Let's look at some common questions concerning the facts about bankruptcy in London.
1) What is bankruptcy?
Bankruptcy is a method of dealing with overdue debts. It allows you to start over, but with several stipulations. Anyone can file bankruptcy. Your individual creditors can also petition to have you made bankrupt.
2) Is bankruptcy advisable?
Probably not. You are going to lose everything. You need to consider every alternative thoroughly first.
3) Is bankruptcy a public affair?
It is very much so. Your bankruptcy will be published in the London Gazette as well as your local newspaper. Your creditors, banks, landlord and societies/organizations are all notified immediately.
4) Who is in charge of dealing with your bankruptcy?
The Official Receiver is an officer of the court appointed by the Secretary of State. He/she will assume responsibility of dealing with all of your financial matters, protecting, liquidating and distributing your assets amongst your creditors.
5) What will I lose?
You will lose just about everything of any value that you possess including, but not limited to: your home, autos besides those required for your work, bank accounts, insurance policies, credit cards, furniture besides bedding, jewelry and possibly even pensions.
6) What can I keep?
You are normally permitted to retain books, clothing, bedding and tools. That's about it.
Depending upon their individual nature, bankruptcies can be discharged within twelve months. Most last longer, up to five years. Repeat bankrupts can be prolonged for 15 years in some cases. Bankruptcy in London should only be looked upon as a last result to financial woos. Talk with a financial counselor about an individual voluntary arrangement (IVA) with your creditors first.
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