bankruptsy im in 30 grand of debt im that skint ay even got the 300 quid to go bankrupt?

Question

would be great if some 1 could tell me where to go next i no all about bankruptsy but just dont have the money to do it. any 1 no if there is any way around it any advice and help would be graet im in truble and need to get out of it asap

Answer 1

you have to have the money to pay the fee, and it has to be cash they dont take cheques.

if you have a credit card then take the cash out on that then do it. however be warned that this is technically fraud because you withdraw the money knowing full well you dont intend to give it back, but I dont see what else you can do.

an insolvancy practitioner isnt going to be much use to you as you are unlikely to get an IVA if you have no real income so I would say CAB.

When i went bankrupt (ok it was 7 years ago and the rules have changed now but the advice would still be the same) the insolvency guy who was doing the administration on my company gave me advice - go bankrupt. the CAB said "oh we dont like to recommend bankruptcy", however once they looked at my circumstances they made the appointment for me at court, to go bankrupt. So both are likely to give you same advice, CAB might be a bit of a wait though.

Answer 2

I am no expert but bankruptcy should be an absolute last resort for you. Have you considered an IVA?

Without making a sweeping generalisation IVA's quite often are a better solution. Although they last 2 years longer than bankruptcy (5 instead of 3) you have more control and protection over large assets like your home.

Both IVA's and Bankruptcy will have a negative affect on your future credit rating with an IVA being the lesser of the 2.

Bankruptcy can be a lengthy procedure and often carries a bit of a stigma which you need to prepare yourself for.

Also consider the job you have now and would like in the future as bankruptcy would threaten a career in the armed forces and some other professions.

If you are only worried about the here and now; then quite simply I believe IVA's usually cost less to set up than Bankruptcy and will get creditors off your back.

Whatever you do please please please seek PROFESSIONAL advice on something this serious and try not to let the stress and worry of this debt push you into something you regret in a years time.

Answer 3

PLEASE do not listen to the morons on this board. I have been thorugh bankruptcy and it is clear from the answers here that many people haven't a clue what they are talking about.

Seek help (which is free) from a professional insolvency practitioner, I cannot stress this enough.


I strongly suggest you contact an Insolvency Practitioner to get professional advice.

I was in a very similar situation a few years ago and had to borrow the money for the court fees from my family.

Update - Stardust, you are actually incorrect in your advice. The CAB can only provide very basic and often inaccurate advice. Not to mention that they are impossible to get to see for weeks.
Insolvency practioners are the regulated experts in the area. Also some of the "credit" companies do not charge the individual.
Steve C - the £300 referred to is the fee which needs to be paid to the court regardless of whether a lawyer is used or not.
Charley B - as above, the fee is imposed and payable to the County Court where bankruptcy is declared - it is not optional when an individual declares themselves bankrupt.

Answer 4

NOBODY is ugly. There is someone for everyone. You just have to find them. YOu are a perfect 10 on the outside, you just have to work on the inside. Be positive, have a positive outlook. Be happy ~ you'll be surprised at what a draw that is to others. Find things that make you happy and that will make the insides happy. Thus, less depressed and lonely. This will take a little time, don't expect overnight success. You have your work cut out for you. Do things where you can meet a lot of people. Join clubs, activities, groups at work or school that are of interest to you. Don't be afraid to talk to others, what is the worst that can happen? They brush you off or disguard you. Well, there are billions of people in the world, what is one or two or even 20 people who don't want to get to know you? Forget them and move on, you have more people to meet and get to know and let them get to know you. The point is that LIFE IS TOO SHORT.................finding happiness is the GOAL of living. Go find it !!!

Answer 5

Strangely enough some Water Boards in England will stump up the bankruptcy fee for you if you are a customer of theirs, ask the CAB if you qualify

Answer 6

30K isn't a huge figure to go to bankrupt with. And its best for someone else to make you bankrupt anyway as it saves you the fee! But hey, get down to CAB and see if they can work out a debt consolidation thingy with you before you go doing anything else. Could be that with a few phone calls and some swift talking, you can get payments schemes to pay it all off. Good luck.

Answer 7

The best place to go would be the citizens advice bureau, they can give you advice for free and know all about this kind of thing. They're really good, don't ever go to one of those credit companies cos they charge and the CAB will do the same thing for free.

Answer 8

1) Your mastery of the English language has me wondering how you could have possibly gone into "bankruptsy" in the first place.

2) Don't have the money to declare bankruptcy? I thought that was the point....

Answer 9

You don't need a lawyer to file bankruptcy, there are forms you fill out to file with the courts. It doesn't have to cost a great deal of money.

Answer 10

Get to your local citizens advice bureau