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

Moderators: TalbotWoods, JaneClack

By JohnDoe
#3004 Hi all.

After much reading (what a great mind easing place this is I must say, well done to all involved) I'm still left with a couple of questions tht I hope you can help with.

Firstly a little background.
My debt problems started around 7 years ago, ever since I've been paying most creditors off by either voluntary agreements of attachment of earning orders, little by little, some creditors haven't even contacted me for a couple of years.
Last year my dad lent me some money to set up my own buisiness, unfortunately after 8 months worked dried up and the business had to close, and now I'm much deeper in debt and currently unemployed and I can see that bankruptcy is the only solution.
I was advised to do this originally 7 years ago by the CAB, but at the age of 22, bankruptcy seemed a really scary thing, scarier than being 1000's in debt.
Now, it seems a relief.

As I say I've done alot of reading, my main question is that I honestly cant remember all of the creditors from the past, as many have changed names e.t.c
How will these get notified??
If they don't get notified will the debt still stand after my discharge??

Thanks for taking the time to read this.
#3006 Hello

If you petitition for bankruptcy, you need to provide as much information as possible about the debts you owe, but the OR will be aware that many people do not keep records, especially not going back more than a couple of years, so will not be expecting you to remember every single detail.

The key thing is to be honest, to provide as much information as possible that to the best of your knowledge is true. If companies have changed names then give the names you know, the OR will trace the information if he needs to.

Your bankruptcy will be announced in the local paper, and an announcement will be put in a publicaion called the London Gazette, asking all your creditors to come forward - and it's up to them to do so. As far as I understand your credit debts will be wiped out (and someone will correct me if I'm wrong I'm sure!), it's only 'non-provable' debts such as parking fines and court fines, and student loans that will not be included in bankruptcy.
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By JaneClack
#3007 Well Sadnskint has outlined it very well and the difference in doing it now rather than 7 years ago is that now it will last only for only one year - as I am sure it is what would be called a simple bankruptcy. In the past it would have been 2 years if you owed under £20K and 3 years for figures above this. The Enterprise Act has made things much simpler and the whole point of this is to allow honest entrepreneurs a chance to start again.
Check up on website - - by reading the leaflets. They are written in clear English and explain things very well.
Good luck with whatever you decide and do let us know how you get on.
By JohnDoe
#3011 Thanks for the input.
I'm reading the site from top to bottom most days lol

I just need to get the money together now. That surely must be the definition of irony, paying to make yourself bankrupt lol

I'll keep you informed of my progress as I'm sure I'll be a regular here.

Thanks again.
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By JaneClack
#3013 We look forward to hearing from you. I do keep saying that people's experiences really do put others' minds at rest. We can answer questions but people like to know how it went for others. Thanks
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By Nicky
JohnDoe wrote:I just need to get the money together now. That surely must be the definition of irony, paying to make yourself bankrupt lol

Very true indeed. But I guess someone has to pay the OR :wink:

Just to add, if you are in receipt of benefits, you can request a reduction in the £460 petition fee.