I have previously outlined the process of bankruptcy and what is involved, however many people contact me with questions regarding the actual bankruptcy forms.

While the mechanics of going bankrupt is not that complicated, the forms for some people are, complicated and daunting.

It is not that the information required to fill out the forms is that complex; it involves personal details, creditors information, balances, when accounts taken out, property owned, etc and a detailed income and expenditure, but for many how the information is requested seems complicated.

There also is some confusion for people in completing the income and expenditure portion of the forms.  What can I put down for this and what can I put down for the other.

If you are not comfortable completing the bankruptcy forms, by all means get assistance in doing so.

Anytime you are filing papers in a court of law you want to be sure they are properly completed.

A couple of things to keep in mind regarding the forms: they are to be as accurate as you can make them, and they are to be an accurate picture of your finances at the time; which means in the income and expenditure portion you need to be open and as accurate as possible to what your expenditures are; as at anytime the Official Receiver may request documentation to substantiate the expenditure.

Another question that is raised is what if I forget to place a creditor in my bankruptcy or if the debt has been transferred or sold onto another collection agency.

In bankruptcy all your debts, unsecured, are placed, and the onus is on the creditors.  So if a debt is transferred or if you forget a debt and a creditor contacts you later to collect the debt, you can inform them and provide any documentation needed to show you were made bankrupt.

As for where to obtain assistance in completing the bankruptcy forms, there are many services out there to do this for you.  It is your choice who to work with for this, but you need to feel comfortable with the service and the company you use.  We at Myvesta have partnered with an Insolvency Practitioner to handle this for you, that way you can be sure the forms are completed properly; in addition, you receive 12 months of unlimited advice from our advisors to help you along the entire process of being bankrupt.