Bancruptcy

[WendyS]

How much does it cost to file for bancruptcy and what are the personal financial implications afterwards? Is there a comprehensive website that provides all the relevant information?

[CheekyChops]

It will cost �475,

See HERE for lots of useful booklets you can download.

[WendyS]

Many thanks . Now I understand why the person considering it says they can't even afford that option. I wonder what happens when you literally don't have a penny to your name?

[Pippa68]

My husband borrowed the fee from a relative. Of course once the bankruptcy went through and he no longer had massive debts (caused by his ex wife) to pay out each month he could pay the relative back straight away.

[themas]

If your only income is benefits such as Income Support or Job Seekers Allowance, or if you are working and have very low earnings, you can get exempted from �150 of the fee.

It is sometimes possible to get the fee from a charity - e.g. some large employers have benevolent funds for employees, past employees and dependents; British Gas and EDF Energy have charitable trusts that can help their customers.

[deeboy]

Said in another thread its different if your in Scotland..it's �63 and free if in receipt of IS JSA income based tax credits, pension credit ect..

[frazerd]

It should also be considered that you could let your creditors have you declared bankrupt - then you will not have to fund the case.