At a basic level, we assist people to declare bankruptcy or enter into alternative arrangements with their creditors. There are actually two ways an individual can become bankrupt – either voluntarily (debtor’s petition) or involuntarily (creditor’s petition).
VOLUNTARY BANKRUPTCY is when you declare yourself bankrupt. If you’ve been unsuccessful in seeking an informal arrangement with your creditors or the amount owed to creditors is so insurmountable, you can file for this.
INVOLUNTARY BANKRUPTCY OR CREDITORS PETITION is when you can’t pay your debts and a creditor applies to the court to have you made bankrupt.
Bankruptcy is not only an emotional time, but a confusing one too. At Rapsey Griffiths we’re here to take you through the entire process and help you stay in control.