Insolvency Service: Bankruptcy as a Solution
These days, more and more people with outstanding debts in the UK are seriously considering bankruptcy as a way out of their financial dilemma, which is why it's highly beneficial for you to learn as much as you can about the Insolvency Service bankruptcy procedures and guidelines. According to the Insolvency Service itself, more than 30,000 bankruptcies have been filed within the last quarter of 2011 in Wales and England. This figure may be seen as a little alarming in view of the fact that UK economy has been quite stable in the last two years. There are generally two possible reasons for the increase in Insolvency Service bankruptcy numbers.
The first possible reason is that a majority of individuals have probably been using a debt management plan of sorts in hopes of getting out of debt and have now realized that they're really not making much progress in that direction. The second reason is that there may have been an increase in the number of EU citizens now based within the UK and going through the bankruptcy process, which is why the Insolvency Service bankruptcy figures reflect an increase in bankruptcy filings. Now, how exactly do you file for bankruptcy in England? Read on to find out.
Insolvency Service: Bankruptcy Filing in England
The first thing you need to do if you've decided to file for bankruptcy is to call the court that's nearest you to confirm if they're the right court for you to start the process in. Second, you need to get a bankruptcy pack either from the court or from the website of the Insolvency Service. Next, you'll need to complete the petition and the bankruptcy statement upon which the Official Receiver will base income payments agreements. You may want to check the Insolvency Service Bankruptcy Manual for some guidelines in completing the statement.
Be sure to go to court as scheduled with the complete documents. You'll likely be asked to pay some court fees and then taken to the District Judge who verifies if bankruptcy is indeed the best option for you. If the judge is satisfied that you've received proper debt management advice and this is indeed your best recourse, then he will prepare a Bankruptcy Order and transfer the case to an Official Receiver who will conduct an interview and determine when you can be released from bankruptcy.
Insolvency Service: Bankruptcy Process Made Easy
For the Insolvency Service, bankruptcy processes in the UK need to be streamlined and they've given some suggestions on how to do just that. These suggestions should indeed be given credence, as they can possibly help thousands of people who are currently in debt. Among other things, the Service has suggested the abolition of the requirement for court attendance and that an appointed official be given the authority to issue bankruptcy orders in much the same way debt relief orders are issued. These suggestions are meant to address the two main problems with the current system, which are prohibitive costs and the usual delay in getting court appointments. Considering the fact that the Insolvency Service bankruptcy streamlining proposals are only meant to make the process less complicated, it may be wise for the Institute of Credit Management to give it some serious thought, rather than dismissing it as they've done.
The first possible reason is that a majority of individuals have probably been using a debt management plan of sorts in hopes of getting out of debt and have now realized that they're really not making much progress in that direction. The second reason is that there may have been an increase in the number of EU citizens now based within the UK and going through the bankruptcy process, which is why the Insolvency Service bankruptcy figures reflect an increase in bankruptcy filings. Now, how exactly do you file for bankruptcy in England? Read on to find out.
Insolvency Service: Bankruptcy Filing in England
The first thing you need to do if you've decided to file for bankruptcy is to call the court that's nearest you to confirm if they're the right court for you to start the process in. Second, you need to get a bankruptcy pack either from the court or from the website of the Insolvency Service. Next, you'll need to complete the petition and the bankruptcy statement upon which the Official Receiver will base income payments agreements. You may want to check the Insolvency Service Bankruptcy Manual for some guidelines in completing the statement.
Be sure to go to court as scheduled with the complete documents. You'll likely be asked to pay some court fees and then taken to the District Judge who verifies if bankruptcy is indeed the best option for you. If the judge is satisfied that you've received proper debt management advice and this is indeed your best recourse, then he will prepare a Bankruptcy Order and transfer the case to an Official Receiver who will conduct an interview and determine when you can be released from bankruptcy.
Insolvency Service: Bankruptcy Process Made Easy
For the Insolvency Service, bankruptcy processes in the UK need to be streamlined and they've given some suggestions on how to do just that. These suggestions should indeed be given credence, as they can possibly help thousands of people who are currently in debt. Among other things, the Service has suggested the abolition of the requirement for court attendance and that an appointed official be given the authority to issue bankruptcy orders in much the same way debt relief orders are issued. These suggestions are meant to address the two main problems with the current system, which are prohibitive costs and the usual delay in getting court appointments. Considering the fact that the Insolvency Service bankruptcy streamlining proposals are only meant to make the process less complicated, it may be wise for the Institute of Credit Management to give it some serious thought, rather than dismissing it as they've done.
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