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How fast can I go bankrupt

How fast can I go bankrupt

How fast can I go bankrupt

The bankruptcy application process is fast. Once you make the decision to go ahead, you can be bankrupt within a couple of days.

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Is the bankruptcy application process fast?

Where you need fast protection from your creditors, you can go bankrupt very quickly if. Once you have made the decision to apply, it is possible to be bankrupt the next working day.

First, you need to complete the application form. This will normally take 2-3 hours. It is very important that this is done correctly.

The application fee also needs to be paid. You can pay in instalments, but your application can’t be submitted until it is paid in full.

If it is going to take time to get the money to pay the fee together, don’t be afraid of talking to your creditors. Be honest. Tell anyone who chases you for money that you are going bankrupt. Ask them to put your account on hold for a month or two. They should be willing to do this.

Once you have submitted your application, you will normally be declared bankrupt the next working day. The Adjudicator does have up to 28 days to make a decision on your application. However, this is not normally needed unless your identification or residential status needs to be confirmed.

It is vital that you complete your bankruptcy application for correctly, particularly the income and living expenses section. Contact us for more information about our assistance service if you need help.

When will creditors and bailiffs stop chasing you?

An advantage of going bankrupt over other debt solutions is that you get fast protection from your creditors.

As soon as you are bankrupt, any collection or enforcement action being taken against you must stop immediately. If you receive a call from anyone asking for a payment, just tell them you are bankrupt and give them your reference number. They have to end the call.

One or more of your creditors may be in the process of applying for a CCJ against you, this action stops. You no longer have to complete or return the admission form. Any CCJs already issued against you are overturned.

You are immediately protected from bailiffs. If a bailiff has already been instructed and knocks on your door, tell them you are now bankrupt. Give them your reference number and a copy of your bankruptcy order document if they ask for it.

Bailiffs are no longer allowed to collect any cash or goods from you and must leave your property immediately.

It normally takes 3-4 weeks for the Official Receiver to write to all your creditors confirming you are bankrupt. During this time you may still get some contact from them.

What happens after you are bankrupt?

After you have gone bankrupt, your case will be managed by the Official Receiver’s office. You will normally be contacted within a day or two via e-mail.

An Examiner may or may not want to interview you. They don’t always but if they do, it will normally happen within a week or so of you going bankrupt.

As a general rule, the interview will be on the telephone and last for 30-45 minutes. Nowadays, it’s pretty rare to be asked to go into the office and speak to an Examiner face to face. This generally only happens if you are (or having been) running a relatively large self employed business.

Within 2-3 weeks, you may be contacted by a member of the IPA team. This person will want to review your income and expenses budget to determine whether you can afford to make a monthly payment towards your debts.

If you own a property with over £10k of equity, the OR may decide your bankruptcy should be managed by a Trustee. If a Trustee is appointed, they will need to make their own assessment of your circumstances and decide what (if anything) must be done regarding your equity. This process will normally be concluded within 12 months.

Need fast protection from your debts? Speak to us about whether bankruptcy is right for you (0800 077 6180 or complete the form below). The advice is free and confidential.

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    2 thoughts on “How fast can I go bankrupt

    1. Garry s says:

      If paid the 680 and filled for bankruptcy I have a bankruptcy case number and am waiting to here from them , in then mean time I have a letter seeking payment of a debt and wanting to gain access th the house should I tell them I’m going bankrupt or not

      1. James Falla says:

        Hi Garry

        If your creditors who are chasing you, then yes you should certainly tell them you are going bankrupt. Once they are aware that your application has been submitted, they should suspend their collection activities.

        Normally you will be made bankrupt the next working day after submitting your application. Once this has happened you will have a reference number. You can give that to any creditor who still chases you and they will have to stop their collection action immediately.

        To find out what happens after you have been made bankrupt, have a look at the following article: What does the official receiver do

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