Question 1

How do I declare bankruptcy?

Accepted Answer

The first step is to apply for bankruptcy online, which has a &pound;680 fee. Within 28 days an adjudicator will decide if you can be made bankrupt and pass your case on to a receiver to deal with proceedings.

Question 2

Who can be made bankrupt?

Accepted Answer

Any individual person with enough debt can be declared bankrupt. You can either apply for bankruptcy yourself or an application can be made by your creditors if you owe more than &pound;5,000.

Question 3

Can your credit recover after bankruptcies?

Accepted Answer

Bankruptcy will have a long-term impact on your credit score, however you can eventually begin to improve your score after by keeping up with new debts and making sure your bankruptcy was properly recorded by lenders.

Question 4

How long do bankruptcies last in the UK?

Accepted Answer

Bankruptcy will last for 1 year. After this time, you are discharged from all you debts and restrictions placed on you. Rarely, it can last longer if you do not cooperate with your trustee.

Question 5

Are pensions affected by bankruptcies?

Accepted Answer

Whether or not your pension is affected by declaring bankruptcy depends on what kind of pension you have and whether you are currently (or within 4 years) receiving payments from it.

Question 6

Who can I make a financial dispute claim against?

Accepted Answer

You are eligible to make a claim if you believe that you are owed money, a product or a service by another party. A financial disputes solicitor can advise on the circumstances of your case and clarify the strength of your claim.

Question 7

What are the criteria for making a financial dispute claim?

Accepted Answer

You are eligible to make a claim if you believe that you are owed money, a product or a service by another party. A financial disputes solicitor can advise on the circumstances of your case and clarify the strength of your claim.

Question 8

What is mediation?

Accepted Answer

If you are claiming against a business or organisation, you should first check to see if they have an Ombudsman scheme – this will mediate to help resolve your dispute. If they do not have an Ombudsman scheme, or you are claiming against a person, you should make your claim through the Small Claims Court.

Question 9

How can a legal service provider help with payment dispute resolution?

Accepted Answer

A legal expert will be able to provide detailed information on the strength of your case, your options for making a claim, and what will be best for your specific case.

Question 10

How do I find the best financial disputes solicitor?

Accepted Answer

Research and compare the best solicitors in your area. Consider factors such as their location, reviews, reputation, and cost of services before making your decision.

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