Bankruptcy is a court-based procedure whereby you can choose to become bankrupt or your creditors enforce it on you.

When you enter bankruptcy, your assets will be under the control of an appointed Trustee, who will then take steps to turn your assets into money to then pay off your creditors. As a bankrupt individual, you have a duty to assist the Trustee in enquiries relating to your financial conduct before bankruptcy.

Bankruptcy can be a very straightforward way to resolve your financial affairs, with the goal of ensuring your creditors are satisfied and you are debt-free.

If you feel bankruptcy would be the best option for you or you would like more information, contact our expert team of personal insolvency practitioners for a free, confidential, consultation.