Bankruptcy
It is only available to those living in England, Wales and
Northern Ireland. In Scotland you can apply for something
called
Sequestration >
Bankruptcy
Declaring bankruptcy may be the right solution for you if you have major debt problems. It will allow you to write off your debts through a legal process, but it may involve selling assets such as property and other belongings.
Bankruptcy can be applied through the Insolvency Service in England and Wales and the High Court in Northern Ireland. If you do apply to go bankrupt, it will cost you £680.
Declaring bankruptcy may be the most suitable solution for you if you own minimal assets, have defaulted on your debt, and are unable to pay your creditors back.
Benefits of Bankruptcy
What are the benefits of Bankruptcy? We’ve compiled a handy list of the main points below, click a heading to read more.
A Fresh Start
Your unsecured debts will be written off, giving you a fresh start.
No Further Legal Action
Your creditors can’t take any further legal action against you to recover your debts.
No More Demands
They must also stop demanding payment, charging interest and adding other charges.
No Further Contact
You won’t receive any further contact from your creditors.
Risks of Bankruptcy
What are the risks with Bankruptcy? We’ve identified and listed some of the main drawbacks below, click a heading to read more.
Upfront Fee
You’ll need to pay a one-off, non-refundable upfront fee of £680.
Your Home & Car Is At Risk
Assets such as your home or vehicle may be included in your bankruptcy.
Loss Of Employment
If you work in certain financial sectors, such as an insolvency practitioner or solicitor, you may not be able to continue working in these roles.
Negative Credit File
Bankruptcy will have a negative impact on your credit file and appear on it for six years.
Total Debt Solutions Provide Friendly Debt Help and Practical Solutions
We treat every customer as an individual and our support is tailored to your personal circumstances, ensuring your best interests are central to our ethos.
We will run through all the options available to you and then we will guide you through the next steps of the process.
We define ourselves by our values as a business. These values inform the way treat our customers and our staff.
Practical Debt Management Solutions
Individual Voluntary Arrangement
Debt Management Plan
Trust Deed
Debt Relief Order
Debt Consolidation Loan
Bankruptcy
