My husband and I are in an iva but have decided to go bankrupt, cannot manage the iva payments and in negative equity, is it worth using a bankruptcy assist company or is it easy enough to do ourselves?
Unless your financial situation is a particularly complicated one, I see no reason why you couldn't do it yourself. My own bankruptcy was a straight forward affair which involved a loan and several credit card debts. I had no assets and a banger of a car. The forms did look a bit daunting at first, but if you sit down and read through them and take your time, they are pretty simple to complete. I would take some photocopies and fill them out roughly until you get them right. I would not even bother to pay for a firm to do these for you. They are hardly rocket science.
Yep, there is no need to pay several hundred/thousand pounds to a firm to assist you in your BR. Your situation sounds quite straight-forward so you should be able to do it yourselves.
The steps are:
1. Fail the IVA by missing 3 payments 2. Get the IVA failure certificate from your IP. You will need to fail the IVA before being able to declare BR and some courts need to see the IVA failure certificate. 3. Find your local BR court at http://www.hmcourts-service.gov.uk/HMCSCourtFinder/. Contact them and let them know you want to declare BR. Check whether you need to make an appointment or can just turn-up on the day. Also check whether you need your IVA failure certificate. 4. Complete the BR forms (6.27 and 6.28) at http://www.insolvency.gov.uk/doitonline/doitonlinemenu.htm 5. Print out 3 copies of each form for each person and take them to the court with the £600 (per person) BR fee
That's pretty much it!
Most people find BR life a lot easier that IVA life and I'm sure that will be the same with you and your husband. You can always try to speak to your IP and see if the repayments can be reduced but it sounds like you have already decided to declare BR.
Feel free to ask any questions here as there are quite a few people who have already been through the BR process and can help you with completing the forms.
Edited by - gettingoutofdebt on 27 July 2010 18:49:48
is it easy enough to do br ourselves?
Posted - 27 July 2010 : 16:01:40
