For many individuals bankruptcy is the best option available to release the pressure placed on them by their debt.

However, there are many pitfalls that could await following the making of a bankruptcy order against you.

Following the making of the bankruptcy order the Official Receiver investigates the circumstance leading up to your bankruptcy. It is possible that you may have entered in to transactions in good faith that could be overturned by the Official Receiver or subsequently appointed Trustee.

An example of this could be that you have repaid a loan to a family member prior to the bankruptcy order. You have repaid the loan believing that you were free to do so. In practice the Official Receiver or Trustee could seek to recover the money from your family member in order to meet the costs of the bankruptcy estate and pay all of your creditors equally.

At Durkan Cahill we can discuss your situation with you and advise as to whether applying for bankruptcy is the correct choice and to make you aware of any possible difficulties that may arise as a result. The initial conversation is free of charge. If you would like to discuss matters please complete the enquiry form in the Contact Us section to receive a call back or telephone on 01242 250 811 to receive more information. All information discussed will remain completely confidential.

More information about bankruptcy procedures