A closer look at: Going Bankrupt in the UK
When you go bankrupt:
You can write off all your debts
You will be debt-free within 12 months
It’s a last resort for serious debt
It puts a stop to pressure from creditors
This website is a helpful guide - but it's also good to talk!
We recommend you don’t just rely on this helpful guide to see if you’re eligible for bankruptcy, but talk to our experienced debt advisors to ensure you choose the best way to solve your debt problem. Call Nigel on 07977 923 298
Bankruptcy and what it means for you.
That is a difficult question to address without fully knowing your complete situation.
For some people, bankruptcy is the best option, but for others it could be a huge mistake. You may want to complete our bankruptcy eligibility form to find out if bankruptcy is right for you.
While bankruptcy is a matter of public record, your employer is usually not notified as long as you can provide any information the Receiver may require related to your wages/earnings, etc.
There can be some instances where a NT or no tax code is placed on your wages and your employer may know what this is related to. You may wish to speak to an advisor to discuss this in more detail and if it will be an issue for you.
It is difficult to say how much you may be ordered to pay into a bankruptcy as it depends on each person’s unique situation and expenses and if they have the means to make payments.
You may want to complete our eligibility form to see if bankruptcy is the best option for you and if you would be required to pay to the bankruptcy.
The options available to you to avoid bankruptcy will depend on each persons set of circumstances. The most popular alternative is an IVA (Individual Voluntary Arrangement). You must have a disposable income and you must be able to maintain a repayment for 60-months that is affordable to you. The IVA will give you the same benefits as Bankruptcy, you’re able to protect your home and assets whilst writing a large portion of your debt off.
Please phone us to speak to an advisor to discuss this in more detail.
Going bankrupt could be your best option.
If you have serious debts that are out of hand, bankruptcy is a legal process which enables you to write off your debts and put a stop to creditor pressure. You can usually make a fresh, debt-free start – with some restrictions to your finances and work – in just 12 months.
Put a stop to all the worry about what your creditors will do.
Now you can get your creditors off your back once and for all. When you go bankrupt, all your financial affairs are put into the hands of an Official Receiver. So:
- Creditors cannot take any legal action against you
- We will explain every step of the bankruptcy process to you
- We will help prepare all the paperwork for you to keep it simple
- Our friendly, professional debt advisors will support you