If the adjudicator still does not make you bankrupt, they must send you a notice to confirm this. You can appeal to the court against their decision, but you must do this within 28 days of getting the second notice which confirms the adjudicator has refused your application. If you appeal to court and lose, you may have to pay extra court costs. Contact us for advice about finding the type of help that you need. You can also be made bankrupt if have an individual voluntary arrangement IVA that fails.
It requires you to either:. There are strict time limits for doing this. Contact us for advice. A hearing will be held if a creditor applies to make you bankrupt.
It is important to attend the hearing if you want to try and stop a bankruptcy order being made. Contact us for advice if a bankruptcy hearing has been set and you want to defend against being made bankrupt.
In certain circumstances, for example you have an IVA that has failed, your creditors do not have to serve you with a statutory demand before making you bankrupt.
If you have an IVA that has failed, or have received a statutory demand, contact us for advice. The official receiver in your bankruptcy may be able to sell some of your assets. In certain circumstances for example if you own a lot of valuable items a separate insolvency practitioner may be appointed to deal with your assets. Certain goods are not treated as assets. These are things such as clothing, bedding, furniture and household equipment for basic domestic needs. Items necessary for you to carry on your employment such as tools, books or vehicles can be excluded.
If you have valuable household items such as antiques, or expensive electrical equipment, then these could be sold in order to raise money. Your car might be sold if it is valuable, but it may be exempt if it is necessary for your employment. It can also be exempt if it is essential to meet the basic domestic needs of you and your family. Even if your car is exempt, you may have to buy a cheaper replacement depending upon its value.
The effect of bankruptcy on your car can be a complicated area. The only asset treated differently is the house where you live. See the later section Property. If the official receiver decides you have assets then they will usually be sold as soon as possible. If you are discharged from bankruptcy before any assets are dealt with, they will not belong to you on discharge.
There may be a clause in the hire purchase agreement that allows the hire purchase company to end the agreement if you become bankrupt. In this situation, you may have to return the item. If your agreement is not ended, the official receiver may decide to sell the item depending upon how much is left to pay on the agreement and the value of the item.
There may be some situations where you can keep an item if a third party takes over the agreement for you. In some limited circumstances, you may be allowed to keep making the payments under the agreement yourself. If you have a personal or workplace pension fund, it will not usually be affected by bankruptcy. You are likely to be able to keep it except in rare cases where you have paid very large amounts into your pension to try to stop creditors taking your savings.
If you have a personal or workplace pension fund that you have claimed, the official receiver will look at the income you get from it. They will take this into account when they decide how much you should pay into your bankruptcy. See the later section Payments from income and contact us for advice. If the property is solely owned by you, your beneficial interest will usually be all of the equity.
If the property is jointly owned with someone else, your beneficial interest will be part of the equity. If you own property then this might be sold depending on whether it has any equity in it. If you or your spouse and any children live there then there are rules about how quickly this can happen. Once you have gone bankrupt, your beneficial interest in your home is transferred to the official receiver or trustee.
If you are the sole owner then the whole of the value in the property is transferred to the official receiver or trustee. Depending on your circumstances, you may be considered to have a beneficial interest even if you are not named on the mortgage. This is a complex area so contact us for advice. It may be possible for the joint owner or family and friends to make an offer to the official receiver or trustee to buy out your share of the equity.
This can be particularly helpful if there is little or no equity. The official receiver or trustee has a maximum of three years from when you went bankrupt to deal with your family home. However, this action may be taken before three years have passed.
If you went bankrupt before April and you are now being asked to sell your family home, contact us for advice. Other properties such as those you rent out will not be dealt with under the rules described in this section. If you have a beneficial interest in a property that is not classed as your family home, such as a buy-to-let property, contact us for advice.
If they do not deal with your home within the three year time limit, it will automatically pass back to you. Alternatively, a separate insolvency practitioner may be appointed to sell your home.
This scheme helps to keep the cost of the process low. In any case, you will need independent legal advice from a solicitor. They will charge you for their services. Any third party who wants to buy back your beneficial interest will also need legal advice. Contact us for advice on how to search for a solicitor. If you have a mortgage or secured loan on the property, the ongoing monthly payments still need to be maintained to stop your lender taking possession action. If you are up to date with your rent payments, you will usually be able to stay in your home.
There could be a risk to your home if you have an introductory tenancy, a demoted tenancy or a family intervention tenancy. Contact us for advice if this affects you.
If you have rent arrears from before the date of your bankruptcy order, your landlord can still take court action to evict you from your home. However, they cannot get the arrears back from you because they are a debt that will be included in your bankruptcy. If you build up any rent arrears after the date of your bankruptcy order, your landlord can take action to evict you and get the arrears back. When the official receiver works out whether you should pay anything from your income, you may be allowed to continue paying towards your rent arrears to help keep your home.
However, the official receiver could ask you to reduce your payments towards rent arrears if they think you are paying too much. Your tenancy agreement may have a clause which says that your landlord can end the tenancy if you are made bankrupt. If your tenancy agreement says this, it means there is a risk of eviction.
It does not mean that you will definitely be evicted. Contact us for advice if there is a bankruptcy clause in your tenancy agreement. Essential expenses such as your mortgage, rent, household bills and food will be taken into account when working out what your surplus income is. Skip to navigation Skip to content Skip to footer. Top links Housing benefit. Top links Template letter to raise a grievance at work.
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Our Consumer Protection Unit may give specialist legal advice and help with disputes with credit providers, insurers and bankruptcy matters. Caxton Legal Centre Consumer Law Service gives free specialist legal advice to people with consumer and consumer credit legal problems, including loans, bankruptcy, debt collection, mortgage brokers and financial advisors. Gladstone Community Advisory Service gives free legal advice about consumer matters.
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