This section covers the questions you are most likely to want answered about what you can expect to happen at a bankruptcy hearing.
At your bankruptcy hearing, a district judge will consider the bankruptcy petition to decide whether or not to make a bankruptcy order. Once a bankruptcy order is made, you are then officially bankrupt.
You and the Official Receiver attend the Bankruptcy Hearing. Creditors can also attend the bankruptcy hearing if they wish.
In order for the Court to make a bankruptcy order, it must be satisfied that the debt is proven and that either:-
The debtor can't repay the debt.
In the case when payment is not yet due, that the debtor has no realistic chance of being able to repay the debt when it is due.
When the petition is served by a creditor, they must prove that a corresponding Statutory Demand has been brought to your (the debtor's) attention.
If you have already repaid the debt in full, then the case will be dismissed, but you may still have to pay the creditors costs.
The Court may also refer the case to an Insolvency Practioner in the case where the possibility of an IVA being be more appropriate course of action needs consideration. You can check to see if you may qualify for an IVA as an alternative to bankruptcy by taking the IVA test.
You should therefore explore all alternative solutions, and seek expert advice if you are facing bankruptcy proceedings.
How Can We Help?
Our panel of specialists can quickly advise you of your options if you are considering going bankrupt. Simply call the team on 0800 088 2208.
Alternatively take the online bankruptcy test and find your best solution.
I Contacted them at 5 pm on a Thursday night,they arranged a meeting Friday morning with all the relevant bodies their because my case was the following Monday .I can't sing their praises high enough they contacted the courts same afternoon. Fantastic response, I avoided bankruptcy on the Monday and was given time to arrange an Iva. I risked losing my home,my mother and fathers home all hope seemed lost until I made that fateful phone call. I can now sleep at night.
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