The purpose of a bankruptcy is to realise the assets of the bankrupt in order to pay creditors. A Trustee in bankruptcy will deal with all aspects of a bankruptcy estate.
The consequences of bankruptcy can be extremely serious not just for the individual subject to the bankruptcy order but also family members and anyone who owns joint assets with the bankrupt. Assets which will be scrutinised within a bankruptcy will include –
- Property which the bankrupt owns or has an interest in. This can include the family home. For most people this is their most valuable asset which they want to protect for themselves and their family. We have considerable experience in acting for bankrupts and the non-bankrupt spouse/co-owner in liaising with the Trustee to establish the true value of the bankrupt’s interest and negotiating realistic and achievable settlements.
- Income and expenditure to establish if there is surplus income which can be contributed to the bankruptcy estate each month. We liaise with Trustees on a regular basis to ensure that any income and expenditure analysis is fair.
- Previous transactions entered into by the bankrupt individual. This can include gifts to family and friends, transfers of assets and repayment of family debts. Again we will look to defend any claims to overturn those transactions and reach the best settlement with a Trustee where appropriate.
For further information please contact either Kathryn Maclennan email@example.com, Richard da Roza firstname.lastname@example.org or Paul Formby email@example.com Tel Blackburn 01254 268790, Bolton 01204 527777