Posts Categorized: Bankruptcy

Life Events That Can Impact Your IVA

job loss

If you’ve entered into an Individual Voluntary Arrangement (IVA) to clear your debts, a major life change or event can have a significant impact on your ability to make your monthly payments. This article from bankruptcy advice gurus, Bankruptcy Clinic, explains what might happen if you experience a life change during your IVA. Losing your… Read more »

Changes To Online Bankruptcy Petitions

petition bankruptcy changes

The Insolvency Service has announced that the rules surrounding online bankruptcy petitions will be changing. In the future, if you decide to petition your own bankruptcy online, you won’t need your petition to be signed off by a licensed Insolvency Practitioner (IP), which is the case at present. ‘The idea is to make the process… Read more »

Why Do We Make Bad Financial Decisions?

financial decisions

There are all kinds of reasons why we make bad decisions about spending and borrowing money, from peer pressure right through to sheer recklessness. This article from debt gurus Bankruptcy Clinic sheds light on some of the more common reasons why people might find themselves in a financial mess – unwittingly or otherwise.   Supporting… Read more »

Tips For Avoiding Bankruptcy

how to avoid bankruptcy

If you’re in a situation where you have little or no income or assets, bankruptcy can actually be a good way of dealing with your debts. In most cases, you’ll be discharged just 12 months after declaring bankruptcy, after which most or all of your debts will be written off. However, for some people, bankruptcy… Read more »

The Role Of The Official Receiver

role of official receiver

If you decide that declaring bankruptcy is the right way to manage your debts, the Official Receiver will soon become an important part of your life – even if you never deal with them directly. This article from bankruptcy experts, Bankruptcy Clinic, explains who the Official Receiver is and what their duties will be once… Read more »

10 Year Low For Personal Insolvencies

personal insolvency

The number of people declared insolvent in England and Wales has fallen to its lowest level since 2005. Between January and March 2015, there were 20,826 personal insolvencies – the third quarterly fall in a row and a drop of almost 19% on 2014 figures for the same three months.   The Insolvency Service statistics… Read more »

Bankruptcy and Inheritance: The Facts

bankruptcy and inheritance

No one likes to consider the possibility of a friend or loved one dying. But if you’re in financial difficulties and in line to receive an inheritance, the resulting money or assets could be a big help. But what happens if you’ve already taken steps to manage your debts and are in the process of… Read more »

Tale Of Five Lottery Winners Who Went Bankrupt

bankrupt lottery winners

A big lottery win is the stuff of dreams for thousands of hard-up families across the UK. But for some winners, sweet turns to sour all too quickly when the money runs out. This article from debt advice experts, Bankruptcy Clinic, takes a look at five lottery winners who once had it all – only… Read more »

Income Payments Agreements and Payments Orders

income payment order

After you’ve been declared bankrupt, the Official Receiver (OR) will decide whether you can afford to make payments to your creditors from your disposable income. If they find that this is the case, you’ll be asked to set up an Income Payments Agreement (IPA). If you don’t agree to the IPA, the court may make… Read more »

Home Repossessions After Bankruptcy

home repossession bankruptcy

According to the latest Money Charity statistics, 54 properties are repossessed in the UK every day. That’s one every 26 minutes and 30 seconds. So if you end up having your home repossessed and sold as a result of declaring bankruptcy, you won’t be alone. But how likely is it that you’ll lose your home… Read more »