|
All too often people who would benefit greatly from the protection of bankruptcy dismiss the idea out of hand due to nothing more than misplaced fear caused by simple lack of knowledge of the facts.
- People with no assets,
- People living in either rented accommodation or with friends and family,
- Those whose livelihoods would not be lost or affected by being protected by Bankruptcy
It is a generally held misconception that bankruptcy is punitive and that bailiffs will seize your goods and chattels leaving you a chair, knife and fork and a change of clothes. This is completely and utterly false. You enter the protection of a bankruptcy order to do exactly that; to protect yourself from creditors and allow you to wipe the slate clean and to get a fresh start. Under Section 283(2) of the Insolvency Act you are allowed to keep the tools of your trade, all clothing, bedding, furniture, household goods and even you car (provided it’s not too expensive). Actually even if they were to take your car they are duty bound to replace it with another vehicle capable of doing the same job.
The law changed in 2004 and the mandatory period required to serve under the bankruptcy order was reduced from 3 years to 1 even if you have been bankrupt before. However, bankruptcy is no longer a punitive action and is there to allow discharged bankrupts the opportunity to rebuild their lives. In many cases, unless there is due reason to not to, many bankrupts can be discharged from their bankruptcy in as little as 3 months. At the Official Receivers discretion then an early discharge is possible provided no creditors object. For those granted an early discharge, the average discharge period is around 7 months.
Simply complete our short form below and one of our advisors will contact you.
Further reading:
Important Information when considering Bankruptcy
Success Story
|
|
