Bankruptcy is sometimes the right and best solution to an overwhelming debt crisis.
Before you take this step – it is imperative that you seek independent advice to make sure this is the right option for you.
Bankruptcy is either via a Court Order or an Order from the Office of the Adjudicator. Once you have been made Bankrupt you do not deal with your creditors. An official person, called the Official Receiver, will take control and deal with your creditors.
The Official Receiver will not only deal with your creditors, but will also take control of your assets (money and property). This is because, as a general rule, upon the making of a Bankruptcy Order, your assets (money and property) are no longer yours.
Is Bankruptcy the right option for you?
You may want to think about Bankruptcy if you have no money to pay your debts.
When Bankruptcy is over you can make a fresh start and the debts you had are usually written off. In many cases Bankruptcy can end in as little as one year.
The Association of Business Recovery Professionals, R3, have produced a guide in respect of Bankruptcy’s for creditors.
The Insolvency Service have produced a guide in respect of Bankruptcy’s for insolvent persons.
For more information as to whether Bankruptcy is right for you, contact our experts for confidential advice.
