WE CAN MAKE THINGS BETTER
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
- 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
- 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