HOW DO I ANNUL MY BANKRUPTCY?

If you wish to obtain an annulment of your bankruptcy then it is usually necessary for you to pay all of your unsecured creditors and the expenses of your bankruptcy.

SPEAK TO A BANKRUPTCY EXPERT TODAY

HOW DO I ANNUL MY BANKRUPTCY?

If you wish to obtain an annulment of your bankruptcy then it is usually necessary for you to pay all of your unsecured creditors and the expenses of your bankruptcy.

SPEAK TO A BANKRUPTCY EXPERT TODAY

What Do I Need to Do in Order to Annul My Bankruptcy?

You will have to pay all of those people that you owe money to who do not have security from you.

Security typically means that the person you owe money to has a charge against your house. So, for example, if you have a mortgage you will not have to pay your mortgage company the full amount that you owe them because they are a ‘secured’ creditor.

However, if you have a car that is subject to finance, it is also unlikely that you will need to repay all of the finance as part of the annulment process. This is because your car finance company still own your car and so they are considered to be ‘secured’.

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You will have to pay all of those people that you owe money to who do not have security from you.

Security typically means that the person you owe money to has a charge against your house. So, for example, if you have a mortgage you will not have to pay your mortgage company the full amount that you owe them because they are a ‘secured’ creditor.

However, if you have a car that is subject to finance, it is also unlikely that you will need to repay all of the finance as part of the annulment process. This is because your car finance company still own your car and so they are considered to be ‘secured’.

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Your unsecured creditors will include:

  • Any money that you owe on credit cards
  • Any money that you owe in respect of outstanding Council Tax
  • Any money that you owe to water, gas or electric companies
  • Any money that you owe to individuals

Any money that you owe to a loan company who has not secured the borrowing against your home or any other assets that you might have.

Your unsecured creditors will include:

  • Any money that you owe on credit cards
  • Any money that you owe in respect of outstanding Council Tax
  • Any money that you owe to water, gas or electric companies
  • Any money that you owe to individuals

Any money that you owe to a loan company who has not secured the borrowing against your home or any other assets that you might have.

Are there any other expenses involved?

In addition to paying all of your unsecured creditors, you will also have to pay the expenses of your bankruptcy. This means that you will have to pay the Official Receiver’s costs for the work that it has done in looking into your bankruptcy. If you have had a Trustee in Bankruptcy appointed, you will also have to pay the Trustee in Bankruptcy’s costs as well.

The Official Receiver usually charges a fixed, standard fee of £7,995.00. Unfortunately, this is usually non-negotiable.

If you have a Trustee in Bankruptcy appointed then they will typically charge for any work they carry out in relation to your bankruptcy on an hourly rate basis. It is, therefore, not possible to estimate how much your Trustee in Bankruptcy will charge you because each case will turn on its individual circumstances.

We appreciate that it may seem like you need a lot of money in order to annul your bankruptcy and we understand that it may seem impossible to raise that money when you are already bankrupt. Don’t worry. We are here to help. You might like to take a look at our page – How Can I Fund my Bankruptcy Annulment?

Are there any other expenses involved?

In addition to paying all of your unsecured creditors, you will also have to pay the expenses of your bankruptcy. This means that you will have to pay the Official Receiver’s costs for the work that it has done in looking into your bankruptcy. If you have had a Trustee in Bankruptcy appointed, you will also have to pay the Trustee in Bankruptcy’s costs as well.

The Official Receiver usually charges a fixed, standard fee of £7,995.00. Unfortunately, this is usually non-negotiable.

If you have a Trustee in Bankruptcy appointed then they will typically charge for any work they carry out in relation to your bankruptcy on an hourly rate basis. It is, therefore, not possible to estimate how much your Trustee in Bankruptcy will charge you because each case will turn on its individual circumstances.

We appreciate that it may seem like you need a lot of money in order to annul your bankruptcy and we understand that it may seem impossible to raise that money when you are already bankrupt. Don’t worry. We are here to help. You might like to take a look at our page – How Can I Fund my Bankruptcy Annulment?

Contact a member of the team today.

Our experienced staff are well placed to provide you with any advice you need, or to answer any questions that you might have.

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