Helping you get out of debt through Bankruptcy
Often considered as the last resort and the most serious of all personal debt solutions, Bankruptcy allows you to reset your financial situation and start afresh.
Bankruptcy is a form of personal insolvency and is a suitable solution when you are unable to repay anything towards your debts and have little or no assets.
You can choose to declare yourself bankrupt but in some cases one of more of the companies you owe money can apply to make you bankrupt, even if you don’t want them to. For a creditor to make you bankrupt, you must owe a minimum of £5,000.
Being declared bankrupt usually involves selling items that are of high value, such as your house or car, to raise money to pay off your debts. You may also be required to make a monthly payment towards your debts if you earn enough.
Once your application for Bankruptcy has been approved, your creditors are no longer allowed to contact you or try to take further legal action against you in order to get the debt repaid. A Bankruptcy typically lasts for a year and at the end of the 12 months any remaining debt is written off.
My Debt Plan is dedicated to listening to your financial situation in detail. Once we have completed our complimentary assessment, if we find that an IVA is not a viable option for you, but that you may be suitable for Bankruptcy, and you feel it is the right option for you, then we can refer you to one of our trusted partners who can work with you to get it set up.
To qualify for Bankruptcy, you must:
Lucy Novo Deakin is a licensed insolvency practitioner in the UK by the Insolvency Practitioners Association (IPA).
My Debt Plan Ltd provides insolvency solutions to individuals, specialising in IVA’s. All advice given is provided in reasonable contemplation of an insolvency appointment. Where you are not suitable for an IVA, we may refer you to one of our trusted partners who specialise on alternative solutions, and as such we will receive payment for the introduction if you enter into a debt solution with one of our partner companies.
Registered address 2nd Floor Blenheim Court, Cheadle, Cheshire, England, SK8 2JY Company Registered in England and Wales Number 10992838 Data Protection ZB284067.
To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.
*Our advice on your options is always free. We will always notify you if a solution you choose has any cost.
**Of 2,381 IVA cases approved between January-December 2023, the average expected write off assuming successful completion is 74%.
A debt write off amount between 25% and 75% is realistic, however, the debt write off amount will differ for each customer upon their individual financial circumstances and is subject to approval of their creditors. Any remaining qualifying unsecured debt in your IVA will be written off, however some unsecured debts will be excluded, such as court fines, child maintenance and student loans, therefore you will need to continue paying these both during and after the IVA.
