This process can be initiated by either the debtor or a creditor.  A petition will be presented to the Court and the Court will consider whether to make a Bankruptcy Order.  If the Order is made, usually the Official Receiver will be initially appointed.  A trustee can be subsequently appointed to realise the debtor’s assets and distribute the resultant funds to the creditors.

If you are owed money from an individual who is unable or unwilling to repay you, please feel free to contact us to discuss your options.

Random Fact – The debtor is normally automatically discharged from Bankruptcy after 12 months.  This means the restrictions associated with bankruptcy are removed, however, any unrealised assets still form part of the bankruptcy estate.

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Is going bankrupt the correct choice?

Getting helpful advice is easy, getting the most suitable advice is actually one of the hurdles with any kind of financial problem, and finding the correct person is even harder. The world of insolvency is very specialised and niche, and consequently there aren’t many of us around. Our friendly and highly qualified staff are here to aid you get the right advice the first time.
Can I keep my house even when declaring bankruptcy?
In many cases the answer is yes! If your home has equity, the trustee in bankruptcy will try to realise his interest in the property, however, it would usually be preferable for a family member to purchase the interest, meaning you could continue to live at the property.  If you are concerned about losing your home call us on 01707 566 051 and we will guide you through your options.
What happens to my credit rating?
Bankruptcy lasts for 1 year after which you are normally automatically discharged. However, the bankruptcy will appear on your credit file for 6 years.  If you have your bankruptcy annulled, it will be removed from your credit file.