bankruptcy - frequently asked questions and answers

Bankruptcy - Frequently Asked Questions and Answers

What is Bankruptcy?

Bankruptcy is an option that often has to be considered when

an individual cannot pay their debts .. (Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what_is_bankruptcy.php



Can anybodyExplain

Bankruptcy?

Bankruptcy is an option for any individual who cannot pay their

debts “as and when they fall due”. The Bankruptcy..

(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-explained.php




What is Process of Bankruptcy?

A Court makes a bankruptcy order only

after a bankruptcy petition has been presented. It is usually

presented by... (Full Answer..)





How much will it costto make myself bankrupt?

Usually after 3 years - on the third anniversary of the date of

your bankruptcy order. There are three fees you may have to pay...

(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-process.php



Where is the bankruptcy order made?

Bankruptcy petitions are usually presented either at the High Court in London or a

County Court.. (Full Answer..)




Then What will happen at Court ?

The Court will either hear your petition straight away or arrange a time for the Court

to consider.. (Full Answer..)




Who deals with Bankruptcy Cases?

The Official Receiver is a civil servant and an officer of the Court. He is responsible for

administering bankruptcies.. (Full Answer..)




What are the duties of Bankrupt?

When a bankruptcy order has been made, you must provide the Official Receiver with

information.. (Full Answer..)




What is the Effects of Bankruptcy?

Once you have been made bankrupt all assets

belonging to you come under the control of the Trustee..

(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/effects-of-bankruptcy.php



What are the disadvantages of

Bankruptcy?

Bankruptcy is a very serious matter. Declaring your self

bankrupt can have disastrous long-term.. (Full Answer..)




How do I petition for my own bankruptcy?

Before you take any action to apply for your own

bankruptcy, you should get your own.. (Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/how_do_I_petition_for_my_own_bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/how_do_I_petition_for_my_own_bankruptcy.php


What happens after Bankruptcy?

A bankrupt may be discharged (freed from obligations under the

bankruptcy order) after .. (Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-happens-after-bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-happens-after-bankruptcy.php


What are the alternatives to Bankruptcy?

Individual Voluntary Arrangement or IVA. This is a formal and legally binding arrangement between a

Debtor and.. (Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/alternatives-to-bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/alternatives-to-bankruptcy.php


Can my bankruptcy be reversed?

Yes, you can apply for a reversal or annulment at any time if: the bankruptcy order should not have been made.. (Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/can-my-bankruptcy-be-reversed.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/can-my-bankruptcy-be-reversed.php


Can my bankruptcy be cancelled?

This section covers the questions you are most likely to want

answered on how the court may annul (cancel) your.. (Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/cancelling-bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/cancelling-bankruptcy.php


What about New legislation - the

Enterprise Act 2002 ?

Under the Enterprise Act 2002, responsible businesses that go

bankrupt and those where..(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/enterprise-act-2002.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/enterprise-act-2002.php


What are the Frequently asked Questions related

to Bankruptcy?

Here is the most frequently asked questions related to Bankruptcy...

(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-faqs.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-faqs.php


Is there any additional facts

related to Bankruptcy?

Yes there are many of the additional facts

related to Bankruptcy... (Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-facts.phphttp:/www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-facts.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-facts.phphttp:/www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-facts.php


Is there any personal bankruptcy in the

UK?

Please note that Money Advice Direct will only recommend personal

bankruptcy in the UK as a viable solution... (Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/uk_personal-bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/uk_personal-bankruptcy.php


What Bankruptcy Records are kept?

The bankruptcy records show details of:

bankruptcies that are current or have ended in the last 3 months...

(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-records.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-records.php


Is there any other Bankruptcy advice?

The bankruptcy advice team can be contacted on 0800 074 6918 24 hours

day all year round, including... (Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-advice.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-advice.php


What will happen to my home in bankruptcy?

Information about your home when bankruptcy occurs. This section covers

the questions you are most likely to want answered about ... (Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-will-happen-to-my-home.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/official-receivers-office.php


What happens when you visit the Official Receiver's Office?

Information for bankrupts and directors of companies in compulsory

liquidation about the work? ... (Full Answer..)




What will happen to my pension in bankruptcy?

Information about your pension when bankruptcy occurs, this section covers

the questions you are most likely to want answered about... (Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-will-happen-to-my-pension.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-will-happen-to-my-pension.php


When will my bankruptcy end?

Information on discharge from bankruptcy

This section covers the questions you are most likely to want answered about

your discharge.. (Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/when-will-my-bankruptcy-end.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/when-will-my-bankruptcy-end.php


How am I made Bankrupt?

Lot of public asking, about this and the answer is there are two ways: By

debtors petition, By creditors petition.. (Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/how-am-i-made-bankrupt.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/how-am-i-made-bankrupt.php


Where is the Bankruptcy Order

made?

Bankruptcy petitions are usually presented either at the High Court in London or a County

Court.. (Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/where-is-the-bankruptcy-order-made.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/where-is-the-bankruptcy-order-made.php


Who will deal with my Bankruptcy?

The Official Receiver is appointed by the Secretary of State and is an officer of the court. The Official

Receiver.. (Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/who-will-deal-with-my-bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/who-will-deal-with-my-bankruptcy.php


Who do I need to tell if I go bankrupt?

Your mortgage lender, if you have one, as they may repossess..

(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/who-do-i-need-to-tell-if-I-go-bankrupt.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/who-do-i-need-to-tell-if-I-go-bankrupt.php


What are your duties as a Bankrupt?

When a bankruptcy order has been made, you must: comply with the

Official Receiver’s request to provide.. (Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-are-your-duties-as-a-bankrupt.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-are-your-duties-as-a-bankrupt.php


What effect will Bankruptcy have on your credit rating?

Information about a bankruptcy stays on record for at least six years

and a bankruptcy restrictions…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-effect-will-bankruptcy-have-on-your-credit-rating.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-effect-will-bankruptcy-have-on-your-credit-rating.php


Payment to your creditors in Bankruptcy?

The Official Receiver will tell your creditors that you are bankrupt. He or she may either act as the trustee or

may arrange a meeting…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/payment-to-your-creditors-in-bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/payment-to-your-creditors-in-bankruptcy.php


What happens to your assets in Bankruptcy?

You will no longer control your assets. You can keep the following items

unless their individual value is more than …(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-happens-to-your-assets-in-bankruptcy.php



What is a bankruptcy

restriction notice?

A bankruptcy restriction notice is an entry at the Land Registry against a

property that …(Full Answer..)




What is a form J restriction?

A Form J restriction is an entry at the Land Registry, made on the

application of the trustee, against …(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-is-a-form-j-restriction-in-bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-is-a-form-j-restriction-in-bankruptcy.php


What happens in Bankruptcy if I rent

my house?

If you fail to keep to the terms of your tenancy agreement, such as not paying your rent, the landlord may…

(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-happens-in-bankruptcy-if-i-rent-my-house-in-bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-happens-in-bankruptcy-if-i-rent-my-house-in-bankruptcy.php


What happens to your life assurance

policy in Bankruptcy?

Generally, your trustee will be able to claim any interest that you have

in a life assurance policy. The trustee may…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-happens-to-your-life-assurance-in-bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-happens-to-your-life-assurance-in-bankruptcy.php


What happens to your business in

Bankruptcy?

If you are self-employed, your business is normally closed down

and any employees are dismissed.…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-happens-to-your-business-in-bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-happens-to-your-business-in-bankruptcy.php


What happens to your wages in Bankruptcy?

Your trustee may apply to court for an income payments order (IPO),

which requires you to make contributions.…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-happens-to-your-wages-in.bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-happens-to-your-wages-in.bankruptcy.php


What are bankruptcy

restrictions orders and undertaking?

If, during his/her enquiries into your affairs, the Official Receiver decides that you have

been .…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-restrictions-orders-and-bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-restrictions-orders-and-bankruptcy.php


What about Debts we have incurred

after we have been made Bankrupt?

Bankruptcy deals with your debts at the date of the bankruptcy order. After that

date.…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/debts-you-have-incurred-after-you-have-been-made-bankrupt.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/debts-you-have-incurred-after-you-have-been-made-bankrupt.php


What are the advantages of going

Bankrupt?

Some of the advantages of going bankrupt are: Pressure is taken off you because you

don't have.…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-are-the-advantages-of-going-bankrupt.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-are-the-advantages-of-going-bankrupt.php


What are the disadvantages of going Bankrupt?

Some of the disadvantages of going bankrupt are: It will cost you money

(up to £485) to go bankrupt .…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-are-the-disadvantages-of-going-bankrupt.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/what-are-the-disadvantages-of-going-bankrupt.php


What are the implications of Bankruptcy?

Some of the implications of going bankrupt are:It will cost you money to go bankrupt The bankruptcy process

can.…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/the-implications-of-bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/the-implications-of-bankruptcy.php


Is there any guide to Bankruptcy Law?

The debtor himself (or a director of a debtor company) or any creditor with

a claim greater.…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-jersey-law.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-jersey-law.php


What is Bankruptcy Law?

Bankruptcy Law and bankruptcy in general is a serious matter. Under

current bankruptcy law.…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-law.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-law.php


What is Student loan and Bankruptcy ?

Student Loans must be repaid... One of the most popular questions we get asked by students and graduates is.…

(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/student_loan_bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/student_loan_bankruptcy.php


Where Can I get Bankruptcy Form?

To file for bankruptcy you will need to complete the following bankruptcy forms - this bankruptcy form is the request to the Court.…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy_forms.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy_forms.php


How to avoid Bankruptcy?

Money Advice Direct is an established debt advice services helping many

thousands of consumers each year. All debts…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/avoid_bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/avoid_bankruptcy.php


What is Business Bankruptcy?

Money Advice Direct business has a new department that is solely

dedicated to helping financially small businesses…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/business_bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/business_bankruptcy.php


What is a role of accountant in Bankruptcy?

The Accountant in Bankruptcy (AiB) is an Agency of the Scottish

Government. The Agency operates…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/accountant_in_bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/accountant_in_bankruptcy.php


Is there any Bankruptcy Lawyers?

This UK Insolvency Helpline advice team often have to make referrals to bankruptcy solicitors and lawyers for

clients…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy_lawyers.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy_lawyers.php


How can I search the bankruptcy records?

You can search the bankruptcy records online, or by visiting your local official receiver's office. All

searches…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy_search.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy_search.php


What is bankruptcy UK?

Bankruptcy in the UK is a legal status that usually lasts for a year and can

be a way of clearing debts you…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy_in_the_uk.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/declaring_bankruptcy.php


What is Declaring bankruptcy ?

Declaring bankruptcy is an option that often has to be considered when an individual cannot pay their debts…

(Full Answer..)




What is Filling for bankruptcy ?

Bankruptcy should be considered as a last resort

This section will provide information for those considering filing bankruptcy…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/filing_for_bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/filing_for_bankruptcy.php


How to Get bankrupt ?

Going bankrupt may not be your only option...

If you have a debt problem, you might have a number of options for sorting it

out…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/how_to_go_bankrupt.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/how_to_go_bankrupt.php


What is Insolvency Practitioners?

In the United Kingdom, only an authorised or licensed Insolvency Practitioner may be appointed…

(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/insolvency_practitioners.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/insolvency_practitioners.php


What is Voluntary Bankruptcy?

Voluntary bankruptcy is the legal proceeding that follows a petition of

bankruptcy…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/voluntary_bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/voluntary_bankruptcy.php


How do I avoid Bankruptcy?

Money Advice Direct debt advice team have been helped 100,000s of people avoid bankruptcy by offering

debt …(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/how_do_I_avoid_bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/how_do_I_avoid_bankruptcy.php


What is Consequences of

Bankruptcy?

Though bankruptcy might seem the quickest way to wipe the slate clean, particularly for those drowning in…

(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/consequences_of_bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/consequences_of_bankruptcy.php


Presenting a bankruptcy petition ?

Bankruptcy petitions are usually presented in the Royal Courts of

Justice at the High Court in…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy_court.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy_court.php


What about bankruptcy Bank

account ?

One of the problems that come to light after a person decided to go bankrupt is the lack of decent bankruptcy bank

accounts…(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy_bank_accounts.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy_bank_accounts.php


What is the Problems with

obtaining a mortgage after

bankruptcy?

Please note that getting a mortgage after bankruptcy is not impossible it

just will take time to find a lender who …(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/mortgage-after-bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/mortgage-after-bankruptcy.php


What is Personal Bankruptcy?

Personal bankruptcy is the process of freeing yourself from overwhelming debts so you can

make …(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/personal-bankruptcy.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/personal-bankruptcy.php


What are Bankruptcy

Misspellings?

Money Advice Direct is a best advice debt advice service. Over the years we have noticed that many people …(Full Answer..)

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-misspellings.php

http://www.bankruptcy-insolvency.co.uk/bankruptcy/bankruptcy-misspellings.php

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Phone - 0800 074 6918Email – [email protected]

Visit at: http://www.bankruptcy-insolvency.co.uk/

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bankruptcy - frequently asked questions and answers

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