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What is Bankruptcy?
Bankruptcy
In order to determine what course of action is most suitable for you we would advise you to seek bankruptcy advice from a qualified Insolvency Practitioner. They will look at your current financial situation in detail and will offer you advice about which course of action is best for you to take. We would recommend that you get advice on bankruptcy as soon as you suspect you may be experiencing financial difficulties. The sooner you seek help, the sooner the issue can be resolved giving you piece of mind. After discussing your situation with our advisers you may find that you are eligible for an alternative debt solution, one that avoids all the negatives associated with bankruptcy. It may not therefore be necessary to file for bankruptcy We will take you through the advantages and disadvantages of bankruptcy , and will discuss the other financial solutions that we can offer. You can then consider all of this information before reaching a decision.
Is Bankruptcy the Right Choice for Me?
Bankruptcy is not for the faint-hearted. It requires serious consideration and should be the last resort, and then only if you are unable to get an IVA or an alternative debt solution such as a Debt Management Plan or Consolidation Loan. You may file for bankruptcy if you are unable to meet all the repayments on your loans and other responsibilities. Most creditors would prefer you to find out what alternatives you have, as they would not gain much from your filing for bankruptcy. This may be something to consider, as you may still be able to pay off most of your debts, and this could save you from filing for bankruptcy. Our advice comes with peace of mind and we will do everything possible to help you resolve your debt problem in the best way and in the shortest possible time.In most cases bankruptcy lasts a maximum of 12 months and some bankrupts may receive a discharge after 6 months. Bankrupts may not apply for credit exceeding £500 without declaring their financial status. They should also tell their business partners and creditors they are bankrupt, otherwise they may face prosecution. Un-discharged bankrupts may not be involved in the formation or management of a limited company without a Court's permission.
bankruptcy law offers debtors two routes. The first choice is one that debtors themselves opt for, and the second one is an option that the creditors can exercise. Debtors can file for a petition, called a debtor's petition, at the High Court. This gives relief from financial miseries. Creditors can file a creditor's petition and this affords them an opportunity to recover any debts.
One of the more straightforward advantages is being free from debt. The disadvantages of a bankruptcy may include the possibility of losing assets and closing down of a business. Future creditors should be informed of the bankrupt's status and there are certain positions that bankrupts may not hold. The Official Receiver or an Insolvency Practitioner manages the bankruptcy proceedings, though the IPO should be authorised by the relevant body's Department of Trade and Industry.
Bankruptcy is not for the faint-hearted. It requires serious consideration and should be the last resort, and then only if you are unable to get an IVA or an alternative debt solution such as a Debt Management Plan or Consolidation Loan. You may file for bankruptcy if you are unable to meet all the repayments on your loans and other responsibilities. Most creditors would prefer you to find out what alternatives you have, as they would not gain much from your filing for bankruptcy. This may be something to consider, as you may still be able to pay off most of your debts, and this could save you from filing for bankruptcy. Our advice comes with peace of mind and we will do everything possible to help you resolve your debt problem in the best way and in the shortest possible time.In most cases bankruptcy lasts a maximum of 12 months and some bankrupts may receive a discharge after 6 months. Bankrupts may not apply for credit exceeding £500 without declaring their financial status. They should also tell their business partners and creditors they are bankrupt, otherwise they may face prosecution. Un-discharged bankrupts may not be involved in the formation or management of a limited company without a Court's permission.
bankruptcy law offers debtors two routes. The first choice is one that debtors themselves opt for, and the second one is an option that the creditors can exercise. Debtors can file for a petition, called a debtor's petition, at the High Court. This gives relief from financial miseries. Creditors can file a creditor's petition and this affords them an opportunity to recover any debts.
One of the more straightforward advantages is being free from debt. The disadvantages of a bankruptcy may include the possibility of losing assets and closing down of a business. Future creditors should be informed of the bankrupt's status and there are certain positions that bankrupts may not hold. The Official Receiver or an Insolvency Practitioner manages the bankruptcy proceedings, though the IPO should be authorised by the relevant body's Department of Trade and Industry.
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