How can a person get bankrupt in England?
Another term for entering into voluntary bankruptcy is 'debtor's petition.' What does this mean? It means a person applying to make himself bankrupt, in contrast to being another person making him bankrupt. Bankruptcy can be called a sort of debt solution suitable for individuals with debts they cannot repay in a practical time. What if a person decides to go bankrupt? The assets he owns, including his car or residence, will generally be sold to repay his debts. Who are the people for whom Bankruptcy isn’t possibly the best option? They’re people whose assets are worth more than their debts or whose regular payments are current, and they can continue paying them.
Making an application for bankruptcy is also known as 'petitioning for bankruptcy.' A person who's keen on entering into ...