Britain's Debt Crisis
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Britain's Debt Crisis - a practical guide to the new bankruptcy laws
by Tom Slator

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1 Insolvency and the consequences of not dealing with it

1.1 Warning signs of Insolvency
1.2 CCjs and Statutory Demands
1.3 Bailiffs and Distraint
1.4 Property repossessions

2 Insolvency and the procedures to deal with it

2.1 What Is Bankruptcy?
2.2 What is an Individual Voluntary Arrangement?
2.3 What is a Fast Track Voluntary Arrangement?
2.4 What is an Informal Arrangement?
2.5 What is Debt Consolidation?
2.6 What is a Debt Management Plan?
2.7 What's different if I live in Scotland?
2.8 What's different if I am in Partnership?
2.9 How long does Bankruptcy last?
2.10 Annulment of Bankruptcy

3 How to calculate the equity in your property

3.1 You don't have to lose your home
3.2 Assessing the total equity
3.3 Sole ownership and sole occupation
3.4 Sole ownership and occupation with spouse or partner
3.5 Joint ownership
3.6 Joint Tenancy and Ownership in common
3.7 Joint occupation further considerations
3.8 Equitable accounting and improvements to property
3.9 Notional rent
3.10 Equity of exoneration
3.11 The use it or lose it provisions of EA 2002
3.12 Old Bankruptcy cases and unjust enrichment
3.13 Interest on debts, and payment by third party
3.14 "Exceptional Circumstances" and the Human Rights Act
3.15 The Registers at the Land Registry and Land Charges department

4 Other assets

4.1 Pension policies
4.2 Endowment and life assurance policies
4.3 Stocks, shares and investments
4.4 Bank accounts
4.5 Motor vehicles
4.6 Business Assets
4.7 Assets acquired after the date of bankruptcy
4.8 Assets in other countries
4.9 Excluded property

5 Liabilities

5.1 Mortgages
5.2 Other secured creditors
5.3 Other priority creditors
5.4 Credit cards
5.5 Unsecured loans
5.6 Bank overdrafts, motor and retail finance
5.7 Student loans
5.8 Matrimonial debts
5.9 The impaired credit market
5.10 Credit reports and credit scores

6 Income and expenditure

6.1 Assessing your income and expenditure
6.2 Income payment orders and agreements
6.3 Duration and variation of IPOs and IPAs

7 What makes a bankrupt culpable?

7.1 Giving assets away before bankruptcy
7.2 Preferring one creditor over another
7.3 Bankruptcy offences
7.4 Bankruptcy restriction orders and undertakings
7.5 Suspension of automatic discharge

8 How do I decide if bankruptcy is the right solution?

8.1 Decision tree

9 Presenting your own bankruptcy petition

9.1 Preparing the petition and the Statement of Affairs
9.2 Procedure before and during hearing of the petition
9.3 What happens when you see the Official Receiver?
9.4 What happens after the Bankruptcy Order has been made?
9.5 The Individual Insolvency Register

10 Bankruptcy in economic, social and international context

10.1 Current bankruptcy trends
10.2 The UK housing market, consumer debt and interest rates
10.3 Celebrity bankrupts
10.4 Personal bankruptcy in the USA
10.5 Future trends

11 Conclusion


1 Insolvency terms explained
2 Statistics
2.1 Bankruptcy and IVA numbers
2.2 Bankruptcy Numbers Self employed and others
2.3.1 Total Loans to households UK
2.3.2 Total Loans to Households USA
2.3.3 Total Loans to Households Italy
2.4 UK House Prices Historical Data
2.5 UK Interest Rates Historical Data
2.6 UK Mortgage Possession Orders

3 Statutory Forms

3.1 Debtor's Bankruptcy Petition Form 6.27
3.2 Statement of Affairs Form 6.28

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