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UK-Justice, Barrister
Category: UK Bankruptcy Law
Satisfied Customers: 16193
Experience:  Called to the Bar in 2007
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I have a litigation lawyer (UK) working for me on a case against

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I have a litigation lawyer (UK) working for me on a case against an individual who is due me over £20k.
He has told me he is starting procedure to bankrupt this person. This person is a house owner with a job.

Q. Will I get anything if they are made bankrupt, or will it just clear their depts.?

Q. What will this mean to this person?
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Does the person own any assets?
Customer: replied 4 years ago.

Just a house and a horse

A. If there is equity then you may well get some money.

This is because any equity will be released and you may get payment from that.

B. a petition may get the person to pay up without it going ahead.

But it means all assets will become the property of the official receiver and they will not be able to get credit for some years.

Their house, if it has equity will be sold.

I hope this helps.

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