Bankruptcy 

Quick Purchase understands that Bankruptcy should be the last resort for any self employed or employed individual, simply because this has a major impact on your credit rating for up to 5-6 years. Filing for bankruptcy will not stop repossession order of your property although it could be postponed for up to 12 months.

Once you file for a Bankruptcy Order or if you receive a bankruptcy order against you then an Official Receiver will be appointed to you. The Official Receiver (who is and officer who represents the Court) will arrange an appointment with you to determine the reasons, why you want to file for bankruptcy or why a bankruptcy order has been filed against you. The Official Receiver will make an assessment of your assets and liabilities. It will be the responsibility of a trustee, who would be appointed, their responsibility will be to sell all your assets and pay your creditors from the remaining proceeds.

From the date when you applied for a bankruptcy order any new income (i.e. salary) or property acquired will normally be yours and will not be given to the creditors you owe money to.

Your pension may be taken into account at the time bankruptcy is filed, including any assets/income associated to this. Future pension income could be affected, so you should seek professional advice from your pension company.

Once the creditors have been paid with the proceeds from the sale of all your assets, even if there was not enough remaining to pay the creditors in full, they have no future claims against your future assets. Generally after a 3 year period from the date of filing for a Bankruptcy Order you will be discharged from the bankruptcy register it takes up to 5 years if you have been bankrupt before (within a 15 year period).

You could consider contacting all of your creditors, to see if you can reach some compromise, if you’re unable to pay your debts before filing for bankruptcy or they apply for bankruptcy against you. You should also contact your local, citizen's advice bureau, for advice as this sort of arrangement is not legally binding and you could still be made to pay the full amount at anytime, despite what you have previously agreed with your creditors.

There is also a court based procedure called administration. Please click the link below to find out more.

How Quick Purchase can help 

Quick Purchase can help in a variety of ways

1. We can legally exchange contracts with you and arrange a completion within days enabling you to achieve a quick sale and you can take relevant information to the court to stop bankruptcy.

2. We have solicitors who will be able to advise and assist you in the court proceedings. Helping to communicate on your behalf to your creditors advising them when they will receive payment

3. We will complete the sale within a timescale to suit you.

4. You will receive the reaming equity released from your property, to help you get back on track.

Please feel free to look at the following pages:-

Quick property sale 
Repossession
Administration

We do genuinely hope you have achieved the relevant information you required, but please don’t hesitate to contact Quick Purchase for further information or advice related to bankruptcy.

Contact us or apply online for a NO OBLIGATION quote and review on a quick sale of your home.