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NancollasGreer : bankruptcy Resource Centre

 

Bankruptcy is generally considered to be the most restrictive and severe of all the personal debt solutions available today, although in certain circumstances it can be the most appropriate. A first bankruptcy will generally last about a year.

Bankruptcy protects you from your creditors and releases you from the majority of your debts (there are some debts that survive bankruptcy, such as court fines, student loans and matrimonial debts).

Some people still perceive bankruptcy to have a stigma attached and the fact that it is publicly advertised can deter people.

The process to make yourself bankrupt is quite straightforward and costs a little under £500.

Bankruptcy should always be the option of last resort as you will lose control of any assets of value and possibly a proportion of your income (for 3 years). Also some jobs specifically state that you cannot continue to hold the position if you have been declared Bankrupt. If you hold such a job it should have been made clear to you before you accepted the job that bankruptcy would result in you employment being terminated. Bankruptcy can also affect people who hold professional qualifications, such as accountants, lawyers etc.

Bankruptcy, like any other formal insolvency procedure adversely affects your credit rating.

We can advise you on what to expect in the event of your bankruptcy. We can also assist with the completion of the relevant paperwork required to make yourself bankrupt.
 

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"...I found NancollasGreer to be friendly and understanding, giving me time to explain my situation and providing me with sound advice." Mrs S. from West Sussex.

 
 

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Last updated :

1st November 2008.

NancollasGreer
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NancollasGreer
Third Floor
31 Chatsworth Road
Worthing
West Sussex
BN11 1LY

t : 01903 206555. f : 01903 233331

email : facts@nancollasgreer.com

0800-7838-137
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