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US pre-open: Small gain is forecast ShareCast Four months after exiting bankruptcy , Chrysler is about to unveil a product road map that relies heavily on vehicles from Italian partner Fiat while ... and more »
Published in Bankruptcy News
Thursday, 04 September 2003 02:26

Small business Q&A: Minister Nigel Griffiths

Minister Nigel Griffiths answers readers' questions on the small business and entrepreneurial culture in the UK.
Published in Bankruptcy News

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If you have a serious debt problem, bankruptcy can free you from your debts within 12 months. As a solution for dealing with serious debt, bankruptcy is a last resort. Other debt solutions need to be explored first, to help determine if bankruptcy is the right debt solution for you.


Your financial affairs are put into the hands of an Official Receiver or Trustee, who will control all your assets - and if you own a property, this will also be included. These will be sold and the money used to pay as much as possible to your creditors.


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