Nobody Goes Bankrupt For The Craic: Bankruptcy Explained - Live Q&A (Recorded 23/06/2020)

The effects of COVID-19 will see people go bankrupt. In this webinar, we will give an overview of the current situation and the effects of it. Bell & Company presents our second webinar, hosted by Chairman Terry Bell who will be answering questions regarding individuals facing Bankruptcy. Following the success of our first one, we have decided to host a question and answer session on Bankruptcy. Bankruptcy: A bankruptcy order can be made for one of three reasons: 1. You can’t pay what you owe and want to declare yourself bankrupt, 2. Your creditors apply to make you bankrupt because you owe them £5000 or more, 3. An insolvency practitioner makes you bankrupt because you’ve broken the terms of an individual voluntary arrangement (IVA). Bankruptcy is a way of ending your liability for debts that you cannot pay. Any assets that you own may be sold to raise money to pay to your creditors. After a year, debts included in your bankruptcy are written off and you can make a fresh start. As a form of formal insolvency, Bankruptcy in the past carried a stigma with it, but following the 2008 global financial crisis and subsequent debt affliction across Europe, the stigma has been removed. Trustee Implications: The person who takes control of your assets is known as the ‘trustee’. If you have assets, such as the family home, the trustee will look to sell the property to recompense as much money for the creditors as possible. So, is there such a thing as ‘best case scenario’ in Bankruptcy?: Providing the Client’s circumstances align, Personal Bankruptcy can provide a “clean slate” allowing the individual the opportunity to start again. We regularly assist individuals going through Personal Bankruptcy and help to alleviate the pressures involved, acting in our Clients’ best-interest to achieve the best outcome. The Family Home: For many, the family home is the most treasured of all. There are instances in which you may keep your home, for example, if the property is in Negative Equity and you can maintain your mortgage repayments. Even if there is Equity in the property we can offer the appropriate strategies on keeping your family home in Bankruptcy. However, we must stress that Bankruptcy may not be the best option for some people and we would urge you to obtain full, advice before making this decision. Bell & Company can provide this. You do not want to be left exposed. Chat to a member of our team today. Our initial consultation is free and we can quickly help clients plan their way through the problems of debt in whatever form they come. 0330 159 5820 [email protected] https://www.bellcomp.co.uk/contact-us/ Or check out our other social channels:   / bellandcompany1     / bellandcompany1     / bell-&-company     / bell_company_