Answer: Bankruptcy is to some extent, the last possible scenario when it comes to dent. If your debts significantly outweigh how much you have i.e. your assets and, all things considered, you simply do not have the means to repay them. Bankruptcy is very serious, although someone who is bankrupt for the first time, usually… Read More »

Answer: Someone can be made bankrupt either voluntarily or they can be forced into bankruptcy. •Voluntary: The debtor declares themselves bankrupt •Involuntary: Creditors or even just a creditor can file bankruptcy charges which will cause the debtor to be declared bankrupt •If a debtor fails to meet the terms of an IVA, then the supervisor… Read More »

Answer: Bankruptcy has several main repercussions that are not to be taken lightly: • Effectively you relinquish all control over nearly all of your assets and all your property • You are barred from acting as a company director • You will not be allowed to form or manage or even participate in any kind… Read More »

Answer: When you are declared or declare yourself bankrupt, all assets that you own automatically become owned by your Trustee in Bankruptcy. That person can then dispose of them as they see fit. There are some exceptions, for example you can keep tools, any vehicles or books that are deemed to be wholly essential for… Read More »

Answer: It is less likely that Bankruptcy Orders are advertised in local newspapers, but this can happen. All the details of your bankruptcy will however be put on a bankruptcy register. This is a public document and can be accessed via the internet, since it is kept by the Department of Trade & Industry and… Read More »

Answer: Thank you for your question. Generally, if you are declared bankrupt, your bank account and any other assets (such as a savings account) will be frozen and will be taken off by the official receiver (the court appointed person who will manage your financial affairs during the course of your bankruptcy). Its best to… Read More »

Answer: This is something you will need to discuss with your trustee (the person appointed by the court to oversee your bankruptcy). It’s impossible to comment as each case is different.