Managed Bankruptcy
In certain cases where the insolvency (having debts that you could not possibly repay) is severe, bankruptcy may be the best option. If required we can offer a "Hand holding" service which walks you through the whole procedure, dealing with each step on your behalf.
Enforced Bankruptcy
Any creditor that is owed a minimum of £750 may force a debtor into bankruptcy, if he has defaulted on his payments repeatedly. Also if you were to set up an IVA and default on the payments therein, bankruptcy may be forced upon you. By declaring bankruptcy voluntarily many bankrupts feel that they are retaining an amount of control over their situation and this allows them some modicum of dignity.
How Does it Work?
When you declare Bankruptcy, an Official Receiver is appointed by the Court. The Official Receiver has responsibility for administering your Bankruptcy. He or she is responsible for deciding what will happen to any assets you have and whether you will be asked to make monthly payments towards your debt in the form of an Income Payment Order. The Official Receiver is also responsible for looking into your financial affairs for the period before your Bankruptcy.
The Official Receiver will give notice of your Bankruptcy to local authorities, utility suppliers, the Land Registry and any relevant professional bodies. Enquires will also be made of banks, building societies, mortgage, pension and insurance companies, landlords and any other persons and organizations who may be able to provide details of any assets or liabilities that you have or have
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