Bankruptcy

How the process works

We will discuss your financial situation and together agree on whether a Voluntary Bankruptcy order is right for you.

If you decide you want to declare yourself bankrupt, we will submit a petition on your behalf to the court.

A hearing date will be set for you to attend court, the judge will make a decision as to whether the bankruptcy order is approved.

Once the order has been approved you must provide information for all assets (property, pensions, insurance policies etc) and the balances and creditors for each debt within 21 days of the court hearing

All the information you have provided will be handed over to the Official Receiver, all assets and income increases during Bankruptcy needs to be declared.

You will generally expect to receive statutory discharge a year after the date of the bankruptcy order.

Bankruptcy may affect your credit rating and a fee may be applicable depending on suitability and qualification.

Any affect on your credit rating may remain on your file for up to 6 years.