Published in on Thursday, February 19 2009 by Ideal Debt Solutions
If you have been made bankrupt and you do not think that it should have happened it may be possible to apply for a reversal or an annulment of the bankruptcy order. This can be made at any time but you must make sure that you have a solid case before you see if the order can be reversed.
The criteria on which a reversal or annulment is based is as follows:
- The bankruptcy order was not made properly. I.e. the official steps involved with obtaining a bankruptcy order were not followed properly
- All of the debts and fees associated with your bankruptcy have either been paid in full or they have been guaranteed to the satisfaction of the court
- You have reached another type of financial agreement called an IVA (Individual Voluntary Arrangement) with your creditors in order to pay off either all, or part of your debts.
Whenever you are thinking about any matters concerning bankruptcy it is essential that you get professional expert advice. Bankruptcy can be a very complicated issue and for people who are not experienced it can be difficult to understand. A professional will be able to advise on the best ways to deal with your debt problems, whether it be bankruptcy or another form of debt management.