The above statement is in relation to a bankruptcy solution and subject to specific criteria
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Reduce up to 81% of all debts*
Lower your repayments
No upfront charges to pay
Stop creditors harassing
Pay an affordable amount each month
Freeze interest rates and charges
The above statement is in relation to an IVA solution and subject to specific criteriaCheck if you qualify
If you have a debt problem, one of your options for sorting it out might be bankruptcy. You can apply for bankruptcy if you can’t pay back your debts.
As well as applying for bankruptcy yourself, someone else you owe money to (a creditor) can apply to make you bankrupt, even if you don’t want them to. For a creditor to make you bankrupt, you must owe at least £5,000.
Remember, bankruptcy might not be your only option and it might not be the best one for you. One of your other options might be a debt relief order. You could be able to apply for a debt relief order if you are not a homeowner have debts, income and assets below a certain amount. This is a cheaper alternative to bankruptcy.
When the bankruptcy order is over you can make a fresh start - in many cases this can be after a year. Other advantages of going bankrupt include:
To apply to go bankrupt you’ll need to pay a £680 fee. The fee can be paid in instalments however the bankruptcy application cannot be submitted until the fees have been paid in full. Other disadvantages of going bankrupt include:
Your bankruptcy will normally end after a year. The Official Receiver will tell you when it is over. Most debts that haven’t been paid will be written off although some debts like court fines and student loans can never be written off.
Even when you’re no longer bankrupt, you could have a bankruptcy restriction order made against you. This can last up to 15 years and will restrict your financial affairs. This order could be made if, for example, you do not co-operate with the Official Receiver, or you take on debts knowing that you won’t be able to pay them back.
Our new enquiries team we will be able to help you visualise your debt in a whole new light. The team are empathetic and supportive of all whom need support – and will not just help you to understand and gain confidence on your ability to clear debt, but will help you identify which solution best suits your personal circumstances.
We are experts in insolvency and help thousands of people every year write off the debt they can’t afford. Our talented team are on call for you.