Tel: 0800 157 7330 / 01257 257030 Home About Personal Debt Solutions Case Studies Downloads Contact Bankruptcy FAQ Home /Bankruptcy FAQ Bankruptcy FAQ Bankruptcy is a serious matter. You will have to give up any possessions of value and your interest in your home. Bankruptcy will also impose certain restrictions on you. You do not have to become bankrupt just because you are in debt. Contact us and we can advise you on alternatives to bankruptcy which may be more suitable in your situation. How are you made bankrupt? A court makes a bankruptcy order only after a bankruptcy petition has been presented. It is usually presented either:by yourself (debtor’s petition); or by one or more creditors who are owed at least £750 by you and that amount is unsecured (creditor’s petition).A bankruptcy order can still be made even if you refuse to acknowledge the proceedings or refuse to agree to them. You should therefore co-operate fully once the bankruptcy proceedings have begun and seek professional advice. If you dispute the creditor’s claim, you should try and reach a settlement before the bankruptcy petition is due to be heard. Trying to do so after the bankruptcy order has been made is both difficult and expensive. How do I know if bankruptcy is right for me? An IVA, or other debt solution, may be more appropriate for your individual circumstances rather than bankruptcy. Please call us first and we will help and advise you.When is an IVA a better debt solution than bankruptcy?Almost always, if an IVA really is an option for you. An IVA helps you avoid all the stigma and serious implications of bankruptcy whilst also taking care of all your debts. Of course you’ll have to keep up your monthly IVA repayments, usually over five years, but these are specifically set at a realistic level you can afford. In an IVA, your assets remain under your control Will I lose my home if I make myself bankrupt? Will people know I’m bankrupt? How long will my bankruptcy last? Will bankruptcy affect my employment Who would oversee my bankruptcy? How long will bankruptcy affect my credit rating? What if my circumstances change during bankruptcy? What do I do after filing my petition for bankruptcy? What happens after my bankruptcy is discharged? Anthony Fisher MIPA, FABRP, Gary Birchall MIPA, MABRP, Jane Hardy MIPA and Dean Smith MIPA are licensed to act as Insolvency Practitioners in the UK by the Insolvency Practitioners Association. Debtfocus Business Recovery & Insolvency Limited is registered in England & Wales Company Number 6831646. VAT Number: 905 2306 58. Privacy Policy | Complaints Policy Contact Us Address : Skull House Lane, Appley Bridge, Wigan , Lancashire, WN6 9DW Phone : 0800 157 7330 Fax : 01257 253145 enquiries@debtfocus1.co.uk Partners Copyright © 2018 Debt Focus | Powered by: Radical Web Design Cookies policy Our website uses cookies to analyse how the site is used and to ensure your experience is consistent between visits. Learn more » Accept