How do I declare myself bankrupt?

Question

how much does it cost, and what are the implications i have no assets ie property?

Answer 1

If in the UK get in touch with the County Court and they will give you the correct info you can declare yourself bankrupt laws change all the time in some cases this may only stay with you for 2 or 3 years in bad cases where there are thousands something like 25 then it can stay with you for 5 yrs after that period you can get it taken off your credit rating only if you feel you must then you really wouldn't want to get credit again for a few years so as not to get in the same situation get the correct info from the court or call in and someone will go through all of it with you before you make a decision Good Luck

Answer 2

See a lawyer that specializes in bankruptcy. I don't know if it differs between states, but in my state the documents are filed electronically and there is a credit counseling requirement. I just filed this year and it cost me just under $1,000. I also had no assets or property, so basically I was just relieved of my obligations to pay back my creditors. Child support and tax obligations cannot be discharged. It's not something to do on a whim, make sure it is your last resort. I considered it for a year and only filed after I had exhausted all my other options.

Answer 3

if you're in the UK, contact the CAB. They can arrange for the forms to be sent direct to your home address, and will help you complete them. Currently if you're not employed you need £300 for the court fee, slightly more if you're working.
It will stay on your credit file for six years as things are just now. However once that time period is over, banks and creditors are normally more interested in the activity of the last two years, they don't actually pay too much attention to anything previous to that, so if you can cope with the hassles of bankruptcy, and then have a couple of years quietly rebuilding your credit, you should be alright.
I've just had a family member go through this and the CAB were wonderful.

Answer 4

You don't necessarily have to hire an attorney. That depends on the amount of assets you have and how complicated your case might be and how comfortable you are filling out the forms yourself. Give it a try. If you feel confused or unsure, then it is time to consult someone. There is also the option of using those paralegal services. They are allowed, by law, to assist you in filling out the forms, but they cannot give you advice on what you should do. They only charge maybe $500. If you decide to hire an attorney, it can cost. For instance, in California, $1,200 for a Chapter 13 is mandatory. But, on the other hand, the law puts a limit on what an attorney can charge for a bankruptcy.

You can obtain forms online through your state court's website. If you file a bankruptcy yourself, you will only need to pay the filing fee. The filing fee will vary from state to state and it also depends on what Chapter you file; however, the filing fees for both a Chapter 7 and Chapter 13, which are the two Chapters individuals file, is probably around $300.

That other guy was wrong. First off, Chapter 11 is a restructuring bankruptcy for businesses and corporations. The two bankrutpcies for individuals are Chapter 7 and Chapter 13. Chapter 7 bankruptcies are for those who have no assets and basically, only unsecured debts, but can include a car, school loan or taxes which are considered secured debts. A credit card would be considered an unsecured debt. Chapter 7 bankruptcies discharge all unsecured debts, which means you no longer owe any of those debts to the creditor. Chapter 13 bankruptcies are for restructuring and repayment of your debts to your creditors. You file a plan with the court that tells your creditors how you intend to pay them back. Chapter 13 are for those who have more secured debts, such as a house. If you file a Chapter 7 bankruptcy and have secured debts, you have to make arrangements with the creditor to pay them back if they're governmental agencies, or in the situation of a car, to decide whether you want to continue paying the debt or give the car back. You do this with all creditors for all secured debts. There is more that you should/could know, but this is getting long enough.

With regard to whether you should file bankruptcy. Sometimes, it really is the only way out. But, even so, it shouldn't be approached lightly. Consider your options carefully. See if there are ways of paying back your debts.

Your credit is ruined one way or the other whether it is because of failure to pay your debts or because you filed a bankruptcy, but you can repair your credit more quickly by paying back your debts vs. declaring bankruptcy. Achieving a good credit standing after paying back your debts may take 3-5 years to achieve; a good credit standing after bankruptcy is going to take well over 7 years.

Answer 5

Read up on Chapter 13, that's a personal bankruptcy as opposed to a business bankruptcy which is usally a Chapter 7 or if you have a business you might want to check into a Chapter 11 which is where the court holds off the predators while you make arrangements to pay them. Even if you are ineligible for a Chapter 11, you could contact each of your creditors and attempt to make payment arrangements as they might be happy to get something rather than nothing if you file a Chapter 13.

The cost will be dependent on the lawyer you hire. I would assume that the absolute minimum would be $500 with the emphasis on absolute. The final figure will be determined on how much time the attorney need to spend on your case. If you are in particularly dire straights contact legal aid.

The primary implications are that your abrility to attain credit has ended probably for about 7 years.
Also, filing a bankruptcy cound hinder you in the job market

Answer 6

In the UK it's a very bad move. Creditors have the right to seize and sell your assets to raise moneyIncluding house and car and to take any inheritance you may be due. Your credit rating is zero for at least five years.
If you default on a bankruptcy agreenment you may well end up in prison. It is NOT an easy way out.

Answer 7

How much depends on the lawyer you choose. Choose carefully. I loaned a friend money for a bankruptcy filing a few years ago and it was $1200.

Don't take the decision lightly, and don't think that bankruptcy will solve all your problems. It won't relieve you of certain debts, like taxes, child support, etc. You'll still have your monthly expenses, like rent, insurance, etc.

When you file, you are entitled to a "homestead exemption" that should protect your personal effects, furniture, etc.

If you own nothing of major value, the biggest impact will be on your credit rating, and it might actually be good for it. Oh yeah---and the creditors will have to stop calling you. It's kind of fun to ask for the name of the company (so you can note it) and advise that you've filed bankruptcy. They are never allowed to call you again!

Choose a lawyer that will help you assess your situation, determine whether Bankruptcy is right for you, and offer guidance on credit recovery post-discharge.

Answer 8

First of all, well done for realising the state of your affairs, and deciding to do something about.
You will find lots of info at the site on the link I will give you.
First thing is, don't panic, and don't worry.
Have a read through the bulletin board, and if you decide to go ahead, then good luck, its easy, in fact 1,000's of people are doing it.

Answer 9

Once you declare bankruptcy, you need to surrender all your assets and liabilities. It depends on how your determined your situation. Better to look for an experts through this issue.

Answer 10

vast advantate, in case you qualify for financial disaster 7, all you cash owed must be discharged. (particular money owed can't discharged, at the same time with fines imposed via a courtroom, infant help, tax duties and student loans.) in case you're making a intense earnings you will no longer have the potential to qualify for financial disaster 7. vast benefit, affirming financial disaster will the two do away with or shrink you cash owed. this provide you a clean initiate in existence. yet another benefit is which you do no longer ought to hardship information on a thank you to pay you cash owed each and each month. risks: you will ought to rebuild your credit in the past you ought to have the potential to purchase a house. it ought to take quite a few years. additionally, some companies won't hire you in case you have undesirable credit report. additionally, you will ought to pay a lots bigger activity value once you're casting off a private loan to purchase a automobile or on your credit taking part in cards. it is going to be greater sturdy for you in finding a place to hire. Landlords all run credit exams in the past renting. communicate with a financial disaster lawyer. he or she might have the potential to respond to all your questions. good success.