Bankruptcy is a way of legally declaring your inability to pay your creditors. It is a formal debt solution for those who have an amount of debt which they cannot repay. In Bankruptcy you usually stop paying your creditors. Your creditors cannot chase you for the outstanding debt. It can provide a real fresh start for debts that will never be repaid.
Some of the things the lenders will have to abide by are the following:
Whist the above list is not exhaustive, we hope it helps you to see some of the many pros and cons of bankruptcy, and therefore allows you to see how big a decision it is and how it can have a huge effect on your life now and for many years to come.
Complete our 30 second online form to see if you qualify for bankruptcy. Or you can call us directly on 01565 325 030.
At a time that suits you, one of our friendly, experienced advisors will contact you to discuss your options. This is 100% free and confidential.
Bankruptcy may or may not be the best option for you. we will give you a balanced view on the options, so you can make the right decision for your future.
A solution for people with debts over £5,000. An IVA could help you write-off up to 90%* of your outstanding debts and pay one affordable monthly payment.Find out more
Consolidate your debts to make them much more affordable. Debt repayments can be spread out over a longer period to help you manage your finances more effectively.Find out more
A Debt Management Plan or DMP, is an informal agreement to pay back non-priority debts, reducing your monthly payments to a single affordable amount each month.Find out more
Bankruptcy is a formal debt solution for people with debts they cannot repay. It’s often viewed as a last resort but can be a great solution for people without the means to repay debts.Find out more
Customers can get free debt counselling, debt adjusting and providing of credit information services from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. For more information from the Money Advice Service click here www.moneyadviceservice.org.uk You can find. Government guidance on dealing with your creditors here.