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Bankruptcy

Bankruptcy is a formal arrangement to deal with debts that you are unable to repay with 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 cantact you over unpaid debt

ADVANTAGES

  • Reasonably quick process
  • Discharged from insolvency in 12 months.
  • Debt forgiveness as all unpaid debts are written off
  • No creditor contact, once they are aware of the bankruptcy and your creditors, can take no further action
  • Payments from your income will be a maximum of 4 years
  • 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.
  • Some creditors may ask about bankruptcy 6 years after it occurred
  • Generally, you can lose control of your assets
  • 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

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Richmond Oaks Insolvency
Richmond Oaks Insolvency

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