Personal Bankruptcy explained

by admin, August 30th, 2006 | No Comments

What is Bankruptcy?

Bankruptcy is one way of dealing with debts you cannot pay. The bankruptcy proceedings:

• free you from overwhelming debts so you can make a fresh start, subject to some restrictions; and

• make sure your assets are shared out fairly among your creditors.

Anyone can go bankrupt, including individual members of a partnership. There are different insolvency procedures for dealing with companies and for partnerships themselves. Separate publications about these insolvency procedures are available. more info