One thing you need to do is research which bankruptcy 破產程序 you will most likely qualify for. You most likely will either qualify under a chapter 7 bankruptcy or a chapter 13 bankruptcy. To help reduce your filing fees you can petition the court to waive the filing fee in order to help you file. If you are able to read and fill out forms you can file bankruptcy yourself and save yourself the fees you would pay to a bankruptcy attorney. Filing bankruptcy your self is also called filing PRO SE. If you decide to try to attempt this you should seek advice on a bankruptcy forum and start asking questions to forum members that have filed bankruptcy themselves. In addition, you should visit a bankruptcy hearing to get a feel for what is involved when you have filed bankruptcy. All bankruptcy cases are open to the public and visiting some hearings will give you a feel for what your local bankruptcy trustee is looking for and how they conduct their hearings.
There are certain books such as NOLO that will help you through filing bankruptcy yourself. One of the fees you will have to pay for is the bankruptcy class which can be done online and typically costs around $50.00. If you decide to file Pro Se to save on bankruptcy attorney fees you should know where you stand on the means test for your income and the size of your family in relation to federal income requirements.
Once you have completed your class you can set up an account on PACER (Public Access to Court Electronic Records) in which case you can file bankruptcy yourself without the worry of outrageous fees. It should be noted that while filing bankruptcy yourself is a court approved method you should have a good idea of where you stand with the court before you run off and file. If your case is complicated you may do yourself more harm by trying to file bankruptcy yourself rather than paying attorney their fee to file on your behalf.
Do you need help paying for your bankruptcy? Do you need help filing in your bankruptcy forms? Are you at a stage in your finances when you simply cannot afford to make payments to any of your creditors? If so you may be thinking of seeking a bankruptcy solution. Here in the UK advisors such as ourselves walk people through the bankruptcy process every day of the week in County Courts up and down the country. Advisors have excellent experience in making sure that bankruptcy petitions are processed and accepted along with the 30 page statement of affairs.
There are a number of ways that you may be able to get assistance with your bankruptcy fees. The new fee level if £600 which is made up of £150 for the court issue fee and £450 for the Official Receiver’s deposit. If you are on job seekers allowance or have a low income you may be able to get a rebate on the court fee only.
Some of the utility companies have trust funds which could offer help with the bankruptcy fees. These include The British Gas Energy Trust and the EDF Energy Trust. Some trade unions may also have money set aside to help and you should seek to talk to your union welfare officer.
Once you have the fee set aside, it is necessary to consider how you complete the paperwork. You can do it yourself, or engage an expert such as ourselves.
It is vitally important to make sure that the Statement of Affairs is correctly and accurately filled in as the Official Receiver will be able to ask you for monthly payments if your statement indicates to him that you have disposable income.
This is known as an income payments agreement. We have had a case come through us where an individual was due to do an IVA. It was rejected as the creditors would not accept an offer of £500 per month. We took him through the bankruptcy process and were able to get the official receiver to accept payments of £75 a month for 36 months. This client saved nearly £27500 by doing a bankruptcy instead of an IVA.
Bankruptcy is seen by some people as a very drastic measure and one which they don’t wish to take. However it is now the case when you are made bankrupt the bankruptcy itself is not advertised. This takes a lot of worry off of clients who do not want friends and neighbours to know their business.
Bankruptcy does have its restrictions. You cannot for instance be bankrupt and also be a company director. For those individuals that we take through a bankruptcy, hardly any will experience any problems with this restriction. For some a bankruptcy will make it difficult to continue in a profession such as accountancy or as a solicitor. For these people we would not advocate bankruptcy but instead an IVA. However consider the benefit of getting your debt written off and knowing you can move on with your life again.
It is also the case that when you declare yourself bankrupt all of your assets vest with the Official Receiver. If you have a house which you own, your share will vest by operation of law with the OR. If you have negative equity, then the OR will probably sell it back to you for £1 plus his costs. We have had very many clients this year with negative equity who have got rid of all their debt, but retained their house as it has negative equity and they can pay their mortgage.