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Hekima
Starting Member
1 Posts |
 Posted - 21 July 2010 : 17:41:44
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| why does the court declare someone bankrupt? |
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debtinfo
forum expert
2826 Posts |
Posted - 21 July 2010 : 17:49:46
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| Thats a very open question, if you give a few details about the sitution we may be able to answer better |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 22 July 2010 : 09:16:42
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Hi Hekima
A Court declares someone bankrupt either at their request, or at the request of someone they owe money to, or, in rare circumstances, at the request of the Government.
If someone owes money that they can't repay, they go to Court to ask them to make a bankruptcy order -this stops their creditors taking proceedings against them, or hassling them.
If someone is owed money, they go to Court and ask for the person by whom they are owed the money to be made bankrupt - this gives the creditor (through the Official Receiver)chance to investigate the debtor's conduct and financial circumstances, and hopefully to get some money back.
Hope this helps
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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why does the court declare someone bankrupt?
