For you to be declared bankrupt a court will have to issue a bankruptcy order against you. This can happen in one of two ways: either you can apply to be declared bankrupt or your creditor can apply for you to be declared bankrupt.
If you want legal help to be declared bankrupt or you are being declared bankrupt by a creditor and you are concerned about losing your home, contact Roskell Davies. If you are considering bankruptcy you need expert advice. Roskell Davies can give you legal advice regarding bankruptcy.
Choosing to Apply for Bankruptcy
Being declared bankrupt can have a huge effect on your life so consider it carefully – you may lose your house and other important assets via a bankruptcy order so it is vital to ensure you have explored other options first. Bankruptcy is a last resort. When you have been made bankrupt an ‘official receiver’ will take control of all your assets and deal with your creditors.
You can receive legal help from Roskell Davies if you wish to apply to be declared bankrupt. It will cost upwards of £700 to be declared bankrupt so take this into account when making your decision. The advantages of being declared bankrupt is that you no longer have to deal with your creditors and once the bankruptcy order is over some of the money you owe can be written off.
The disadvantages of being declared bankrupt are your home could be sold, as can your possessions. If you own a business it is likely to be shut down and employees will be let go. Also, bankruptcy is public and your bankruptcy will be register. Some professions do not allow individuals who have been declared bankrupt to carry on working. Your credit rating will be affected by the bankruptcy for a number of years.
To apply for bankruptcy, firstly contact Roskell Davies. Secondly, you will need to fill in a number of forms, we will help you with this, and we will find a bankruptcy court to deal with your application. You will have to comply with bankruptcy restrictions for around one year from the date your bankruptcy order is granted.
A Creditor Applying to Declare you Bankrupt
If a creditor has applied to declare you bankrupt, and you do not wish this to happen, contact Roskell Davies today. We will be able to provide you legal support. Our specialist lawyers will also be able to provide you legal support if you have been declared bankrupt by a creditor and you are worried about losing your home. We will ensure all your legal rights are upheld.
All initial enquiries regarding bankruptcy are offered completely free of charge. Call us on 0800 142 2901or fill in an online enquiry today.