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There are two main ways to become declared as bankrupt, either you can apply yourself, or if you owe over £750 then your creditors can apply to have you declared as bankrupt. An Insolvency practitioner can also apply to have you declared as bankrupt if you do not stick to the terms of your IVA. While bankruptcy can be helpful in giving you a fresh start and ‘solving’ your debt situation, there are also a number of downsides which must be considered, including:
Once the bankruptcy order has been made, everything that you own (known as the bankrupts assets) forms part of the bankruptcy estate which can be used to settle any unpaid debts. At this point you must disclose all of your assets to the Official Receiver or Trustee, who will then decide if you can keep them.
If you have over £750 of unsecured debts then your creditors can apply to the Court to have you made bankrupt using a bankruptcy petition, and the usual grounds being that the debtor cannot pay their debts as they fall due, which the creditor must then prove.
If you have decided that bankruptcy is the best option for you, then to declare yourself bankrupt you have two options:
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