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Max Lowry
Max Lowry, Advocate
Category: Law
Satisfied Customers: 1457
Experience:  LLB, 10 years post qualification experience
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How difficult is it to get a bankrupt? How expensive is it

Resolved Question:

How difficult is it to get a bankrupt? How expensive is it and How much would it cost me?
Submitted: 3 years ago.
Category: Law
Expert:  Max Lowry replied 3 years ago.
Hi, welcome to the site. My name is ***** ***** I will help you with your question. Making yourself bankrupt is not difficult. You will need to complete two forms one of which will detail all your finances including outgoings and income and details of your creditors. The forms are submitted to court with the fee of £705. Once the forms are submitted to court the judge will want to know whether you understand you know what you are doing and have completed the forms correctly. If you do and you have you will be declared bankrupt.
If you don't want to pay the fee or can't afford it you can wait for one of your creditors to make you bankrupt - it will be exactly the same consequences whether you take the step or a creditor does it for you.
If you can go for an IVA it may be more preferable as the consequences are less severe.
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