What you need to know about Bankruptcy. Part 1

To be made bankrupt, a court has to issue a bankruptcy order against you. This can happen for two reasons:

• you can apply to the court if you're unable to pay debts
• your creditors (the people you owe money to) apply to make you bankrupt if you owe them £750 or more

When you're made bankrupt:

• your assets can be used to pay your debts
• you must follow certain rules called the 'bankruptcy restrictions'
• your name and details will be published on a bankruptcy register called the 'Individual Insolvency Register' (https://www.gov.uk/search-bankruptcy-insolvency-register)
• after 12 months you're usually discharged (freed) from your bankruptcy

For more information regarding bankruptcy, insolvency or debt recovery please feel free to subscribe to this blog or contact us at www.creditserve.co.uk.

Creditserve offer online credit checking on businesses, consumer credit checks and anti money laundering checks to assist when credit checking businesses or individuals and for more information relating to these services please feel free to contact sales@creditserve.co.uk or call on 01992 414222.