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Regulations can vary greatly from place to place, so even a person who is well-acquainted with the process in America could benefit from information regarding UK bankruptcy laws. In the United Kingdom, bankruptcy is a term that applies strictly to individuals. Insolvency, on the other hand, is the term used in reference to companies and other collective entities that are unable to pay their debts.
In the UK, bankruptcy is only possible through a court order, which in turn would follow a successful petitioning. An individual could petition for him or herself to be declared bankrupt on the grounds that they are incapable of paying off their debts. Alternatively, creditors can put forward a petition so that a party indebted to them could be made bankrupt by the court.
If you’re in need of help with UK bankruptcy law, you have enough to worry about already. Let the Experts on JustAnswer take the guesswork out of the equation. Whether you’re seeking a fresh start, or you need help with creditors who have targeted you, these legal professionals can help you figure out the right course of action. All you need is an Internet connection to get in touch with dependable guidance based on your specific situation.
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Some of the UK bankruptcy law concerns and questions already undertaken by the legal Experts on JustAnswer include:
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