Insolvency Including Bankruptcy And Individual Voluntary Arrangements
If you are contemplating bankruptcy or a voluntary arrangement you need prompt and efficient legal advice to ensure that you make the right choice. At Pearson Rowe we will provide you with a free initial telephone assessment to explain your options to you so that you can make the decision that is best for you in the long term. For just a few minutes of your time you can discover what you could and should be doing.
Why not call us free now on 0800 068 3242 or make a Quick Enquiry and we will be soon in touch with you.
Types Of Insolvency
There are two methods of insolvency for you as an individual. These are bankruptcy and a voluntary arrangement. We will look at the effects and benefits of each one in turn.
Bankruptcy In A Nutshell
Our bankruptcy in a nutshell list explains the main effects of bankruptcy for you. For more detailed advice please call us free now on 0800 068 3242.
Bankruptcy:
- You must owe at least £750 or more
- You will be freed from the debts that you have accumulated.
- Whatever assets you do have will be distributed fairly to your creditors (the people you owed money to).
After Bankruptcy you must:
- Stop using all of your bank or building society accounts.
- Not obtain credit for more than £500 without declaring your bankruptcy status
- Your home may be sold if you have more than £1,000 equity or your partner may be able to purchase your interest in the home to go to your creditors.
- Some of your wages may be taken (if you have sufficient disposable income) to go towards your creditors.
- You will be free from the bankruptcy after a period of 12 months or sooner if ordered by the Official Receiver.
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