Bankruptcy is a procedure available for insolvent individuals who cannot pay their debts.
An individual can file/petition for their own bankruptcy in the local Court or a creditor can take this action against them if they are owed over £750 by the individual.
Once the Bankruptcy Order is made the Official Receiver is appointed to deal with the bankrupt’s estate and affairs. A Trustee may subsequently be appointed to realise the bankrupt’s assets and, if possible, pay a dividend to creditors from the net proceeds in the bankruptcy estate after the costs of bankruptcy have been paid.
- Your assets may be repossessed and sold by the Official Receiver/Trustee.
- You may have to pay monies from your income to Official Receiver/Trustee
- Assets acquired whilst you are bankrupt may vest in Official Receiver/Trustee
- Not all liabilities are wiped out through Bankruptcy
- An Individual Voluntary Arrangement (IVA) may be more suitable for you.
We can help
We have offices in Plymouth and St Austell. Geographically we cover all of Cornwall, Devon and Somerset and the initial free meeting can be held at a local venue to suit you.
I’m based in Plymouth (not a call centre with an anonymous number) and have been in practice here since 2002. I am a licensed insolvency practitioner.