Bankruptcy Advice & Going Bankrupt in the UK

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

Bankruptcy Quick Application

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Bankruptcy Quick Application
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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.

Can I Keep My Car In Bankruptcy?
You can be allowed to keep a car in bankruptcy but there are a few requirements for this: you have to show a need for a car, the car must be of modest value and the Receiver must allow any expenses associated with having the car. You may want to contact us to discuss this further to insure you do meet the requirements.
Can I Travel Abroad If Bankrupt?
There are no travel restrictions whilst bankrupt. Completing our eligibility form for bankruptcy will help in deciding if bankruptcy is your best option.
Will I Lose My House In Bankruptcy?
You can be allowed to keep your property in bankruptcy, however this can be a complicated procedure and best to speak to someone to clarify your full situation.
Does My Bankruptcy Affect My Spouse?
As long as you don’t have joint debts or assets together, your bankruptcy does not directly affect your spouse. I say/write directly, as there can be some other factors involved and it may be best to speak to an advisor to confirm there will not be any surprises.
Can I Have A Bank Account If Bankrupt?
In bankruptcy all your bank accounts, or accounts with your name on them will be frozen, however you are allowed a basic account during the period of your bankruptcy. You can phone us and we can advise on which banks allow bankrupts a basic account and which is best for you.
Can I Get A Mortgage If I Have Been Bankrupt?
It is not impossible to obtain a mortgage after being bankrupt as in order to get a mortgage there are many factors considered, and credit history is just one of these factors.
Is Bankruptcy Right For Me?

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.

Can I Have A Mobile Phone If Bankrupt?
You are allowed a mobile phone in bankruptcy, just as you are allowed all of your basic living expenses.
Will My Employer Be Notified Of My Bankruptcy?

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.

How Much Will I Pay Towards The Bankruptcy?

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.

What Options Are There Besides 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