Bankruptcy is one of those words which still remains a mystery to a lot of people. This term can only be used when we are referring to individuals or sole traders. It is a process that is often misunderstood and can still create fear in people’s minds.

When an individual or a sole trader has too many debts and not enough assets with which to settle the debts, they are insolvent. The process is fairly straightforward after that. Either, they petition to the court for their own bankruptcy order or, someone else (a creditor) does it for them.

Once the petition is granted, the individual is then in bankruptcy or is declared bankrupt. An officer of the court called the Official Receiver, is appointed to deal with the affairs of the bankrupt and he is referred to thereafter as, the Trustee. In some instances, the Official Receiver may call a creditors meeting whereupon, an alternative licensed insolvency practitioner may be appointed.

It is not easy to make clear and concise decisions when an individual is fighting for his/her very survival. The processes involved in bankruptcy are easy but the emotional impact on the individual’s partner/spouse/family can be very traumatic. The team at CBA understand these matters and when we are approached, it is always our aim to provide the highest quality service coupled with best advice.

To find out what CBA can do for you please visit our brochure services and click on the relevant link to download our brochure. Any initial consultation with us is free of charge. So, pick up the telephone or email us at personal@cba-insolvency.co.uk

Your information will be treated in strictest confidence and you can rest assured that there will always be best advice on hand.