What Is a Bankruptcy Restriction Order?

wallet in a vise

When someone goes bankrupt, an Official Receiver is appointed from the insolvency service to review the person going bankrupt’s finances. They will review their income and expenses, and also the accounts they are looking to discharge in the bankruptcy. Meaning no longer owe after being bankrupt. While a person is bankrupt, which is 12 months, […]

Can I Give Money To Someone Before I Go Bankrupt?

Question Jon, I need to go bankrupt, but first I am going to transfer £10,000 to my brother to hold onto, and I am transferring the property I jointly on with my wife into her name alone. There is some equity in the property, but we still have a small mortgage left to pay. The […]

I Need To Go Bankrupt But Have Equity In My Property

Question Jon, I am going bankrupt due to owing in excess of £150,000 for loans I guaranteed for a company. The company has ceased trading and entered into Administration, but I am liable for the loans as guarantor. My wife and I own a property together that is valued at £200,000, but we still have […]

How Do I Go Bankrupt?

Question I want to go bankrupt, but I do not know how to do this or what happens? Rog Answer Hi Rog, Without more information, it is difficult to advise if bankruptcy is your best option. Bankruptcy is a form of insolvency, and does affect your credit, just as all forms of insolvency can. However […]

What Is It Like To Go Bankrupt?

The unknown is always a bit scary. You do not know what to expect, what will happen, and what the future may hold. When you are in debt, struggling with the bills, juggling who to pay, or not being able to pay anything at all, the great unknown of bankruptcy may seem a bit scary […]

If I Go Bankrupt, What Are The Restrictions?

Bankruptcy restrictions, or the rules you must follow if you go bankrupt, are few, but they can be how you say….restrictive. When you go bankrupt, or enter into bankruptcy, you are in essence saying I can no longer handle my finances and the debts I owe, and I need help. That help comes in the […]

Will I Lose My House Due to My Husband Being Bankrupt?

Question My husband has recently been made bankrupt by a company he owed money to due to a bad business deal. He owes them £90,000. He also owes others around £45,000. I own the property we live in. I owned it before we got married, and he moved in after we got married, 10 years […]

How To Get Out Of Debt

“Neither a borrower nor a lender be” Hamlet Act 1, Scene 3 Debt: “The state of owing money to someone, or something”. Debt is a four letter word, and for some people, a dirty four letter word as they wish they were not in it (debt), or do their best to try and avoid it […]