Bankruptcy is a debt solution and a form of insolvency. It is a legal procedure mainly suited to people whose circumstances are unlikely to change and are unlikely to be able to pay off debts within a reasonable time.  Following personal assisted bankruptcy allows you to either choose to become bankrupt or it can be enforced against you if you cannot pay your debts. 

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Any assets you own, such as your house, will normally 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.

When you make yourself bankrupt almost all of your unsecured debts are written off, allowing you to make a fresh start. But personal bankruptcy rules mean you will face certain restrictions.

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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.

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Your debts are written off and the restrictions placed on you during your bankruptcy are usually lifted. If your bankruptcy was caused by dishonest or reckless behaviour, the official receiver can extend the bankruptcy restrictions through a bankruptcy restriction undertaking (BRU) or order (BRO). 

This can last up to 15 years. The record of your bankruptcy stays on the Insolvency Register (England and Wales) or Bankruptcy Register (Northern Ireland) for a further three months after you’re discharged, or longer if you have a BRU or BRO. You may still have to make payments towards your bankruptcy, the official receiver will decide if you have to do so.

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There is nothing worse than being in debt. Going deeper into debt, and not knowing what to do about it.

“DON’T LOSE ANYMORE SLEEP”.

 

I will be more than happy to explain your options with confidentiality in an easy to understand way. I will provide sympathetic support

during what will be clearly a very trying and stressful time for you.

 

I will help you decide if Personal Bankruptcy is your best option and discuss any alternatives like Individual Voluntary Arrangements, Debt Management Plans and Debt Relief Orders.

 

I will look at your debts for instance loans/credit cards, council tax, mortgage/rent arrears or business liabilities.

 

I will also discuss your immediate concerns, whether you are struggling, missed payments, possible legal action, CCJ issued or bailiffs involved.

 

A limited free consultation with me will hopefully be of enormous benefit to you.