Bankruptcy
Rule No 1 is remain in control
Bankruptcy is an option you can consider if you are insolvent i.e. you have debts which you can not possibly repay. People often think that Bankruptcy is something that companies and businesses go through when they run into trouble. In fact, this is not correct. The Bankruptcy procedure is actually used for dealing with individual people’s personal debts.
At first, the idea of Bankruptcy seems extremely negative and something that should be avoided at all costs. There are of course some serious downsides to Bankruptcy. However, for some people it can be the best solution for resolving overwhelming debt problems.
If you are declared Bankrupt, the responsibility for repaying your debts will be taken away from you by the Court. You are protected by law from any further creditor action against you. For example, your creditors are no longer allowed to contact you and demand repayment of money. They are not allowed to add further interest or charges and can not take any further action against you in the Court to recover money they have lost.
You are usually Bankrupt for only twelve months, during which time you are subject to various restrictions: you cannot take out a mortgage, be a company director, often take a position in the police force or military, or be employed in various professional positions.
Download these PDF documents for a full explanation
What will happen to my bank account,
What will happen to my pension,
What happens when you are interviewed by the Official Receiver
Please contact us for further information
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