| Plain English impartial advice for anyone with debt problems who wants to find out more about bankruptcy and the alternatives including entering into an Individual Voluntary Arrangement (IVA). |
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How to make yourself bankrupt |
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Answering your door to find a bailiff stood on your doorstep can be a distressing and frightening experience, particularly since few people know what powers bailiffs have at their disposal and what rights you have when dealing with them. One question that will no doubt be on your mind. Do bailiffs have the right to enter your home? and if so what are bailiffs allowed to seize if they do gain entry? One big fear of anyone in debt or contemplating bankruptcy is that they will end up on a credit blacklist. The good news is that there is no such thing as a credit blacklist. Five more myths about obtaining credit |
If you are unable to pay your debts when they fall due and have little prospect of doing so in the foreseeable future, a court of law can intervene and place you in a state of bankruptcy. In England and Wales, you can either make yourself bankrupt by applying to the court to do so or a creditor who you owe at least £750 can petition a court to have you declared bankrupt. In Scotland, personal bankruptcy is called sequestration.
In 2007, personal bankrupticies in England and Wales rose by 2.4% while in Scotland the figure rose by an alarming 14.5%. |
An Individual Voluntary Arrangement or IVA is a formal agreement, between you and the people you owe money, to pay part or all of your debts over an agreed period of time. more Unlike bankruptcy which only affects individuals in the UK, insolvency can apply to both companies and individuals. more A CCJ - or County Court Judgement - is an order made by a County Court for a debt to be repaid. more What to do if a County Court Claim is made against you |
Personal insolvencies rise during first three months of 2008 House repossessions rise to 27,100 in 2007 |
© Bankrupt.co.uk 2007, 2008. All rights reserved. Please note the contents of this website are for information purposes only and do not constitute financial advice. Please seek independent professional advice before taking action that may affect your financial well-being. |
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