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What is Voluntary Bankruptcy?

When a person applies for a voluntary Bankruptcy judgement, his/her assets are controlled by a trustee, usually the Official Receiver or an Insolvency Practitioner.

Usually the person is discharged by the court from bankruptcy after a period of one year and is completely free of bankruptcy after a period of five years.

The person’s debts are wiped out by the judgement and it is illegal for any creditors to pursue the individual for any outstanding amounts. This is a most effective solution to resolve most debt problems and you may start to enjoy your life again without the pressure of being harassed by your creditors.

A Case History
Our client was an 82 year old retired accountant with no tangible assets. He was living in rented accommodation as his ex-wife had retained the marital home. He retired from his practice twenty years previously but an ex-client offered him a position of part-time financial advisor/accountant working for two to three days a week. Unfortunately when the credit crunch loomed, this company was wound up leaving our client with considerable debts caused by his extravagant life-style that he could not financially substantiate. After taking our advice, our client opted to be made personally bankrupt bythe court and was delighted to be discharged in six months. A very happy man!


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