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What is Bankruptcy?
Put simply, bankruptcy is a way of dealing with debts that you cannot pay.What are the effects of Bankruptcy?
Once you have been made bankrupt all assets belonging to you come under the control of the trustee, including your home. These assets owned by you might be used to pay off your debts.
After one year all of your outstanding debts are written off and you can make a fresh start in your life.
Who deals with bankruptcy cases?
The Official Receiver is a civil servant and an officer of the Court. He/She will act as a trustee of your estate unless a private sector insolvency practitioner is appointed.
How long does Bankruptcy last?
A bankrupt may be discharged after :
- Two years if the debtor petitioned for his or her own bankruptcy and where the amount owed was less than £20,000
- Three years in other cases except: five years if the person has been bankrupt before in the previous fifteen years.
When you are drowning in debt and want fresh start in your life, bankruptcy is one option although there are other alternatives to become debt free.
We are here to help.
Alternatives to Bankruptcy?
Individual Voluntary Arrangements
Debt Management
Debt Consolidation
Its as easy as 123, call 0808 22 22 123 or fill in our online enquiry form.