Frequently Asked Questions

• Will I lose my house?

If there is no equity in your house then the official receiver will allow a third party to buy the interest in the property for £1 plus legal fees.  You have 12 months to purchase this.  If the house is in joint names then the other party can purchase the interest.
If there is equity in your property then the official receiver may order you to sell the property to pay your creditors.  If the house is owned jointly then the other party owns 50% of the equity and would be required to purchase the remaining equity within 12 months of the bankruptcy.  Hamilton Associates have specialist Solicitors who are able to clarify all your queries on this complex matter.

• What are the costs to the Court and Official receiver?

The Court and the official receiver cost if currently in most Courts £600.  Should you be on a low income then there is a form that enables you to get most of the fees paid for you.  Once Hamilton Associates have assessed your information we would be able to tell you if this apply’s to you.  

• What happens to my car?

The official receiver will normally allow you to keep you car as long as the value is £1,000 or under.  If you have a Hp agreement on the car then depending on what this is costing on a monthly basis and the value of the car after the credit is taken of then he may allow you to keep this.
Especially if you need the car to get to and from work

• Will I be able to get credit again?

Once you have been discharged from Bankruptcy you will start to rebuild your credit rating.  It is not possible to say how long before lenders will give you a loan or a credit card as credit is not easily available for bankrupts.  It will show on a credit report for 6 years.  You will be able to have a basic bank account and a debt card and also a pre paid credit card which will enable you to build a credit score again.

• Will I be able to get a bank account whilst bankrupt?

Yes you can have a basic bank account which allows you to have a facility to pay bills and standing orders and have your wages paid into.  Most banks will give you a electron card.   It is not possible to have an overdraft as it is illegal to obtain credit whilst you are bankrupt.  Hamilton Associates will help to advise which banks will open you a basic bank account.

• Will I have to pay the official receiver any money on a monthly basis?