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Bankruptcy

Bankruptcy does not necessarily mean that you have to lose your house, furniture, car or business - read on!

Generally speaking bankruptcy law is not punitive. In fact the governments own leaflet on bankruptcy says that bankruptcy proceedings "Free you from overwhelming debts so you can make a fresh start, subject to some restrictions, and make sure your assets are shared out fairly among your creditors".

Before reviewing the case studies it will be useful for you to read:

• The governments leaflet on bankruptcy , "Guide to bankruptcy"
• Purnells laymans guide
• The implications of a bankruptcy order
• The procedure to obtain a bankruptcy order
• The Association of Business Recovery Specialists leaflet on bankruptcy

To gain a further understanding of how a bankruptcy order might affect the following personal possessions:

• Home
• Furniture
• Car
• Business
• Income and Expenditure

please click on the relevant section in the left hand index.

From the 1st April 2004 Bankruptcy Law was dramatically eased. On that date the provisions of the Enterprise Act 2002 came into force.

The documents on this site have been updated to reflect these changes in the law.