Bankruptcy Information
Bankruptcy, it's one of those things in life that few people actually enjoy talking, or even thinking about but unfortunately it does happen. If this is you, or you are now considering filing for bankruptcy there is some basic information that you should know. By knowing some facts concerning this often times misunderstood process might lead you to where you need to be.
The first item that you should understand before filing for bankruptcy is the fact that you will lose all of your assets. This includes your home, business, and any financial interests you may have outstanding. These are viewed on a case by case basis, and there might be an avenue that allows you to maintain some asset, but before you even consider bankruptcy you should simply believe that you will lose all of them. Another consideration is that a person who has filed for bankruptcy and it has not been discharged cannot run a business of any kind either, so take this into consideration if this is your situation. Also, anyone that has a financial interest in your personal finances (creditors, etc…) is immediately notified of your petition for bankruptcy. This will most certainly affect any future lending or current financial transactions.
Once you have petitioned for bankruptcy, or a petition has been filed against you, you are required by law to present the court with a list of all of your assets; failure to do this, or being dishonest by omission, can result in criminal charges being filed against you. Also, if you have residency or had business in England or Wales within three years a petition can be filed against you and you will be subject to the above. Therefore, leaving the country before a bad business practice is discovered will not spare you from potential litigation.
With all of this trouble surrounding bankruptcy proceedings it may sound like bankruptcy is a spiraling vortex of legal problems that can only end in a black hole of financial despair. If this is you, there are steps that may be taken to reverse the process and bankruptcy education is the first key to reclaiming your financial future.
For free confidential, impartial advice contact us on free phone: 0800 804 8020.