Articles and Guides

Bankruptcy FAQ

Bankruptcy is one concerning aspect of one’s financial condition and though might be a common way of writing-off debts has its own negative implications.

How does Bankruptcy Affect Your Credit Rating

If you are already struggling with debts to creditors, chances are that your credit scores are not that great to start with. Bankruptcy does have a negative effect on your credit rating for a period of time.

Debtor

Anyone who owes a debt to someone else qualifies as a debtor. These debtors can be individuals, companies, governments or from the justice system.

How long does Bankruptcy last?

How long does Bankruptcy last? Get an answer, read the following guide.

Will I have to pay anything from my wages?

Will I have to pay anything from my wages? Learn the answer on this guide.

Bankruptcy vs. Debt Relief Order

Learn pros and cons about Bankruptcy vs. Debt Relief Order. Click here to read our impartial guide.

Bankruptcy and hire purchase agreements

What is a Hire Purchase Agreement? What happens when you declare bankruptcy? Get an answer on this page.

Bankruptcy Pensions

When you declare bankruptcy, it becomes your duty to inform the official receiver about all your assets and properties including your pension plans.

Do I have assets?

When you are in a financial condition where you are not able to pay off your debts, you can declare it in a court and ask for the debts to be written-off.

How credit rating is affect when living abroad?

I have been living abroad but have large debts in the UK. How will this affect my credit rating in the UK and should I file for Bankruptcy? Learn more on this page.

What will happen In Court

The process may vary slightly from court to court but is as follows. You pay your court fee and meet with a court clerk to swear an oath to confirm that your petition is truthful.

Bankruptcy FAQ

Will I lose my retirement accounts or payments from social security? Get more answer to this an other questions on bankruptcy on this guide.

Bankruptcy – Your Responsibilities and Restrictions

Declaring bankruptcy is a means of expressing your inability to pay your debts, but that does not restrict your from shouldering responsibilities towards the whole process.

Bankruptcy - How to apply?

As a first step you need to be aware as to when and who can apply for bankruptcy. You can only be declared by the court by means of a bankruptcy order.

Bankruptcy - the role of the Official Receiver

Once the court issues your bankruptcy order, it appoints an Official Receiver to look into your affairs in a balanced interest of both you and your creditors. Learn more about the role of OF here.