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It is essential that you consult a licensed trustee who has vast knowledge and experience about the subject. The trustee will first assess your financial situation to lay out possible options including insolvency. If you opt to be declared bankrupt, you will have to complete several forms correctly and then submit them to the Official Receiver. The specialized attorney will carry out all these steps professionally and you are just required to provide accurate details and sign the forms.
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You need to remember that not all your assets will be sold to disperse money to the creditors. Usually your home is exempted from this process and that is why filing for bankruptcy can even protect your home against foreclosure. Certain items such as clothing, furniture and home appliances are exempted up to a certain value. Anything in excess will be sold off in order to settle the repayments.
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