Is bankruptcy the right debt solution for you?
You could be be completely debt free in 12 months time
Stop any legal action- Stop bailiffs
- Stop creditors chasing you
- Legally write off 100% of your debt
Complete this form to see what help is available.
Complete this form to see what help is available.
How does Bankruptcy work?
See if You Qualify
Complete our 30 second online form to see if you qualify, or you can call us directly on 01565 325 030
Quick Chat
If this is the right solution for you, we can start the ball rolling whenever you’re ready. We will help along the way until you become debt free!
Your Choice
If bankruptcy is the best solution for you, we can start the ball rolling whenever you’re ready. We will help along the way until you become debt free!
Pros & Cons of Bankruptcy
PROS
You will no longer have to deal with your creditors.- Once your bankruptcy is completed you will be able to start again financially, without any debt.
- You no longer have to make payments towards your creditors. (If you have available disposable income you will have to contribute this under an Income Payment Order for 3 years.)
CONS
- Your credit rating is likely to be severely affected.
- You cannot acquire credit of £500 or more without disclosing you are bankrupt.
- You cannot be a director of a limited company.
- You may lose your home and car.
- Some employers will not allow you to enter bankruptcy and in doing so you could lose your job. You should check your contract of employment first.
- If you receive income for employment, a private pension or any other form of income which is not state benefits then you may be asked to make payments to your bankruptcy for 3 years.
What are the alternatives to Bankruptcy
Choosing to become bankrupt is a big decision. There are a number of alternative options to making arrangements with your creditors, such as:
- Informal agreements – you make arrangements with your credits and agree on a schedule for those repayments
- Individual voluntary arrangements (IVAs) – repayment agreements are negotiated by an insolvency practitioner
- Administration orders – an order is made for you to make monthly payments to your local court. The court then divides those payments between creditors
- Debt Relief Orders – a formal insolvency process for people with no assets, low income and no prospect of being able to clear their debts.
If you’d like to discuss these options in more detail, then please speak to one of our friendly advisors.
Just Some Of The Creditors We Could Help You With
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.
