How To Go Bankrupt In The UK

How To Go Bankrupt In The UK BANKRUPTCY Bankruptcy is a challenging experience for anyone, often shrouded in mystery, with people being unaware of the procéss and the complex route to bankruptcy 1 The process of being declared bankrupt in the UK It is important to appoint a solicitor on your behalf to make sure the legal aspects of the case are dealt fairly and that you have the representation 2 A court will determine whether you are bankrupt A petition is made to the court by yourself, or even by your creditors, asking that you are declared bankrupt 3 Once you are declared bankrupt, then the court appoints an Official Receiver The Receiver will interview you and ascertain how much money you have, any assets that you have and anything that can be sold to bring in money 4 Control over your finances or indeed your assets Note that you no longer have control over your finances or indeed your assets- this control is with the receiver/Trustee, not with you 5 The Trustee can apply to the court for an official Income Payments Order That order remains in place for 3 years, but you can be legally and officially discharged from bankruptcy after only a year Having a good solicitor by your side It also helps you to at least feel you have a little control over what can be a very difficult and challenging experience Developed And Designed In public Interest By - www.AdCrofts.co.uk AdCrofts Piktochart -I make information beautiful