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Facts about bankruptcy

  • You should treat bankruptcy seriously.
  • Bankruptcy usually means losing your home.
  • Legally it is defined by the Insolvency Act and Enterprise Act of England and Wales.
  • It is defined for a period of one year.
  • You are advised to take a look at IVAs and debt management before you decide for anything else, including bankruptcy.
  • A bankruptcy order can be canceled if you are already bankrupt.
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