A Bankruptcy Lawyer’s Blog

Declaring Bankruptcy in Easy Steps

When you’ve already had to deal with the stress of insurmountable debt and decided to take action to put an end to your problems, the last thing you want is a drawn out process when declaring bankruptcy. Here are some tips to ensure things go smoothly.

Firstly, get on the phone and contact your council. They’ll give you the number of your local county court. You need to get in touch with the county court to get the relevant documents for declaring bankruptcy and to book an appointment to come in and have your case heard. As a side note, you’ll have to pay to have your bankruptcy case heard in the county court. This sounds crazy given your financial plight but it will cost you a few hundred pounds in fees.

When the files arrive, fill everything in and make sure you read through each page to ensure you understand the procedures and implications. All you have to do now is turn up for the appointment that you booked with all the relevant papers filled in. A good tip is to get there as early as possible to ensure you’re finished in one day. Bankruptcy proceedings can be somewhat long and drawn out and drag out over two days in some cases.

Unfortunately, not every bankruptcy is an open and shut case. This means that you won’t always be granted a bankruptcy there and then if the court doesn’t believe it’s the best solution. There are a number of reasons this might happen, for instance, the court might believe you have the resources to pay back your debts in full without a bankruptcy.

For many though, the procedure for declaring bankruptcy will go through on the day. A bankruptcy order will be agreed and take effect immediately. In these cases, an Official Receiver will then be consulted to determine what happens to all your assets and what debts you‘re still liable to pay. However, when this is done you’ll be declared bankruptcy and are free to leave.

Remember, declaring bankruptcy is a last resort and should only be considered in the most serious cases.

There’s more information on declaring bankruptcy at the Debt Help Site.