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An overview of Bankruptcy

It may be that bankruptcy is suitable for you. If you have a large debt and have no other way to repay it, you should consider bankruptcy. You or one of your creditors you owe more than £750 will have to file for an application with the court.
If you will enter bankruptcy, an Insolvency Practitioner or an Official Receiver will be appointed to handle you finances and probably sell your assets. The money will then be used to pay off you creditors accordingly. The period of bankruptcy typically ends after a year.

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