Is Bankruptcy for you?

We have a solution for every debt problem.

Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due. A first time bankrupt with debts will generally receive their discharge one year after the date of the bankruptcy order (there is the possibility that in some cases the bankruptcy discharge period will be less than one year).

Although bankruptcy has a bad stigma and is publicly advertised, it should always be considered when dealing with individual insolvency cases.

Please note that if your are ever faced with the prospect of bankruptcy you should look at alternatives as soon as possible such as the Individual Voluntary Arrangement procedure (IVA).

Make an enquiry

* The amount you have left after essential bills

 
Benefits of Our Expert Debt Advice
Write off up to 80% of debts Only pay what you can afford
Freezing or reduction of interest Protection from creditors
One affordable monthly payment Expert impartial advice
Debt Management Explained
Information on Debt Management Plans, the process and the pros and cons. Learn More...
IVA Explained
Information on IVAs, the process and the pros and cons.
Learn More...
Trust Deed Explained
Information on Trust Deeds, the process and the pros and cons.
Learn More...
Consolidation Loans Explained
Information on Consolidation Loans, the process, plus the pros and cons.
Learn More...
Bankruptcy Pros

1. It usually costs less than an Individual Voluntary Agreement.
2. Creditors are legally obliged to accept that they will not be paid in full.
3. A Trustee takes over the payment of creditors and all the decisions. The Trustee is someone who will be either the Official Receiver (a civil servant and officer of the Court), or a licensed insolvency practitioner.
4. When you are discharged, all debts are written off, and your creditors cannot pursue you any more for those debts unless fraud is involved.
Bankruptcy Cons

1. If you own a business, its future could be jeopardised.
2. You cannot hold public office or practice certain professions or be a company director
3. Your bankruptcy is made public in your local press.
4. You are regulated by the trustee until your discharge (see definition below). You must report any relevant changes in circumstances.
5. Some debts cannot be written off and therefore still have to be paid. These include fines, child support, maintenance etc.