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Bankruptcy is one option for dealing with debts you cannot pay.
The bankruptcy proceedings free you from overwhelming debts so that you can make a fresh start, subject to restrictions, whilst ensuring your assets are shared out fairly among your creditors.
Anyone can become bankrupt, including individual members of a partnership.
Individuals can be made bankrupt either in one of three ways:
- Voluntarily - By the debtor themselves
- Involuntarily - By the creditor owed money (£750 Minimum)
- The supervisor or anyone bound by an Individual Voluntary Arrangement (IVA)
For an individual, bankruptcy may provide relative peace of mind and possible automatic discharge after one year. In terms of creditors it allows a full investigation of the debtor's affairs to be conducted.
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