Once you have decided, with guidance from our assessors, that a Bankruptcy order is the right solution for you, we will take you through the process detailed below, giving you advice and support at every step:
- We will assist you in preparing your Statement of Affairs for the court.
- A hearing date will be set for you to attend court to present your application for bankruptcy. The judge will make a decision as to whether the bankruptcy order is approved.
- Once the order has been approved you must provide information about all assets (property, pensions, insurance policies etc) and the balances owed to all lenders 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 must be declared.
- You will generally expect to receive statutory discharge 12 months after the date of the bankruptcy order. This means you will no longer be subject to the restrictions of bankruptcy.
BANKRUPTCY WILL AFFECT YOUR CREDIT RATING AND A FEE IS PAYABLE. IN ADDITION, FEES ARE PAYABLE TO THE COURT BY ALL PERSONS PRESENTING A PETITION FOR BANKRUPTCY. THE AMOUNT PAYABLE DEPENDS ON YOUR CIRCUMSTANCES.
THE EFFECT ON YOUR CREDIT RATING MAY REMAIN ON YOUR FILE FOR UP TO 6 YEARS.