A Brief Guide to Bankruptcy | Penny Seeds

April 12 ? ewoodesign

If you have any debts that you can?t afford to pay then filing for bankruptcy is a good way to pay them.

When or if you get made bankrupt then it means that all of your assets can be used to pay your debts off which you?re finding it hard to pay, so you can use them to pay off your creditors and during the period of bankruptcy you will be subject to a certain number of restrictions and after a period of time you will be freed from your debts.

You can apply for bankruptcy through the courts and there are a number of different procedures for companies and partnerships that need to be adhered to. The only way you can be made bankrupt is through the court; no one else.

You can make yourself bankrupt by appealing to the court but again, it?s only the court that can make the ultimate decision and when the court issues a bankruptcy order against you that is when you?ve been made bankrupt.

When you?re officially bankrupt then you have to hand over any assets of value and also the financial interest in your home to someone who is appointed to manage your bankruptcy that is known as a ?trustee??this can either be an Official Receiver or an insolvency practitioner.

Bankruptcy can affect you in a number of different ways; if you own a business then it generally means the closure of your business and the dismissal of your employees and it may also affect your future employment status.

Being bankrupt normally lasts 12 months and it?s after this period of time that you will be freed from your bankruptcy and debts. If work is completed on your bankruptcy and your creditors don?t object then it can be less than 12 months in which you?re freed from your bankruptcy.

If you want to find out more information then why not contact?www.realbusinessrecovery.co.uk?and see how they can advise you.

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