At T H Financial Recovery we handle bankruptcy appointments and also provide advice to clients considering bankruptcy. Bankruptcy is a much-confused insolvency process that applies only to individuals. It can apply where the value of an person’s liabilities exceeds the value of their assets , or indeed when they simply cannot make payments due.
An individual can either file for their own bankruptcy (there are some costs) or wait for a creditor to bankrupt them. A bankruptcy order is made by the court.
It is the level of the ‘gap’ between the value of the assets held and the amount due to creditors that will usually determine whether an individual should consider an alternative to bankruptcy such as an Individual Voluntary Arrangement (IVA).
Bankruptcy normally runs for a period of 12 months, but can be longer in certain circumstances.
Contact TH Financial Recovery on 01282 332222 (Burnley Office) or 01772 641146 (Leyland Office) for expert advice and free consultation.