We are expert bankruptcy solicitors and can help you to obtain an annulment of your bankruptcy order.
We can make urgent applications to the Court to prevent a Trustee in Bankruptcy from being appointed as Trustees rack up significant costs.
If an annulment is obtained, the person is seen never to have been made bankrupt as the annulment completely wipes out the bankruptcy.
We advise bankrupt clients on how to best obtain an annulment of their bankruptcy.
What will happen to my home if I am made bankrupt?
When a person is made bankrupt, his assets pass to the Official Receiver/Trustee in Bankruptcy. This will not affect the ownership of any co-owner, such as a spouse, however they will be unable to sell the property without the Trustee’s permission.
The Official Receiver or Trustee will not sell the family home during the first year of the bankruptcy and have three years from the date of the bankruptcy order to make an application to sell the home. Should the Trustee not make an application in this three year period, the property will revert back to the bankrupt. However, this three year rule only applies to the family home.
How long does bankruptcy last for?
Bankruptcy normally lasts for one year, although the Official Receiver or Trustee can extend this period if the bankrupt is seen not to be cooperating by the Official Receiver or Trustee making an application to suspend the discharge. This is usually done by the Official Receiver or Trustee obtaining a Bankruptcy Restriction Order, postponing the bankrupt from obtaining his discharge. You can check whether you have been automatically discharged by checking the Individual Insolvency Register (IIR) .
What will happen when I am made bankrupt?
After the court makes a bankruptcy order, the bankrupt is required to attend the Official Receiver to complete a questionnaire (Preliminary Information Questionnaire). This booklet asks for a bankrupt to set out his income, assets and liabilities. The Official Receiver usually records the interview and then decides whether to appoint a Trustee in Bankruptcy to sell assets to pay creditors.