The applicability of bankruptcy can be a confounding process. The following points of note on bankruptcy should add clarity to bankruptcy:
1. If you are a resident of the UK, you can petition for bankruptcy
2. To be declared bankrupt, a court must agree to it & issue a bankruptcy order
3. Declaring bankruptcy may require interviewing by the official receiver
4. Usually, you are discharged after a year
5. Is the claim is due to money owed, this is usually written off
6. Creditors are unable to chase for unpaid debts following bankruptcy
7. The person filing bankruptcy is allowed to retain certain possessions & assets.
8. Declaring bankruptcy does imposes large restrictions
9. Following declaring bankruptcy, the control of assets is passed to the receiver.
10. Declaring bankruptcy may result in the losing of the home.
11. The claimants details will be entered into the Insolvency Register
12. Bankruptcy claims are stored on file for a period of 6 years
13. Depending on personal finances, you may have to make a regular contribution to your creditors for up to three years following bankruptcy
14. To declare bankruptcy, courts costs and fees add up to approximately £700
15. Particular professions don’t allow persons who have filed bankruptcy to continue. This includes many roles in the financial & banking industry.
16. If you don’t abide by terms & conditions set out, a bankruptcy petition order can be made against you
If you require further clarity of bankruptcy & its applicability to you, speak to Immediate Bank Claims. We are on hand to guide your through debt matters as well as giving clarity to client suitability to the bankruptcy process.
Call Head Office now on 0207 127 9134 or go to Contact Us
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Gov discusses bankruptcy advice: