- If you have any significant assets, or can make significant payment from your income, then you really should first consider the option of initiating a IVA (Individual Voluntary Arrangement). It should be noted that you must receive the cooperation of a minim um of 75% of your creditors for this to happen. This will end chasing letters, stop court actions, allow you a discourse to bankruptcy, and remain a private matter.
- If you file bankruptcy, you will stop paying most of the creditors that you owe. However you will stay have to pay:
a. Child support
b. Student loans
c. Mortgages and loans on your home
d. All debts taken on after bankruptcy
e. Social security debts can still be taken from benefits
- Some (few) bankruptcies of a straightforward nature will be discharged within twelve months.
- A “trustee” will deal with you concerning all issues of you bankruptcy.
- You are normally permitted to retain the following:
a. Tools
b. Books
c. Vehicles/equipment needed for your work
d. Clothing
e. Bedding
f. Furniture
g. Essential household equipment
- If you own a home and there is equity in it, you can be forced to sell. This is even true if you are a joint owner. The other owner(s) equity cannot be taken. Basically, if your equity is substantial enough to at least cover the costs of the sale, pay the trustee’s costs, and pay something to your creditors, then your house will get sold.
- You are normally allowed to stay in your home for up to one year while establishing new residence.
There are of course many other conditions and stipulations involved with bankruptcy in Manchester. If you live in Manchester you can phone Debtline (Manchester Advice) on 234 5678 for further advice on this.
Written by Victor Smithston. Find more information on Personal Bankruptcy Manchester
http://ezinearticles.com/?Personal-Bankruptcy-in-Manchester,-England&id=604370
