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Bankruptcy

BANKRUPTCY is a form of insolvency that will clear all debts you simply cannot afford to payback.

What’s a BANKRUPTCY?​

Bankruptcy is a form of insolvency and is normally only suitable if you can’t pay back your debts in a reasonable time.
Assets you own, such as your house or car will usually be sold to pay off your debts. This means if your assets are worth more than your debts, or if all of your regular payments are up to date and you can afford to keep paying them, bankruptcy is unlikely to be the best option for you.

After you’ve been declared bankrupt, your creditors will write off your unsecured debts. This allows you to make a fresh start. Bankruptcy usually lasts for 12 months and you’ll have many financial restrictions during this period. When your bankruptcy ends, you’ll be ‘discharged’ from it.

If you go bankrupt you may find it difficult to take out any further credit, as bankruptcy will remain on your credit file for six years.

How Can BANKRUPTCY Help Clear Your Debts?

  • It can write off all of the debt you can’t afford
  • You can clear your debts in 12 months or less
  • It puts a stop to all creditor contact
  • Will stop all payments to creditors
  • It will prevent or stop legal action.

How does BANKRUPTCY work?

When you go bankrupt almost all of your debts are written off, allowing you to make a fresh start. However declaring yourself bankrupt is a big step that involves fees and can impact many areas of your life, such as your job or home.

In the UK, personal bankruptcy normally lasts for a year. During this time you can’t borrow more than £500 without letting the creditor know you’re bankrupt. You must also declare any changes in your circumstances to the Official Receiver. You could be asked to sell valuable assets such as your home or car, but you’ll be able to keep the things you need for day-to-day living

How do I arrange a BANKRUPTCY?

If you are in debt and feel that Bankruptcy might be the solution you’re looking for then the first step is to speak to one of our advisors. Feel free to discuss with our advisors your current situation, income, outgoings and debts. This will help us determine if Bankruptcy is the best option for you. please NOTE - BANKRUPTCY WILL ALSO HAVE A SERIOUS ADVERSE EFFECT ON YOUR CREDIT RATING

For more information on a BANKRUPTCY or any other debt help solution fill out the enquiry form here:

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Call: 0161 5372015
Out of office hours: 0161 5372014
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