DECLARATION OF INTENTION TO PRESENT A DEBTOR'S PETITION:
This stops your unsecured creditors garnisheeing your wages and/or the bailiff or sheriff seizing your assets to recover debts for a period of seven days. It does not prevent a secured creditor from repossessing an asset.You could use the time to speak to your creditors, consider other options or seek advice.You do not have to become bankrupt after this period. You can only lodge one declaration every 12 months.
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