Regeln & Erklärungen » If you make a petition for Bankr

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For some people, Bankruptcy really is the only way out. There are numerous reasons why people find themselves in this situation. If you know you are unable to repay your creditors; you have no assets and there is no prospect of you making reasonable offers of repayment to your creditors, then petitioning for Bankruptcy could be right for you.


What Happens when a Petition is made?


Petition for Bankruptcy is made in one of two ways. Either you will make a petition yourself at a cost of ?450 Nike Air Force 1 Dame Tilbud , or your creditor will make a petition against you. If a creditor decides to make a petition for Bankruptcy, they would be responsible for showing that you either could not or would not repay the debt owed to them. Unless the petition was significantly disputed, it is likely that a Bankruptcy Order will be made.


Before the legislation changes in April 2004, if a Court believed that you could afford to make reasonable offers of repayments to your creditors Nike Air Force 1 Dame Danmark , an Insolvency Practitioner would be appointed to look into your affairs and make a report to see if you were willing to make proposals to repay your debt. Your creditors would then be requested to consider your proposals. This has now changed?


If you make a petition for Bankruptcy, the Court will assume you have taken advice and you know you cannot repay your creditors. Therefore, a Bankruptcy order will be made. However, once the order