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What Is Bankruptcy?

Written by CRG Insolvency
Tuesday, 25 April 2017 07:06

You can only be made bankrupt by an order of the court. This happens when you yourself or usually a creditor, makes an application to court.

Once the order is made your assets will be frozen by the official receiver (an individual from the courts insolvency service), who will usually appoint a Licensed Insolvency Practitioner, to be your trustee. It is then the trustees’ role to realise your debts, including the sale of any assets, including your share in the matrimonial home and car for the benefit of creditors.

Your bank accounts can be closed and the bankruptcy is advertised. You are usually released from bankruptcy after a year, although in some cases the administration of the bankruptcy can take longer. The bankruptcy will show on your credit report for a minimum of five years, so it will be extremely difficult to get credit during that time.

It will remain on public record, so it may in the future affect your chances of renting a home or getting a job.

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