Accountant in Bankruptcy

Debtors Guide

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This booklet provides general advice for people who owe money (debtors) and is not intended as a full statement of the law on bankruptcy. It is intended for people who have not made themselves bankrupt or whose creditors have not taken steps to make them bankrupt before 1 April 2008.

Contents

1 INTRODUCTION

2 WHAT IS BANKRUPTCY?

2.1 What are assets?

2.1.1 What happens to my house?

2.1.2 What happens to my life policies?

2.1.3 What happens to items on hire purchase?

2.2 What happens to my income?

2.2.1 Can my contribution change?

2.2.2 How long do I have to pay contributions?

2.3 What are the consequences of being made bankrupt?

3 WHO CAN BE MADE BANKRUPT?

3.1 What are the conditions for applying for my bankruptcy?

3.1.1 What does Low Income Low Assets mean?

3.1.2 How do I apply for my bankruptcy and how much does it cost to apply?

3.1.3 Who pays the costs of administering my bankruptcy?

3.2 What are the conditions for someone else to make me bankrupt?

3.3 How long will it take for me to be make bankrupt?

3.4 What do I have to do when I have been made bankrupt?

4 HOW LONG WILL MY BANKRUPTCY NORMALLY LAST?

4.1 Can my bankruptcy end sooner?

5 WHO IS TRUSTEE?

5.1 What does the Accountant in Bankruptcy do?

5.2 What does the trustee do?

5.3 What happens to the mone my trustee gather in?

6 WHAT HAPPENS AFTER I AM DISCHARGED?

6.1 What happens to my debts after I am discharged?

6.2 What happens to my assets after I am discharged?

7 WHAT ARE THE ALTERNATIVES TO BANKRUPTCY

8 WHAT IF I AM UNHAPPY WITH THE WAY MY BANKRUPTCY IS BEING HANDLED?

9 FURTHER INFORMATION.

9.1 Contact details for the Accountant in Bankruptcy

9.2 Sources of advice and information.