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Commonly Asked Questions about Legal Packages for Bankruptcy

Bankruptcy is a formal legal process, but the first thing to note is that in the United Kingdom, there is only one type of bankruptcy. UK law stipulates that only individuals not companies can declare themselves bankrupt.
Bankruptcy is a legal status that usually lasts for a year and can be a way to clear debts you cant pay. When youre bankrupt, your non-essential assets (property and what you own) and excess income are used to pay off your creditors (people you owe money to). At the end of the bankruptcy, most debts are cancelled.
Conducting bankruptcy searches Searches carried out at the Land Charges Department will establish whether, within the previous five years, the beneficiary was subject to a bankruptcy order, unless a court order cancelling the registration has been made. The search can be conducted online or by using Form K16.
What percentage of bankruptcies are denied in the UK? Just one per cent. This means that there are very few reasons why the Insolvency Service would deny your bankruptcy application. To declare bankruptcy, individuals simply need to be insolvent.