How to declare bankruptcy UK

How to declare bankruptcy

Do you owe money that you are struggling to pay? Are you looking to declare yourself bankrupt? In the UK personal bankruptcy usually lasts for one year. It means that when it comes to borrowing more than £500 you must let the creditor know that you’re bankrupt. You may be looking to seek advice from qualified bankruptcy lawyers.

At CP Law Associates, we see declaring bankruptcy as the final stage, ideally we like to try and work with you, so that you don’t get to that final stage and a better solution is found.

If you are however, already seeking to declare bankruptcy please follow the advice below.

Stage one: Is bankruptcy your only option?

Bankruptcy can have a serious impact on your every day life, especially when it comes to needing to borrow money later on in life. You need to make sure before you go bankrupt that it is the only available option to you. If you are unsure of your options, it is best to speak to a lawyer that specialises in bankruptcy.

Our team at CP Law Associates can help you with this.

Stage two: Fill out the online application to declare bankruptcy

To declare yourself bankrupt you will need to go online to the Government’s website and fill in a form. There is a payment needed to declare bankruptcy and this totals £680.

If you live in Scotland it is £200 to apply for full bankruptcy, or if you want to go through the minimal asset process route it is £90. Unfortunately a bankruptcy application cannot be submitted until the payment has been made in full.

Stage three: What happens after you’ve applied?

When you have completed and submitted your application it is then sent to an adjudicator working for the insolvency service. To declare yourself bankrupt you will not have to go to a court hearing. It should take 28 days to hear back from the adjudicator once you have submitted your application.

Has your bankruptcy application been accepted?

If the adjudicator accepts your application you will then be made an appointment to see the official receiver. The official receiver will go through a questionnaire with you to assess your financial situation and gather all your financial details. Included in this will be details of your pension and national insurance detail and any weekly/monthly outgoings.

Has your bankruptcy application been rejected?

An adjudicator is able to refuse your bankruptcy order and if they have refused it you will be given a notice of refusal. You can dispute this notice and will have 14 days to do so once you receive the notice of refusal.

What ever route you choose to go down, as lawyers we will always look to see if it is the only option for you, because bankruptcy can have a severe effect on your finances, your business and your family going forward. We suggest you speak with a lawyer before looking to submit a bankruptcy. application.

Why choose CP Law Associates?

At CP Law Associates, we are able to provide you with straightforward, jargon-free advice. Our bankruptcy lawyers are trained in helping you in the most stressful situations. It is our job to understand you and your personal circumstances and the financial situation that you find yourself in, so we can provide clear and concise support and advice. We know that declaring yourself bankrupt can be a stressful situation, but we are here to act quickly.

We will spend the time to help you understand the options presented to you before we connect you to the right professional bankruptcy lawyer.

How to Declare Bankruptcy

How to declare bankruptcy UK