credit cards or similar must no longer be used.

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