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.
Article Source:
http://www.articlesbase.com/debt-consolidation-articles/what-to-expect-
in-the-official-receivers-interview-once-bankrupt-1727464.html About the Author
Contact Steve Thatcher of Help With Debt (UK)
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