bankruptcy
Bankruptcy is a legal process resulting in a 'Bankruptcy Order'. Once such an order by the court has been made a trustee will control your assets, oversee your finances and any further interest and charges on your debts will be frozen.
Anyone can go bankrupt, including individual members of a partnership. It is very costly and difficult to get a bankruptcy order reversed.
Bankruptcy Summary
- Bankruptcy is a ruling made by the courts known as a "Bankruptcy Order"
- Bankruptcy is a solution for those who are unable to pay anything or very little towards their debts
- If you can make payments towards your debts, you will make a monthly payment for a set period of up to three years
- Your creditors will be paid from the sale of your valuable assets, if any, and any monthly payments you can make.
- There will be a full investigation into your financial affairs
- Interest and charges will be frozen
- As with an IVA, bankruptcy gives you a fresh start. Creditors are unable to make any payment demands from you
Call our specialist debt team on 08000 915 004 to find out how we could help you.