Bankruptcy Services from AMS NI
Bankruptcy should only be used in extreme circumstances and where all other avenues have been exhausted. Bankruptcy is a public process and your assets and disposable 
income are converted into cash to repay some of or all of your outstanding credit commitments to you creditors.
How does Bankruptcy Work?
Bankruptcy is a last resort for those who are insolvent, which means they are unable to pay back their debts. A Bankruptcy Order is filed by either the individual or the lender at a County Court. An Official Receiver finds out details of the debt and how it happened, which takes place through a course of meetings where the debtor must give information about their debt as well as their assets.
The Bankruptcy order lasts 12-36 months, lump sums will be made to creditors through settling assets or contributions from income. Details of the bankruptcy will be published in local newspapers and recorded on the Insolvent Register and with Credit Reference Agencies. During the bankruptcy there are many restrictions, such as bank accounts will be closed.
After speaking with many people we have found that by far the most worrying thing about bankruptcy is often the very word ‘Bankrupt’, yet bankruptcy is fast becoming an acceptable and bona fide debt solution and once the myths are busted and it is understood what bankruptcy can actually mean for you and yours, you may well discover it is the best solution for your debt. Understanding the situation is everything.
