Bankruptcy Jargon Explained

	Bankruptcy jargon explained Bankruptcy order The court order making you bankrupt. Bankruptcy petition A request made by you as a debtor or one of your creditors to the court for you to be made bankrupt, and giving the reasons why. Creditor Someone who is owed money. Debtor Someone who owes money. Debts The money you owe. Insolvency practitioner A person who specialises in insolvency, usually an accountant or solicitor. They are authorised either by the Secretary of State for Trade and Industry or by one of a number of recognised professional bodies. Trustee The trustee in bankruptcy is either the official receiver or an insolvency practitioner who takes control of your assets. The trustee's main duties are to sell these assets and share the money out among your creditors. Unsecured creditor A creditor who does not hold any security (such as a mortgage) for the money you owe. Unsecured debt A debt owed to an unsecured creditor.

Bankruptcy jargon explained

Bankruptcy order
The court order making you bankrupt.

Bankruptcy petition
A request made by you as a debtor or one of your creditors to the court for you to be made bankrupt, and giving the reasons why.

Creditor
Someone who is owed money.

Debtor
Someone who owes money.

Debts
The money you owe.

Insolvency practitioner
A person who specialises in insolvency, usually an accountant or solicitor. They are authorised either by the Secretary of State for Trade and Industry or by one of a number of recognised professional bodies.

Trustee
The trustee in bankruptcy is either the official receiver or an insolvency practitioner who takes control of your assets. The trustee's main duties are to sell these assets and share the money out among your creditors.

Unsecured creditor
A creditor who does not hold any security (such as a mortgage) for the money you owe.

Unsecured debt
A debt owed to an unsecured creditor.

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