Posts Categorized: Bankruptcy

R3 Calls For Reintroduction Of Criminal Bankruptcy

R3, the insolvency trade body, has called for criminal bankruptcy to be reintroduced to help combat fraud. In the past, Criminal Bankruptcy Orders could be made against convicted fraudsters whose offences caused damages or loss worth £15,000 or more to their victims. However, criminal bankruptcy was abolished in 1988 for unknown reasons.   Now, a… Read more »

Basic Bank Account Changes Could Benefit Bankrupts

The government has struck a deal with the major high street banks that could benefit bankrupts and other people who use basic bank accounts. From September 2016, the range of services available with these accounts will become broader, so that the people using them aren’t ‘shut out’ from everyday banking facilities that most people take… Read more »

Personal Insolvencies At 10 Year Low

New figures released by the Insolvency Service show that the number of people becoming insolvent in England and Wales has fallen to its lowest level since 2005. Last year saw the number of personal insolvencies fall by 2% on 2013 levels to 99,200 – the fourth annual drop in a row. Corporate insolvencies have also… Read more »

Personal injury claims and bankruptcy

When you’ve been declared bankrupt, control of your finances passes to the Official Receiver (OR) or Trustee appointed to deal with your case. Under the rules of bankruptcy, you must tell the OR about any changes in your financial circumstances during your bankruptcy – including windfalls such as compensation received as a result of a… Read more »

Changes To Bankruptcy And DRO Rules

Following pressure from debt advice charities and organisations, the government has agreed to change some of the rules of bankruptcy and Debt Relief Orders (DROs). Bankruptcy Clinic welcomes these changes, which will make it harder for creditors to force vulnerable people into bankruptcy, whilst making DROs – an alternative to bankruptcy – available to more… Read more »

Can’t Afford Bankruptcy Fees? Help May Be At Hand

Whilst bankruptcy might be the best way of dealing with your debts in certain circumstances, there’s no getting away from the fact that there are upfront costs involved. At the moment, the cost of declaring bankruptcy for an individual is £705, consisting of £180 in court fees and a £525 payment to the Official Receiver…. Read more »

What Action Can Creditors Take To Recover Debts?

If you can no longer afford to repay your debts, you can expect your creditors to take legal action against you to recover what you owe. This article from debt advice firm, Bankruptcy Clinic, gives an overview of some of the actions that creditors might take, depending on the circumstances involved. County Court Judgement (CCJ)… Read more »

Life After Bankruptcy – What To Expect

So you’ve decided that bankruptcy is the right way to deal with your money problems and the wheels of the bankruptcy process are in motion. But what can you expect to happen after your Bankruptcy Order has been made and, later on down the line, when you’ve been discharged? This article from bankruptcy advice specialists,… Read more »

What Happens After A Bankruptcy Order Has Been Made?

This article from Bankruptcy Clinic explains what happens after a Bankruptcy Order has been made against you by the court. You’ve already have completed a Bankruptcy Petition and Statement of Affairs, sworn an affidavit and, in most cases, attended your court hearing. So what happens next? The Official Receiver From the moment your Bankruptcy Order… Read more »

Which Debts Can & Can’t Be Included In Bankruptcy?

yes/no bankruptcy

If you’re finding yourself drowning in debt and no other options are available to you, bankruptcy could be your best option for dealing with your money problems. However, did you know that not all types of debt can be included? This means that you’ll still need to find a way to manage these debts during… Read more »