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Bankruptcy is a way of dealing with debts you cannot repay. Anyone can go bankrupt, including individual members of a partnership. We offer a number of services to aid individuals threatened with BankruptcyGet advice on Bankruptcy today »
Bankruptcy is a way of dealing with debts you cannot repay. Anyone can go bankrupt, including individual members of a partnership. An individual can be made bankrupt in one of three ways:
There are two main aims in a Bankruptcy: firstly, to free the individual from the pressures of creditors (people they owe money to) to enable him or her to make a fresh start; and secondly, to ensure that all available assets (such as property and investments) are distributed fairly among the creditors.
If you want to apply for bankruptcy or simply need some professional advice about bankruptcy in relation to your personal circumstances, then we can help.
We'll review your finances to see if any alternatives to bankruptcy are available to you, such as an IVA or a Debt Management Plan. If not, or you decide that bankruptcy is the best option for you, then there are a number of ways we can support you with your bankruptcy application and beyond.
Details of our great value packages can be found by visiting our Personal Bankruptcy Application Support Service page
With effect from the 6th April 2016 Bankruptcy applications are no longer heard by the Courts, rather you submit an application electronically to an adjudicator who makes a decision about your application. The adjudicator isn’t a judge, they are a government official who works for the Insolvency Service, and their role is to review and make decisions about individuals’ bankruptcy applications.
If the application is approved by the adjudicator the assets of the bankrupt individual then fall under the control of a Trustee, this will be either the Official Receiver (a civil servant and officer of the Court), or a licensed Insolvency Practitioner.
Whoever is appointed becomes responsible for finding out as much as possible about the debtor’s assets and liabilities and then maximising returns for the creditors from the assets available, within certain guidelines.
Once a bankruptcy order has been made against you, your creditors can no longer pursue you for payment. Making payment to your creditors then becomes the responsibility of the Trustee, however, if mortgage payments are not made, the lender may enforce proceedings to sell your home.
You will normally be freed from your Bankruptcy Order (known as "Discharged") within 12 months, although it can take longer.
When a Bankruptcy Order is made you must provide the Official Receiver with information relating to your financial affairs (including your debts, assets, income and expenditure).
There are 2 fees that you have to pay:
If you are a married couple and are both applying for bankruptcy, then you will both be required to pay the fees.
If you think you may need to go bankrupt call us today – we are here to help.
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