Bankruptcy & insolvency

FAQs

• If I am made bankrupt, what can I do about it?

  Subject to advice, you may be able to apply to the Court for a Bankruptcy Order to be annulled.

• If I cannot annul or cancel my bankruptcy what will happen?

  All of your assets subject to certain exceptions such as clothing and basic household items will automatically be the property of the Official Receiver and your Bank Account will be frozen.

• What will happen to my home?

  Whether you own your home solely or jointly with your Partner, your interest in the home will automatically pass to the Official Receiver or a Trustee in Bankruptcy. There will be a three year period in which steps can be taken to realise the value of your interest for the benefit of your creditors, provided that the value of that interest is greater than £1,000. There may be an opportunity for the joint owner or a third party to buy the Official Receiver or Trustee in Bankruptcy’s interest to avoid your losing your home.