Bankruptcy Law Solicitors in North London
Bankruptcy is a way for individuals to deal with debts they cannot pay. It does not apply to companies and partnerships. The process for companies and partnerships is insolvency:
The Bankruptcy process ensures that your assets are shared among those you owe money to (creditors). It also allows you to make a fresh start free from debt (with some restrictions)
A bankruptcy order can be made for one of three reasons:
- You cannot pay what you owe and want to declare yourself bankrupt
- Your creditors apply to make you bankrupt because you owe them £5000 or more
- An insolvency practitioner makes you bankrupt because you’ve broken the terms of an individual voluntary arrangement (IVA)
Please contact our experienced Solicitors who will be able to assist you with your bankruptcy petition.