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Bankruptcy

If you are unable to pay your debts when they fall due, you are said to be insolvent and you may be wondering how to go bankrupt. There are two ways in which you can be made bankrupt. Either one of your creditors will contact the court and issue a bankruptcy order against you, or you can apply for an order yourself. If granted, your financial affairs will be taken over by an independent party who will use your assets to pay back your debts. There are a number of restrictions on being made bankrupt and it is crucial that you take legal advice on the matter to discuss all options.