WE CAN MAKE THINGS BETTER
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
- 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
- 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