Bankruptcy is a powerful solution to resolving personal debt issues when you do not have any available money to pay.
It is a court procedure which will free you from your debts and fairly distribute your assets among your creditors. In certain circumstances, bankruptcy can be the most appropriate solution to your financial position.
Who can be made bankrupt:
The family home is the most important thing to consider in bankruptcy proceedings and declaring yourself bankrupt does not automatically mean you have to lose your home. It is important that you have a personal consultation with us to see how you stand in respect of owning assets.
The court will charge £700 for making a bankruptcy petition.
The bankruptcy starts with:
Once you're declared bankrupt, it's advertised in the local newspaper and London Gazette, and it goes on a public register, but that is the extent of publicity a bankruptcy will receive.
The administration is handled by the Official Receiver or a licensed Insolvency Practitioner. Control of your assets passes to the Trustee, who'll get the best value and distribute the proceeds to your creditors.
It may be that you do not need to go bankrupt.
Frost Group can offer you a lifeline. As experts in personal insolvency and resolving debt problems, we can advise whether bankruptcy is right for you and the consequences for your circumstances. We are also one of the few Insolvency Practitioners who are FCA regulated to provide consumer debt advice - this means we follow stringent guidelines on how we advise and look after you. We know that people facing debt crisis are vulnerable and you can be assured we will look after you every step of the way.
For bankruptcy services call us on 0345 260 0101 and make an appointment to see one of our Insolvency Practitioners.
You will then feel reassured that your financial affairs are in order before presenting your petition to the County Court.
The Insolvency Service has recently published some promotional material on bankruptcy - called Bankruptcy: fact or fiction. This material can be downloaded below, or alternatively you can visit the Insolvency Service website by clicking on the following link: -The Insolvency Service
Our team member below will be able to help with all your questions
CEDR Accredited Mediator & Licensed Insolvency PractitionerContact
At Frost Group, we want to make things as easy as possible for you. That is why, if you can’t come to us, we’ll come to you. We operate face to face, nationwide meetings, wherever is most convenient for you.