intP1TemplateID=1 Bankruptcy
Home Telephone Location

Bankruptcy

BANKRUPTCY (DOES NOT COVER FOR SCOTTISH RESIDENTS)


Bankruptcy is a formal debt solution for those who have an amount of debt which they cannot repay. In bankruptcy, most debt types are written off.

 

BANKRUPTCY ADVANTAGES

 

  • You can be discharged after 12 months

 

  • Once your bankruptcy is discharged, all included debts are written off

 

  • You can pay the fee online in instalments and your bankruptcy application will begin once your fee has been paid in full

 

  • Bankruptcy will prevent your included creditors from taking or continuing with any legal action

 

  • All interest and charges on included debts will be frozen


BANKRUPTCY DISADVANTAGES

 

  • There are certain debts that cannot be included in a bankruptcy, such as student loans, CSA arrears and court fines

 

  • Bankruptcy costs approx £680 per person

 

  • Bankruptcy will adversely affect your credit rating and your ability to gain credit will be limited. The bankruptcy will remain on your credit file for 6 years

 

  • Once you are declared bankrupt, an Official Receiver or Trustee will take control of your estate which could result in any assets being sold

 

  • If you can afford to make a payment, you will be asked to do so for up to 3 years

Back

Enquire NowTalk To Our ExpertsEnquire Now