Advantages Frees you of worry
Disadvantages feeling ashamed, financial restraints
Yesterday I went to court, to begin the process of winding up
my personal and business affairs. It took me a long while
to realise that I had no choice but to opt for Bankruptcy and
it isn't necessarily the easy option.
However, having decided that was the only option open to
me I picked up the necessary forms from my local County
Court. The forms run to about 13 double sided pages,
to be completed in triplicate! I took one look at them and
promptly pannicked and pushed them into a drawer for
two weeks, before deciding to approach the CAB for help.
There are also another page, an affidavit, which you
are given two duplicates of, which you fill in but do not
sign until attending court.
I took the forms home and filled in the rest of the information
that was needed and photocopied it all. Three weeks later
I went to the County Court, accompanied by the lady from
the CAB. We got there at 10 am, as the doors opened,
so we were fortunate to be seen quite quickly. First I had
to sign an affidavit (in triplicate) in front of a court official.
I paid a reduced fee of £310 as I am on benefits, although
the normal fee is in the region of £450.
He also said that if I co-operated with the Receiver I would
be discharged in a year or less and that he had no
objection to my having a Basic Bank Account, so that
my Direct Debits could be paid, as normal. This means
that you have no cheque book, overdraft or Debit card, but
I can manage with that quite well. If more goes into your
account than the Receiver thinks you can live on, that
surplus immediately goes to the Official Receiver, along
with any assets that you may have, which would be sold to
meet your debts. As I live in a rented property and am
on benefits this didn't apply to me.
I then had to wait to speak to an Official from the
Receivers Office, who asked me some questions and
who then made a further appointment for me to be
interviewed by the Official Receiver, over the 'phone, two
weeks later. I was told to compile all the information I
could prior to that interview, such as credit card statements
and other bills.
I do have to say its not an easy thing to do - or at least
I didn't think so. I hated having to admit defeat, but
the relief of knowing that the Receivers Office will deal
with things is enormous. I pass to them any letters
that I get from anyone wanting money and they sort
it all out, which is why it takes a while before you can
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