Bancrupcy

The Bancrupcy Interview by The Official Receiver

The clients who The UK Insolvency advise to opt for bancruptcy tend to earn a very low, irregular or no income, own no major assets such as property and earn a normal salary. In fact some people that opt for bankruptcy have experienced a major life change, such as illness or divorce.

IMPORTANT NOTE - Do not ignore the official receiver’s staff in the hope that they will go away. They will not. If you do not co-operate, you may have to attend court to be questioned and could even be arrested if you still fail to co-operate. In bankruptcy, you could also have your discharge from bankruptcy proceedings suspended, which would mean that your bankruptcy could last much longer than the normal 12 months.

After the Judge makes the bankruptcy order the Official Receiver’s will initially telephone you. The phone call takes about an hour and will go through all your debts and get details of your monthly income and expenses. Please note that the interview process is carried out in a very polite and professional manner. There is nothing to be worried about – just be prepared to have an open and frank chat about your finances.

Key points of the bancruptcy interview

• How was the debt accumulated?
• Reasons for the debts.
• Details of spending behaviour such as gambling or sex addiction.
• Have full details of my current position, such as employment and residential status
• The Official Receiver will want to double check all information held on file is correct.
• The whole telephone interview takes about an hour
• Be prepared to answer probing financial questions.
• Have details about your car or other motor vehicle to hand.
• Details about travelling expenses are a must.
• Understand what 'Disposable income' means .
• Answer all questions in full.

Please note that the bancruptcy interview is just like going to court to hand in the bankruptcy petition. There is nothing to worry about. The key is being 100% prepared so you can all question put to you.

Common Misspellings of bankruptcy:-

• Bankrupty
• Bancraptcy
• Bancrupsty
• Bankrupcy
• Bancrupsy
• Bakruptcy
• Bankrupsy
• Bancruptcy
• Bakrupcy
• Bancrupcy
• Bancruptsy
• Bakruptsy
• Bankruptsy

Before you apply for your own bankruptcy, you should get your own legal or financial advice about bankruptcy and the other options available to you. Money Advice Direct can advise you on specific insolvency problems. You can get best advice 24 hours a day on 0800 074 6918 or apply online at www.insolvencyhelpline.co.uk.

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