• Automatic discharge of most bankrupts after a maximum of 12 months  (Although you can still be affected by the restrictions of bankruptcy)
• Income Payments Agreements (IPA) - a way of repaying debts to creditors from the bankrupt's income.
• There is a 3 period in which a trustee may decide what to do with a bankrupt's home.

Bankruptcy is a last resort and if you are ever faced with the prospect of bankruptcy you should look at alternatives as soon as possible, for example Debt Management, an IVA or a Trust Deed.  It is always best to discuss each debt solution one by one first to determine if Bankruptcy really is the best solution for you.

Once you have been made bankrupt all assets (possessions) belonging to you become the control of the Trustee, including your home.  If you have a mortgage then your property will be sold to obtain any value through equity.  If you live with your children then a period of 12 months may be allowed for other living arrangements to be made.  At the end of the 12 month period, the property will almost certainly have to be put up for sale, enforced by a Court order if necessary.  If you own the property with someone else they may be able to make an offer to buy out your interest in the property from the Official Receiver.
On some occasions bankruptcy is the best solution and to find out more or to discuss Bankruptcy further call us for free advice on 0800 000000 or 0161 000000 to speak to one of our experienced advisors. 

Alternatively, if you would prefer for us to call you back then simply complete the quick Free Advice Form and one of our friendly staff will call you back.