Are you looking for bankruptcy solicitors? There are many to choose from, so how do you know how to choose the right one.
Bankruptcy itself is a formal procedure governed by part IX of the insolvency act 1986. The main purpose of bankruptcy is to grant relief to the bankrupt and distribute their assets among their creditors.
Bankruptcy solicitors will be engaged in the whole process of the insolvency process. They will be expected to negotiate arrangements within companies, administration, and receivership, they will probably be involved in the liquidation stage also, this is when the companies or the individuals’ assets are taken to pay off any outstanding debts owed.
Bankruptcy solicitors should be there to help should you find yourself with debt problems and difficulties. They should offer you impartial and confidential advice.
If you feel you want to declare yourself bankrupt, you will have to apply online to the adjudicator. Since 6th April 2016, debtors no longer petition the court for the bankruptcy order. If the debtor’s application provides all the required information and is considered appropriate, the bankruptcy order will be granted.
Bankruptcy solicitors will advise you that once you have filed for bankruptcy it can have a negative impact on anything financial in your future.
Many people believe that once you have filed for bankruptcy that ALL your debts will be wiped out, this is not the case. Most of the debts will be wiped out including personal loans, credit card debt, and any medical bills. The usual obligation to pay off these unsecured debts is eliminated once the bankruptcy charge is granted.
Do your research when looking to find good bankruptcy solicitors, there are many to choose from and you want to be sure the one you have had your best interests at heart and is doing their very best to help you in this very difficult and emotional situation.