Process of Bankruptcy

Lines Henry Director, Neil Henry, discusses the process of making yourself bankrupt in this video. Neil has years of experience as a Licensed Insolvency Practitioner.

Making yourself Bankrupt is a difficult decision, but once you have decided it is the right course of action you will have to fill out 2 forms, the first is form 627 which is the petition for bankruptcy and tells the court who you are and about your financial situation it is 2 or 3 pages. The next form is the 6.28 which is the statement of affairs this is about 30 pages and goes to the Official Receiver. This is a very important document as it is a first impression to the Official Receiver. You then need to make an appointment with your local County Court, depending on your area you may or may not see a judge however you will see the bankruptcy clerk who will check the form has been filled in correctly (although not for accuracy), the bankruptcy clerk will then take the fee which is currently £705 which needs to be paid in cash, postal order or a building society cheque. Each Court is different but if you see a judge it will be in his chambers, not a Court, and he will ask you a few questions, including if you are confident that bankruptcy is the correct course of action.

You will then see the Official Receiver who will ask you if their is anything he needs to do straight away, in most cases he will not and he will just arrange an interview with you for the next few weeks. Everyone has to be interviewed in this way so don’t worry.

Neil goes into more details in this video on Bankruptcy and what to expect.