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Bankruptcy

Bankruptcy is a formal arrangement to deal with debts that you are unable to repay within a reasonable period of time.

Available in England, Wales or Northern Ireland

  • A chance to start again and write off up to 100% of your debt
  • It’s usually quick – you can be discharged in 12 months and all your unpaid debts may be written off
  • Once your creditors know, they can’t continue to contact you over unpaid debt

ADVANTAGES

  • You can be discharged from insolvency in 12 months
  • Debt forgiveness as all unpaid debts are written off
  • If your income is low and assets minimal, you may not be required to pay anything into your bankruptcy other than the application fee

CONSIDERATIONS

  • You will be barred from certain jobs such as Insolvency Practitioner, or serving as a company director until you are discharged in 12 months.
  • It damages your credit rating for up to 6 years
  • Your home, your car and other assets could be sold to pay off your debts
  • If you own a business it might be closed down and all of your assets sold

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