If you feel as if your debts are pulling you under and you are considering bankruptcy, a consultation with one of the dedicated team at Streets SPW might be just the lifeline you need.
Bankruptcy is a serious consideration and you need to think carefully before diving in at the deep end. For example, declaring yourself insolvent will have major implications on your ability to obtain credit in future.
We recommend that you do not make any rash decisions until being fully informed of all of the options available to you by speaking to one of our experts. There may be alternatives to this course of action and at Streets SPW, we want to be certain that the decision you reach is the right one for you.
What is Bankruptcy?
Bankruptcy is a process where your non-essential personal assets are sold to repay your debts to creditors. If you have surplus income each month you could also be liable to make payments for 3 years.
To declare yourself bankrupt, you first need to present a petition to a court that handles bankruptcy cases. A bankruptcy order made by a court may be enforced against you by someone who is owed more than £750 if you do not pay your debts.
The team at Streets SPW will go through all of the options available to you and should a bankruptcy appear the most viable, all of your provable debts will form part of your bankruptcy and can no longer be pursued.
Once court proceedings have begun as part of the bankruptcy process, the Official Receiver (an officer of the court and civil servant employed by The Insolvency Service) or an insolvency practitioner will be appointed to act as trustee of your bankruptcy estate. As specialists in insolvency work, you can rely upon a member of Streets SPW to fulfil this role and act in the best interests of all parties ensuring that the process is dealt with efficiently and fairly throughout.
If, after consultations with our expert team, you take the difficult decision to declare yourself bankrupt, you will be freed from your debts after 12 months or sooner unless your trustee applies to have your discharge suspended in the event of your non-cooperation. Restrictions do apply in bankruptcy so we will make sure you are in full possession of the facts before choosing this course of action.
Speak to a friendly member of the team at Streets SPW today.