Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

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By TalbotWoods
#220952 For those people who are looking at bankruptcy, please be aware that the fee is due to rise on the 6 April 2010 to £450 per person. This will be needed in addition to the County Court Fee of £150 per person, meaning that without remission of fees each person entering into bankruptcy will need to pay £600.

Previously the fee was £360 plus £150 County Court Fee

It is possible that the Gouty Court Fee may also rise, but we have not been informed of this yet.

However, the County Court Fee can, in some cases, be reduced or covered completely, through the Courts Remission of Fee's service, but this applies to those on low incomes or certain benefits. Further details can be found HERE.

Please note that it is ONLY the County Court fee which can be reduced, the Bankruptcy Fee (Official Receivers Deposit) has to be paid in full

Tim
By stephen735
#222875 How do you think the fee compares with the actual costs they incur? I'm guessing they are making a nice little profit, particularly with the rise in number of bankruptcies.
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By JaneClack
#222891 For most people they make very little money for the creditors - the costs of the bankruptcy with the OR as interim supervisor of the estate and then the IP eat most of it up for the majority of us mortals.

I am doing a course and when I get my books out I'll show you all the pro-forma and how it is worked out!