The Bankruptcy Helpline

What Does Bankruptcy Cost Me?

Following the changes to Bankruptcy from the 6th April 2016 now everyone will have to pay the Official Receiver fee of £680 whatever their status. This fee can be paid in stages say over six months but please bear in mind the petition cannot be submitted to give you protection from your creditors until the full amount is paid.

My costs to complete the petition for you following a one to two hour interview on the telephone to gather all the information I need to ensure the petition is presented properly, fully brief you on the telephone interview the examiner will conduct with you following the granting of the order, and be at your call for 12 months is fixed at £310 that is less than 85p a day for piece of mind, I will not ask you for one penny upfront until I have completed the application in its entirety and we have discussed everything, and you are still happy to proceed, however if in the meantime you have changed your mind then you can just walk away, and it has cost you nothing more than a little time, you will have my blessing as it means that you may have found another solution which suits you better.

How do I get the money to pay for this I am broke you know,

It difficult to get the money to pay for bankruptcy when you have no money to pay your debts, below are options which clients use in order to be free from debt, try considering £990 could be a one off payment to settle all your debts at once.

  1. Some clients still have money left on credit cards or the bank overdraft has income which could be used this is available to some but not all
  2. Look the value of your car, if it is worth more than £1000 and you decide to keep it, the trustee will give you a £1000 and take your car from you, so look at the option of selling it now and buy a cheaper vehicle, will there be money left over for your bankruptcy
  3. There are trusts like Severn Trent and British Gas, the British Legion for ex service persons who may be able to help,
  4. How about Grandad, Brother Sister Mom and Dad, can they help, following your discharge from bankruptcy you may be in a position to repay them, will you ever be in any position to repay your debts.

My service includes the following,

1) I will complete the eight section statement of affairs paperwork ready to be submitted online to the Adjudicator to the satisfaction of the Adjudicator to ensure the bankruptcy proceeds as smoothly as possible. I have completed many hundreds of petitions

2) I will ensure using the knowledge of what I have learnt over many years, that following the granting of the bankruptcy, IF, you become liable for an Income Payments Order, any payments you are asked to make from your income will be after all allowable living expenses are listed and that your payments are kept to the absolute minimum if not eradicated. I only have to save you just over £8 per month for my service to work out completely free of charge

3) For the period of bankruptcy, which is 12 months for most cases, I am available for help in the form of telephone support when needed. An example of this is if you return home from work to a letter from the official receiver that you cannot or do not know how to deal with, my office is open till 10 pm to support you.

Do I need help from a bankruptcy company?

Some clients are really pleased to have somebody to take care of things, some are happy to proceed alone.

However, there is much more to the service than completing the forms, although tedious I find that the easy bit, I receive many calls from clients who have presented their own applications, but then require help afterwards, however some things I just cannot undo, some I can, example, recently I had an enquiry from a lady who became bankrupt and afterwards the examiner went through her income and expenditure and told her that she could afford to pay £85 per month for a period of three years. She thought she could not really afford this and contacted me for help. I went through her income and expenditure and discovered that she was not claiming for everything that she was entitled to claim for. I agreed to help her on a no win no fee basis for a fee of £310. She followed my advice and was reassessed by the OR office with a new income and expenditure document that I completed for her and it was agreed she could not afford any payments. This saved her over £3000 had she paid out the £85 for the 36 months that was being asked of her. Ironically had she contacted me at the beginning she would still have only paid us £310, but received the full service, forms, and more importantly, after care for 12 months until fully discharged from the bankruptcy.

Another client came to me, as they had their vehicle of modest value taken away from them by the official receiver. The receiver said that as they were not working the car was not required and was taken from them and sold, however, serious argument should have been put to the examiner to say that the loss of the vehicle was preventing the client from getting back into work and should be retained.

Fees paid to any bankruptcy assist company, should be self-financing, so back to the question – Do I need the help of yourselves? Only you should to decide the answer to that, if you feel you are capable to do this yourself then go for it but do some research first

To speak to me costs nothing there is no obligation what so ever, I only ever work for about 20% of my clients, I understand you may not be in any position to pay for help, we can chat for free, I am not a call centre, I do not sell you on to others, I have seen many debt advice sites on the internet the first thing they want is for you to fill in a box with your details, will you deal with them or are your details sold on to others, you can call me withheld no problem, I never pass on details to anyone,  Why not call now? I am normally available up to 10 pm at night and at the weekends on  07970 508345  Evenings 01785 824209