Bankruptcy Factsheet

Guide to Bankruptcy

Bankruptcy is one of the options you can choose if you have a serious debt related issue. There are two ways in which you can receive bankruptcy, one is through an application to receive a court order and the other is where a creditor may apply to have you declared bankrupt.
At the point of declaring bankruptcy, you are coordinated with an Official Receiver who affiliates themselves with all your affairs including managing your money and property as well as communicating with the creditors on your behalf.
A substitute to bankruptcy when faced with a debt issue is that of a 'Debt Relief Order'. An application for this method can only occur if the criteria of debts and revenue are less than a crucial amount.

Areas Covered

  • Bankruptcy Advantages
  • Bankruptcy Disadvantages
  • The Bankruptcy Restriction Order
  • Steps to Bankruptcy
  • What follows the Bankruptcy hearing?
  • What is an Administration Order?
  • What is the time period of Bankruptcy?

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