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How does bankruptcy work?

Stop - Recent changes to UK Debt Laws means that you may not need to consider bankruptcy! Your debts may be able to be written off in a year without the need for bankruptcy or the problems that go with it...

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The Bankruptcy Process Explained

If you are deciding whether bankruptcy is the right route to solve your money problems, then you must be aware that a fee is payable to the court for a bankruptcy order. In some cases people can be exempt, but a deposit is payable in all cases towards the administration of your bankruptcy. It is extremely important that you explore all of your options with a debt expert first, to ensure that you take the right route for your own situation.

If you are a married couple petitioning for bankruptcy both of you will have to pay these fees.

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The Official Receiver will be responsible for administering your bankruptcy unless an insolvency practitioner sometimes referred to as an IP is appointed.

He/she will be your trustee and will find out all he can about your finances – what you own and what you owe – and repay as much as possible and as fairly as possible, within certain guidelines.

What happens?

If you’ve taken professional advice and decided that bankruptcy is the way for you to resolve your indebtedness, you complete a form, which asks the court to make you bankrupt and includes your reason for requesting bankruptcy.

You will also have to complete a statement of affairs, detailing what you own and what you owe and to whom.

Your petition will then be heard by the court. Once the order has been made against you, your creditors, the people you owe money to, can no longer pursue you to settle the debt. Repayment becomes the responsibility of the Trustee appointed by the court to administer your bankruptcy. If you would like help or more information, simply click the get free advice link below and complete your details:

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Can I Stop Bankruptcy Proceedings?

Yes, bankruptcy is a legal process administered by the courts and can lead to you loosing your personal possessions and home, but prompt action CAN stop it from happening!

How to avoid bankruptcy?

If you reach a point where you think bankruptcy appears to be an option that you should consider, then you should first take urgent advice from a debt counselor, as it need not be the only way to resolve your financial position. Act as soon as you realise you have a problem with your debts or it could be too late and you risk loosing everything. If you are made bankrupt, the courts could order the sale of all of your assets to repay your creditors (The companies that you owe money), but there are ways to stop this from happening!

If you have become Unemployed or are unable to work, then there are ways to stop you from loosing everything that you have worked so hard for! In the UK, a debt relief order can be made to help people to avoid bankruptcy proceedings and get out of debt completely without loosing their home or belongings! Click the button below to find out more and stop bankruptcy proceeding...

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Our expert debt counsellors will assess your situation and look to see if other options are more suitable to your situation and can help you to stop any bankruptcy proceedings that may be pending. If bankruptcy is decided to be the best option for you, then your personal advice will include help to protect your assets as far as possible, our expert will guide you through the bankruptcy route, a bankruptcy order will be made against you by the courts, either at your request if you are voluntarily making yourself bankrupt, or at the request of a creditor to whom you owe £750 or more.

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