Bankruptcy is an insolvency legal process that writes off any debts that aren’t repayable in a reasonable amount of time.
It takes an individual’s assets and sells them in order to repay those who are owed money. This can be done either by petitioning the Court yourself, or in some cases, your creditor can choose to make you bankrupt.
Depending on whether your home has equity it’s likely to be released in bankruptcy. However, this doesn’t always mean you’ll lose your property. There are also specific assets that cannot be taken from you include:
- assets required for basic human needs;
- the tools of your trade; and
- your pension.
Despite allowing for a fresh start, bankruptcy does have serious implications that can affect your finances and your future working life.
Our preferred partner network can weigh up any alternative options that might be best suited to your situation. We can put you in touch with recovery and insolvency experts that can guide you through any challenges you’re facing, and find the right solution for you.
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