Bankruptcy

Bankruptcy is only available for people who live in England, Wales or Northern Ireland.

Bankruptcy is only considered as a last resort and all other solutions will be reviewed before bankruptcy is advised.

To check whether bankruptcy is the best option for you, call 0800 678 1234 or text your name and telephone number to 07624 805 607 and one of our caring advisers will call you back. If bankruptcy is your best option then we can advise you on how to proceed.

Bankruptcy has some advantages:

• Your creditors will no longer be able to pursue you or take action against you to recover what you owe
• You will not have to make further payments to your creditors, but will have to pay any surplus income over to your Trustee
• All of your debt will be written off providing you with a fresh start
• Income from benefits or pensions will be yours to keep
• You can expect to be discharged after 1 year and will then be free of debt

There are also disadvantages.

• If you own any valuable assets, including endowment policies, these will usually have to be sold
• It restricts your ability to obtain credit in the future without permission from the lender and your credit rating can be affected for many years after the annulment
• You are not allowed to start up or be involved in the day-to-day management of a limited company
• You are not allowed to act as a member of parliament, and there are certain other restrictions, such as acting as a member of any local council or school boards, etc
• You may not practice as a chartered accountant/lawyer or act as a Justice of the Peace
• There may be a clause in any hire purchase agreements that you have which terminate them automatically if you become bankrupt
• There will usually be a fee to pay with your application
• Your bankruptcy will be advertised in a local newspaper

Call us today on 0800 678 1234 and we may be able to offer options other than bankruptcy. Alternatively, text your name to 07624 805 607.