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Articles about Bankruptcy

A Guide to bankruptcyThis page lists all Debt Camel's articles about Bankruptcy in date order.

If you are thinking about going bankrupt, or are already bankrupt and have a problem, start by reading Debt Camel's Guide to Bankruptcy.  That looks at how to decide if bankruptcy is right for you by providing you with the information you need. It also looks at the process of going bankrupt and what can happen when you are bankrupt. From "will I lose my house" to "how can I repair my credit record after bankruptcy" it covers all the common questions people have.

Is my house safe if my new partner goes bankrupt

Ms P asked "I want my partner to move in with me but he may have to go bankrupt so we need advice on the timing.  He has got a lot of debt trying to keep his business going but it doesn't seem to be working. I have a house with a lot of equity and we don't want this to be at risk at all. The question is if he moves in now and goes bankrupt in a few months, will that cause a problem? Or is it … [Read more...]

September 29, 2016 Author: Sara Williams Tagged With: Bankruptcy

How to complete the online bankruptcy application

In 2016, an online Bankruptcy Application was introduced in England and Wales. When you submit the online Application it is checked by the Insolvency Service Adjudicator who makes the Bankruptcy Order. The online application is a huge improvement on the old court forms! As a result, more people are now choosing bankruptcy, see Court-free clickable bankruptcy 'removes stigma'. The online … [Read more...]

April 6, 2016 Author: Sara Williams Tagged With: Bankruptcy

How to pay your bankruptcy fees

You can pay your bankruptcy application by debit card or cash. If you are paying by card, you can do this in instalments. The payment methods are all explained in the new online application. I'm going through it in detail here as you might like to understand how this will work but don't yet want to start a bankruptcy application. If you want to know more about the rest of the bankruptcy … [Read more...]

April 5, 2016 Author: Sara Williams Tagged With: Bankruptcy

Must I tell Official Receiver what I spent money on

A reader asked if he has to give the Official Receiver details of his expenditure. If the expenditure is before he went bankrupt, the answer is "Yes, definitely - but this probably won't be in a huge amount of detail". But if he is worried about whether he has to report to the Official Receiver about his spending while he is bankrupt, the answer is "No, not normally". Expenditure before you … [Read more...]

November 6, 2015 Author: Sara Williams Tagged With: Bankruptcy

Bankruptcy, IVA, DRO & your credit rating

If your debts are so bad that you are going to have to choose one of the three types of insolvency, you know this will wreck your credit rating, but how long will this continue? This article answers this and other you may have about the effect of insolvency on your credit record such as Will you ever be able to get credit again? What about a mortgage? Is bankruptcy worse than an IVA or a DRO for … [Read more...]

September 1, 2015 Author: Sara Williams Tagged With: Bankruptcy, Credit ratings, DRO, IVA, Mortgages

Repossession after bankruptcy – be careful!

What do you need to do if you want your house to be repossessed after you go bankrupt in England, Wales or Northern Ireland? Perhaps the house is unaffordable, has negative equity, or it's the wrong size for you. For whatever reason, you want to move out, are happy for the mortgage lender to repossess and may want to "hand back the keys" as fast as possible to get it all over with. The … [Read more...]

February 18, 2015 Author: Sara Williams Tagged With: Bankruptcy, Mortgages

How IVA, DRO or bankruptcy affect affordability complaints

If you have been insolvent - bankrupt, had an IVA or a Debt Relief Order (DRO) - then you need to know how this affects a claim for a refund for a financial product. You can't make a new claim for a PPI refund - the deadline for this passed at the end of August 2019. But you can still make affordability complaints and other sorts of compensation eg for packaged bank accounts. New credit … [Read more...]

November 23, 2014 Author: Sara Williams Tagged With: Bankruptcy, DRO, IVA

Bankruptcy – will the OR make me …. ?

Debt Camel's bankruptcy information looks at the major questions most people have about bankruptcy - will my job be affected, what will happen to my house etc. There are two other types of queries that people have: concerns about their assets, which I covered in a previous article, and worries about what powers the Official Receiver has to control people's lives, which I am going to be looking at … [Read more...]

July 23, 2014 Author: Sara Williams Tagged With: Bankruptcy

Inheriting money when bankrupt

a golden nest egg

A reader has asked if my recent article on redundancy payments and bankruptcy also applies to inheriting money or assets when you are bankrupt. The answer is "Yes", but there are a few extra points to consider. The date of death is the key date You become entitled to an inheritance as soon as the person has died, so it legally forms one of your assets from this point. There are three cases … [Read more...]

March 30, 2014 Author: Sara Williams Tagged With: Bankruptcy

Will the OR take my redundancy money?

A reader has asked: I have been offered redundancy. I would like to retrain for a more interesting job, but I still have nearly a year of IPA payments to make, so will the Official Receiver take all my redundancy pay? It depends on your discharge date The answer to the question depends on whether the last day of employment is before or after the date of discharge from bankruptcy.  There are … [Read more...]

March 25, 2014 Author: Sara Williams Tagged With: Bankruptcy

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