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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.
We will look through all your income and outgoings working out how much you can realistically afford to pay back towards your debts and have enough money to pay all your everyday living costs like, food, rent, bills etc. Everything that you can afford we will put into a Trust Deed proposal under the supervision of our Insolvency practitioner to write this off.
Unfortunately, not everyone will qualify for a Trust Deed, but our friendly and experienced advisors are on hand to guide you through the process and talk you through all your options based on your personal situation.
