Bankruptcy occurs when a person or an organization declares they are unable to pay their creditors. Creditors may file a bankruptcy petition against a debtor in order to recover a portion of money that they are owed. In many cases, however, bankruptcy is filed by the debtor. Bankruptcy allows debtors to be discharged from the legal obligation to pay most debts by submitting their non-exempt assest, if any, to the jurisdiction of the bankruptcy court for distribution between debtors’ creditors.

FAQ – We can help you with answers to your questions, including:

  • What exactly is bankruptcy?
  • Will filing for bankruptcy protect me from creditors’ efforts to collect what I owe?
  • What is the difference between Chapter 7 and Chapter 13 bankruptcy?
  • Am I free to choose between Chapter 7 and Chapter 13?
  • Which type of bankruptcy should I use?
  • Will all of my debts be wiped out in bankruptcy?
  • What property might I lose if I file for bankruptcy?
  • How am I made bankrupt?
  • Where is the bankruptcy order made?
  • Who will deal with my case?
  • What are my duties as a bankrupt?
  • How will bankruptcy affect me?
    • In relation to my creditors
    • Payment to creditors
    • My assets
    • What happens to my home
    • My pension
    • My life assurance policy
    • Work-related registrations, licenses and permissions
    • My business
    • My wages
  • What are the restrictions on a bankrupt?
  • Becoming free from bankruptcy –
    • How long does bankruptcy last?
    • Debts
    • Assets I owned or obtained before my discharge
    • Assets I obtain after my discharge
  • Bankruptcy restrictions orders and undertakings
  • Debts incurred after I have been made bankrupt
  • The main stages in the administration of bankruptcy
  • Alternatives to bankruptcy
    • An informal arrangement or “family arrangement”
    • Administration orders
    • Individual voluntary arrangements
    • How does it work?
    • What will an individual voluntary arrangement cost?
    • When can I make an individual voluntary arrangement?
    • Are there any restrictions?
    • What are the advantages of an individual voluntary arrangement compared to going bankrupt?
    • Can a member of a partnership propose an individual voluntary arrangement?
  • Insolvency terms – what do they mean?
  • Where do I go for help and advice?
  • Data Protection Act 1998 – How is information collected and used?
  • What is the difference between secured and unsecured debt?
  • How often can I file for bankruptcy?
  • What is a joint petition?
  • Does my divorce decree protect me from creditors if my ex files for bankruptcy?
  • Do I have to file bankruptcy on all the accounts I owe or can I keep some?
  • Will I lose my retirement accounts or payments from social security?
  • When can I apply for credit again?
  • Can a “credit repair” company really save me from bankruptcy?
  • Can a creditor continue to contact me after I’ve filed for bankruptcy?
  • What does a trustee do?
  • What is a reaffirmation agreement?
  • Can a bankruptcy be reopened?

Resources & Forms

Initial Consultation Information and Disclosures (PDF)
Bankruptcy Information (PDF)

Getting Started

ACW Law has talented lawyers waiting to help you with your bankruptcy issues. Please contact:

Robert Creager