What is bankruptcy?

Bankruptcy is a court driven process for individuals, designed to deal with debts built up over a period of time, which an individual is unable to pay. Most realisable assets will be sold and shared evenly amongst creditors. Generally bankruptcies last 12 months, after which the individual is discharged and totally debt free, subject to some limitations.

Is bankruptcy for you?

We believe the most reliable and understandable source of information about the bankruptcy process is contained within the Insolvency Service’s “Guide to Bankruptcy”.

Here is the link:

http://www.bis.gov.uk/assets/insolvency/docs/publication-pdfs/guidetobankruptcy.pdf

How we can assist?

• We can advise if bankruptcy is for you, and consider the suitability of alternatives such  as an Individual Voluntary Arrangement, or a Debt Relief Order.
  
  
• If bankruptcy is the most appropriate solution we can assist you in completion of the relevant paperwork and accompany you to court to obtain a bankruptcy order.
  
  
• If you are creditor owed money by an individual or partnership we can advise whether the instigation of bankruptcy proceedings to recover your debt is your best option, and discuss the pros and cons of alternative recovery procedures.
  
  
• We can attend bankruptcy creditors meetings on your behalf and seek the appointment as trustee in bankruptcy when there are sufficient realisable assets, or you consider assets have been transferred or sold at undervalue, in an attempt to put them outside the reach of creditors.
  

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