Full Legal Advice Answers

Full Answer – £75

Please see below an example of a question which could be asked and an example of how Legal Expert would respond.

Example Question: I have debts of over £20,000 and I have received advice that my best option would be to apply for Bankruptcy. Please could you advise me as to what forms I need to complete and how much the fee is?

Example Answer:

To be made bankrupt, a court has to issue a bankruptcy order against you. This can happen for 3 reasons:

1) You apply to the court if you’re unable to pay your debts and want to declare yourself bankrupt;

2) Your creditors (the people you owe money to) apply to make you bankrupt if you owe them £750 or more;

3) An insolvency practitioner applies to make you bankrupt because you broke the terms of your Individual   Voluntary Arrangement.

Once the Court has issued a Bankruptcy Order:

1) You’ll receive a copy of the Bankruptcy Order and may be interviewed about your situation;

2) Your assets can be used to pay your debts;

3) You must follow rules called ‘bankruptcy restrictions’;

4) Your name and details will be published on a bankruptcy register called the ‘Individual Insolvency Register’.

After 12 months you’re usually discharged (released) from your bankruptcy restrictions and debts, although assets that were part of your estate during the bankruptcy period can still be used to pay your debts.

The relevant forms and information regarding fees are attached to this email together with a sample of how to complete the forms and the procedure to submit them to the Court.