What To Expect In The Official Receiver’s Interview once bankrupt
If you are made bankrupt then you can expect that day to receive a telephone call from your local Official Receiver, who will introduce himself and confirm that he will be writing to you to fix an interview date.
The Official Receiver is a government official who is responsible for looking after and investigating your affairs as a bankrupt.
If you have assets at the time of your bankrupty for instance an interest in property, that interest will vest in him or her.
The Official Receiver will write to you very soon after you have been made bankrupt and ask you to come and see him for an interview, or to set out a time when he will call you. In the vast majority of cases that I see at present, clients are called by the OR in a basic interview that lasts between 30 and 45 minutes.
In the interview with the OR you will be taken through your statement of affairs. In all probability the length of the interview will in a large part be determined on two aspects:-
a) the quality of the statement of affairs that is completed… the better and fuller the statement, the shorter the interview that will be required;
b) the complexity of your affairs.. so if you have no available assets or income, you will be dealt with very speedily.
Your statement of affairs is about 35 pages long and from this the Official Receiver will be looking to confirm al your creditors and the amounts that you owe. If you have filled this in fully, then little time will need to be spent on this. It follows that it pays to get a professional to complete this form with you to ensure that it is as complete as possible.
In addition to the above, your income and expenditure will be analysed so that the OR can determine whether or not you have surplus income that you can contribute to him for 36 months via what is known as a Income Payments Agreement. Make sure that you utilise all your allowable allowances. If you cannot find out what these are, please seek expert help as it could save you thousands of pounds in contributions, if you get this right first time.
Your assets will be dealt with such as a house and a car. Again, in the statement of these are explained properly they can be easily dealt with by the OR. If you have a house with equity now is the time to ask what the OR’s attitude is to selling it back to you if you so wish, or if not how he intends to realise it as an asset.
The OR will also briefly go over the reasons for your bankruptcy and this will determine his attitude to any possible bankruptcy restriction order that he may seek to agree or impose.
Contact Steve Thatcher of Help With Debt (UK) Limited a total debt solutions company.
For all further reading see http://www.helpwithdebtuk.com
For personal contact email sthatcher@helpwithdebtuk.com
If you have any debt problem whatsover either personal or corporate make Steve your first call all advice is free. Finally if in the UK and you need a friend to speak to call 01162171406
Visit http://www.helpwithdebtuk.com
Article Source:http://www.articlesbase.com/debt-consolidation-articles/what-to-expect-in-the-official-receivers-interview-once-bankrupt-1727464.html
Related articles by Zemanta
- Ticketing sites shut as music fans lose out again (guardian.co.uk)
- CIT secures US$4.5B credit facility (financialpost.com)
- YRC Worldwide sets rules for voting on stock issue (sfgate.com)
- Joe Swash of I’m A Celebrity made bankrupt as personal insolvencies set to ‘break all records’ (telegraph.co.uk)
Share this:
Read also:
- Cheap Online Credit Card
- New legislation may provide regulation over debt settlement industry
- Are You A Victim Of Credit Card Deception?
- Advantages and Disadvantages of an IVA Agreement
- Small Business Debt Relief - The Top 3 Debt Relief Methods for Small Businesses - Part 2
- What Can Consumer Debt Consolidation Program Do To Your Credit Position
January 18th, 2010 at 4:30 am
[...] This post was mentioned on Twitter by Kowasaki Aitima and Kowasaki Aitima, kenneth Sys. kenneth Sys said: What To Expect In The Official Receiver’s Interview once bankrupt (http://bit.ly/6OANez) [...]