Some people are daunted by completing and filling out forms, and sometimes for good reason. Depending on what the form(s) may be for, the range of experience or expertise required in completing them can vary.
In discussing bankruptcy with clients and anyone really, there seems to be a lot of questions as to what will happen, can they keep their car, property, etc, how will the bankruptcy affect their spouse or partner, and also about the fees and forms.
The issue with the fees is usually the question, why are they so high?
Currently to go bankrupt the fees are £700 per person.
It is possible to get assistance with these fees and also a reduction through the courts. You can speak to the court about this and also complete form ex60a; another form I know.
The questions I receive about the forms range from how to fill them out, to what will they ask?
Also, where can I get the forms to go bankrupt.
The bankruptcy forms can be obtained either at the government's insolvency web site, or from your local County Court.
There are two (2) main forms that need to be completed, the statement of affairs form 6.28 and form 6.27, the debtors petition form.
Form 6.27 asks the following:
Your name, place of residence and occupation
The name of any business you run and whether you run that business alone or with others
The nature and address of your business
If you no longer run a business but you did during the period that you built up your debts then you will have to disclose that business also.
The address or addresses that you resided at or carried on during that period.
A statement that you are unable to pay your debts
A request that the bankruptcy order be made
Particulars of any insolvency proceedings that have taken place in the last five years.
If an IVA is in force then the name and address of your supervisor
Form 6.28 the statement of affairs, asks the following:
Name and address of your secured creditors with amounts owed, value of assets, nature of security etc
Name and address of your unsecured creditors
Details of your assets, including joint assets
Income and expenditure
Details of any dependants
Details of any attempts to come to an agreement with your creditor’s and whether an IVA is likely to be acceptable.
details of any assets transferred away recently ( such as property, or cars, etc)
While it is a lot of information required to complete the forms, much of it you should know.
In completing the income and expense sheet, you need to be as accurate as possible and use real figures, actually what it is costing you to live each month. This because at any time the Official Receiver may request documentation to support an expense.
But again many people find competing the forms daunting and need help. There are service out there that do offer assistance in competing the bankruptcy forms. We offer a service to do this as well, and more information can be found here on our web site.
As I always say to people, if you are not 100% confident in completing the bankruptcy forms, get professional help.
