Learn about Bankruptcy
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Generally considered a last resort in debt management, bankruptcy may be the solution for you if your debt has become unmanageable. Make sure you have evaluated all other financial options before considering bankruptcy. Our process provides a trusted guide through the bankruptcy process so you can eliminate your debts and gain control of your finances. Bankruptcy may be an effective solution for you if your debt has become out of control. Declaring bankruptcy relieves you of responsibility of your debts and you can look forward to restoring your credit worthiness. If your occupation is unaffected and you have few assets to protect, bankruptcy may be a viable option for you.
If you are unable to pay your debts, Bankruptcy may be an option for you. During a bankruptcy, the court takes over your financial affairs for a limited period of time. During the bankruptcy, the court is entitled to seize and sell your assets – including your house and other possessions – to pay off your creditors.
Bankruptcy is an option if your debts are unmanageable and you feel there is no other viable debt option. Bankruptcy can be forced upon you if your creditors petition to the court because of missed payments.
The bankruptcy process generally lasts a year, but will remain on your credit file for a minimum of 6 years. During the time the bankruptcy is on your credit file, your ability to obtain new credit accounts will be greatly diminished. In general, it will become easier to obtain new credit as you near the end of the bankruptcy term. Something else to keep in mind – while your bankruptcy may discharge within a year, the court may ask you to make contributions from your income. These contributions may last for an additional two years.
Bankruptcy is a serious financial move and will have profound affects on your future credit. As such, it is best to evaluate all other debt options beforehand. On our website, you can read about the advantages and disadvantages of bankruptcy. If its the right solution for you, contact us and lets get you on a path to financial recovery.
In a complicated financial world, you need to depend on professionals to offer you the best possible debt strategy. There is a variety of other debt strategies to consider before declaring bankruptcy – all of which would have a far smaller impact on your future credit ability.
If your debt has become unmanageable, then bankruptcy may be a viable financial option.
- Less Stress. Once under the protection of a bankruptcy order, you will no longer be subject to collection actions from your creditors.
- Possessions. You can keep all of your household goods – beds, sofa, clothing, etc. After the sale of your assets, any remaining debt you have will be written off.
Bankruptcy can have serious implications on your financial future - it is important, therefore, to consider the disadvantages. If you are considering bankruptcy, you should also keep in mind that there may be alternative debt solutions that you could qualify for.
Although wiping your debts clear through bankruptcy might seem to offer great financial relief, there some serious financial implications that you should consider.
- Bankruptcy is not a free option. The cost of declaring bankruptcy is at least £600.
- You will have bad credit. New credit lines will be unavailable to you during the first year of bankruptcy. After the first year, credit will generally become easier to obtain, but on a very limited basis.
- Assets may be seized. You may lose your house during the bankruptcy process and see it sold by the bankruptcy court. Find out more. Other assets may be sold. Find out more.
- No privacy. Your bankruptcy will not be kept private. The details of your bankruptcy will become public on the Insolvency Register, which is available online. In some rare cases, information about your bankruptcy may appear your newspaper.
- Bankruptcy does not clear all debts. Some of your debt will not be eliminated through a bankruptcy. For example, Student Loans, Child Maintenance Costs, and Court Fines aren't discharged through bankruptcy.
- Employment opportunities may be affected. Your employment opportunities may be affected by a bankruptcy. For example:
- You may not be able to become an member of parliament.
- You cannot act as a company director.
- You may not become a member of the local authority.
- You may not act as a Justice of the peace (JP).
- You may not practice as a Charted Accountant / Lawyer.
- You may even have to quit your current job.
- If you own a business, the Official Receiver will shut down your business as well.
- When is Bankruptcy?
- When is Bankruptcy an Option?
- How can Bankruptcy effect my future
- What should I do about my Debt?
- What are the advantages of Bankruptcy?
- What are the Long Term Implications?
- What are the disadvantages of Bankruptcy?
- Alternatives to Bankruptcy
- The Bankruptcy Process
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