Bankruptcy - A guide to what happens to things that matter to you
Bankruptcy Guide & Guidance
You may feel that a "Guide to bankruptcy" is needed as 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" - Visit http://www.insolvency.gov.uk/guidanceleaflets/Guides.htm#Information about insolvency procedures
- 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:
- 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.
Do not consider entering into an Individual Voluntary Arrangement (IVA) unless you first fully understand the limited implications of a bankruptcy order - Bankruptcy is often the better route and that is why we have written this "Guide to bankruptcy".