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TELEPHONE:
0845 36 31 037 |
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FAX:
44 20 8181 7516 |
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If an individual has accumulated a debt or combination of debts too large to pay off, one alternative is to file for a bankruptcy order.
If this is the first time an individual is filing for a bankruptcy order their credit history can be cleared in twelve months. Bankruptcy has bad stigma and your case is publicly advertised in the newspaper.
During the bankruptcy period (which will vary depending on debts) the individual’s assets may be sold and the value shared amongst their creditors. |
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| What does the procedure involve? |
- Closing your current bank account.
- If applying for credit over £250, you are obligated to declare your bankruptcy.
- Your bankruptcy case may be available in your credit history for at least 6 years.
- The official receiver will own all your assets and will decide how their value will be distributed amongst the creditors.
- You are not guaranteed continued employment during the bankruptcy process.
- You will not be able to obtain positions as company director or manager without the courts permission.
- You cannot practice law, enter parliament or become a member of the local authority.
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| What other choices are there? |
- Individual Voluntary Arrangements
- Debt Management Plans
- Final Settlements
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For free information on any of these choices please contact our experts
or click here to contact us
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