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Help with Bankruptcy

You or your creditor will have to show a petition to the Court and pay the fee of £750. If you go bankrupt you will have to let go of you assets as these will be probably sold to recover at least part of your debt. The sums will be distributed to your creditors accordingly. You may however keep some of your vital assets such as basic household items, clothes, bedsheets and items needed for work.
The Insolvency Practitioner will take the rest and set them up for sale. This sale will result in a sum of money that will be used to cover your court fees and at least part of your debt. It may be that the Official Receiver will take care of this instead of the Insolvency Practitioner bu the result would be the same.

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