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Page last updated Thursday, 26 August 2010
Related media file
Listen to DebtWizard explaining what debts can be included and excluded in a consumer's bankruptcy, examples of different circumstances and when you can keep your house and car. Also the very important point about a family member or friend 'buying the bankrupt's interest' in the home for as little as £1. This concludes with details of filling out the forms and the procedure at court.
BBC Essex 5 Feb 2010 - Insolvency figures.
Mike reveals how some debt advisers steer vulnerable and desperate consumers away from bankruptcy to IVAs and debt management plans just to earn fees.
BBC Three Counties 5 Feb 2010 - Insolvency figures.
Mike explains bankruptcy procedure, IPOs & BROs, gives an example of how a bankrupt can still keep their home, even if it is mortgaged plus why he feels the insolvency figures should be nearer the million mark.
Important news - As from 6th April 2010 the cost to petition your own bankruptcy increased from £360 to £450, you will also have the additional court fee of £150 to pay as well. This will make the total cost to go bankrupt £600. Click here for more details
Enterprise Act 2002 -Why change the legislation?
Under the old rules the bankrupt would have been discharged after 2 years if unsecured debts were below £20,000, and 3 years if over 'that amount'. The restrictions placed on the individual included making it a criminal offence for an undischarged bankrupt to
What are the key points of the new legislation?
Under the Enterprise Act 2002, those made bankrupt after April 2004, will generally be discharged after 1 year, less in some circumstances for example where the bankrupt has cooperated with the Official Receiver, “OR”, and or Trustee and matters relating to the bankrupt’s conduct and affairs has not been raised by creditors. The OR can file a notice at Court detailing that the investigation of the bankrupt’s affairs has been concluded or is unnecessary. In some instances it is proposed that the bankrupt will be discharged upon the date the notice is filed into court and this could be a matter of weeks.
The bankrupt will not be discharged if there is a Court order suspending his or her discharge. This will be made if the bankrupt has not cooperated with the OR or Trustee in bankruptcy, then the term will be extended.
I am worried that my name will be advertised in the local paper
As from the 6th April 2009 most honest and co-operative consumer bankrupts will not be advertised in the local paper. Those bankrupts that are seen not to co-operate or not reveal all their assets or liabilities may still be advertised, plus any other cases that the Official Receiver feels warrants public interest.
More on this can be found here; Massive unreported change in bankruptcy policy.
Is there any change to assets such as my house?
The assets will still form part of the bankrupt’s estate and will, subject to certain exceptions already in place, be controlled by the OR or Trustee as necessary. The Act however changes the way the dwelling house is dealt with, briefly:
Trustee in bankruptcy has 3 years from the date of bankruptcy to deal with the bankrupt’s interest in his/her sole or principal dwelling house, the bankrupt’s spouse or former spouse, following which period it will revert back to the bankrupt, in other words it will no longer be a part of the bankrupt’s estate unless the trustee;
What is a Bankruptcy Restriction Order, BRO?
This is new and imposes restrictions on a bankrupt whose conduct has been negligent or reckless. These will generally apply after the bankrupt has been discharged and can run for between 2 and 15 years. Examples of being negligent or reckless would be gambling, borrowing money knowing you can not afford to repay it, paying off family and friends in preference to the lenders that would feature in your bankruptcy .
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