Summary :
 |
Debt
write off - usually a large amount of debt
is written off. |
|
Fixed
period, usually your bankruptcy will last
for 12 months. |
|
Reduce
stress - no need to contact your creditors. |
What
is Bankruptcy?
Bankruptcy is a formal insolvency
process and is generally considered to be the
most restrictive and severe of all the personal
debt solutions available to you today, although
in certain circumstances it can be the most
appropiate.
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 your employment
being terminated.
Bankruptcy
can also affect people who hold professional
qualifications, such as accountants, lawyers
etc.
How can you
help me?
If bankruptcy is the right option
for you, 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.
Our bankruptcy
assistance programme will reduce your stress
and provide peace of mind as we:
|
Complete
the forms that the Court need before you
can be made bankrupt. |
|
Review
your income and expenditure and advise on
any amounts you may be liable to pay into
your bankruptcy. |
|
Offer
a step by step guide on what to expect when
the Official Receiver interviews you. |
|
Provide
details on the restrictions that bankruptcy
may have on you. |
|
Book
a Court date for you, if necessary. |
|
Advise
you how much the Court will require to make
you Bankrupt, and any reductions that you
may be entitled to. |
|
Help
you obtain a new bank account. |
|
Advise
on any effects bankruptcy will have on you
and your family. |
Does Bankruptcy protect me
from my creditors?
Bankruptcy protects you from your
creditors and releases you from your debts (although
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 sometimes publicly advertised can deter
people.
How much will it cost?
It currently costs £600
to make yourself bankrupt. This amount is payable
to the Court at the same time that you apply
for bankruptcy. Your bankruptcy will generally
last about a year.
How will I know if an Bankruptcy
is right for me?
Before we suggest Bankruptcy we
will talk through all the options open to you
to resolve your debt problems, as there may
be a more suitable option for you. We will also
explain the pros and cons of each option and
answer any questions you may have. More
info
We can advise on whether Bankruptcy
is the right solution for you.
