Bankruptcy Advice - Is it your best option?

Before you consider bankruptcy seek advice from a Debt Advisor who can make sure that you are taking the best action to get yourself out of debt. Complete the enquiry form and you will be called back with help and advice on the best solutions for your own personal debt problems.

What is Bankruptcy?

Bankruptcy is one solution to overwhelming debts that you will never be able to repay. Bankruptcy is the most severe result of being in serious debt. By declaring yourself bankrupt you do get protection from your creditors but there are also many negative points you should be aware of:

Once the bankruptcy proceedings have begun, it’s in your best interest to co-operate fully. Even if you dispute the creditors' claims it is better to try to reach a settlement before the bankruptcy order is made.

This is a formal insolvency procedure available to individuals, sole traders and individual members of a partnership. It is most suitable for individuals who have significantly high levels of debt in relation to their assets and are unable to offer reasonable payment installments to creditors. If you can demonstrate that you are unable to pay your debts, you can present your own petition for bankruptcy. Otherwise a creditor or creditors (who are owed £750 or more), or a Supervisor of an Individual Voluntary Arrangement may raise a petition.
The period of bankruptcy is usually three years but is very much dependent on whether the debtor has co-operated with the Trustee. The Trustee in bankruptcy has legal powers to ensure the debtor contributes to the bankruptcy funds, releases equity in the matrimonial home and sells valuable assets. The laws relating to bankruptcy are complex so it is strongly advisable that you consult professional advice before taking this path.

There is an alternative way - click for more information > IVA

Complete the enquiry form and you will be called back with help and advice on the best solutions for your own personal debt problems.