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Katie B | How do I go about declaring myself bankrupt? |
And what's involved? How much does it cost? How long will I not be able to apply for credit?
Additional Details
Some of you people really need to confirm the information you are giving out before you go in feet first just to get points.
Since asking the question I have researched bankruptcy and now know that some of you are talking jibberish gobbledigook. Hence the bad ratings I have given some of your answers. |
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Ivan R
 |
Hello,
If you have "very serious" financial troubles and your thinking of declaring yourself a bankrupt. Before you do that I'd like to strongly suggest that you contact the CCCS (thats the consumer credit counselling service) they are a charity who help people sort out there financial difficulties and most importantly their service is entirely free.
**The CCCS have no fee's, unlike many debit busting companies who will offer to help you clear your debits but for a nice fat fee by the end of the proceedings. The typical fee for debit clearance is a large % of the debit itself and can be as much as around £6,000K (so I advise you to avoid debit clearance companies who make big promises, if its sounds too good to be true it probably is!!).
**If the CCCS think bankrupcy IS your best option under the circumstances they will help & guide you through that process.
**Be aware that bankrupcy has immediate impact on your credit scoring & credit history. In the past if you were declared bankrupt this sat on your credit history file for as long as five years, although I think thats changed not long ago to only 12months (I think?).
**IVA's (individual voluntary agreements) might be possible and with IVA's your NOT under threat of lossing your home but with bankrupcy you still can.
**The CCCS do have a web site and a quick Yahoo or google.com search will get there details. Do contact the CCCS they are very good, I highly recommend them to you. Even before you make an approach to your own bank or building society,etc.
Hope that helps?
IR |
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Southanjel
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Contact your local Courts, they should be able to send you the forms to fill in, you then return them to the courts with a payment of around £400 to apply for bankruptcy, this is not guaranteed to go through, the final decision rests with a judge, if they decide you can afford to pay your creditors then you carry on paying and dont get your £400 back, think carefully!!!.
Natwest now do a step acct for people with previous credit problems which offers no borrowing facilities but at least allows you to re-build some kind of history, also MasterCard now offer a pre-pay credit card (cashplus) so you are able to pay for things over the phone/Internet but have not credit, no credit check done for this either, costs you £4.99 a month for the privilege though!!! |
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Amy_Lou
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My friends mum has just done this. i dont know details but I know she had to pay £300 costs and it involved going to her local magistrates court. |
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Queen of the Night
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Go to speak to someone in the Citizen's Advice Bureau. They really help you to make the best decisions, help you with letters to creditors, etc - and its totally free! Bancruptcy is a very last resort, as the effects are so long lasting. The CAB will give you better alternatives, but will help you with whatever decision you make. |
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Reg Tedious
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One of the first things you need is some money! Unbelievable, but it costs cash to be bankrupt. I can't afford it! |
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UglyBetty1982
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the cost depends on how much you owe do your own credit check first try this
www.creditcheckforfree.co.uk
then try these find out if its worth your while they will tell you all
you need to know
www.debtfreedirect.co.uk
www.freeadviceonline.co.uk
www.citizensadvice.org.uk |
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once i
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Hope links below help . |
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NONAME
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you should contact an atty - first visit is typically free
under the new laws you must first go to consumer credit couseling for 6 months .
what ever you do make sure you pull all 3 credit bureaus and include everything.
You would be able to get a house or a car right after your discharge. and after 2 years of reestablished credit you should be back to conventional interest rates.
NOTE: immediatly after your discharge pull all 3 credit bureaus (www.annualcreditreport.com) and dipute everthing in the bankruptcy, since your creditors are not required to do this - this puts a zero balance on your bureau and will raise your score |
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srracvuee
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if you declare bankrupt you will open the door to a nightmare//It will cost you and the after effects for years after will be with you and your record will show for many years so you will not get a mortgage if you should ever want one and many other things are effected so I should have second thoughts |
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snetterton
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A bankruptcy history will stay with you forever, even when you are discharged. Your credit rating will be ruined for life, you'll find it near impossible to borrow money, get a mortgage etc etc etc.
Try to find another way. Start by cutting up your credit cards, selling your 40" flat screen TV and using public transport to get to work.
Since you clearly know SO much, I cannot understand why you posted your question in the first place. |
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