Bankruptcy | Bankruptcy advice | Avoid Bankruptcy

What is Bankruptcy?

Bankruptcy is a way of legally declaring your inability to pay your creditors. You can petition for your own bankruptcy or a creditor who you owe more than £750 can petition for your bankruptcy.

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 perceived stigma and is publicly advertised, it should always be considered when dealing with insolvency matters.

Pros and Cons of Bankruptcy

Do I qualify for Bankruptcy?

The best way to see if you qualify for Bankruptcy, or any of our other solutions, is to speak to one of our friendly financial experts. All advice is free and we will help you achieve your best possible solution. We strive to help you no matter what your situation.
To find out more contact us now or fill out the bankrutcy advice application form.
*Any advice and help is totally free and confidential.

Bankruptcy Fees

If your debts are serious enough that you are considering the prospect of going bankrupt, you need to be aware that there are charges for declaring yourself bankrupt. These being a £140 court fee and a £310 to help meet the costs of the Official Receiver. This could mean total costs of £450 which you are legally bound to meet yourself.

If you are on means-tested benefits, then you will be exempt only from the court costs of £140. This is another reason why it's so important that you get debt help and consider all other possible debt solutions such as an IVA (Individual Voluntary Arrangement) first.

We may be able to offer you alternatives or help filling out your forms.

Note: If you are married separate bankruptcy fees will apply.
* These fees are correct at time of publishing.

Avoiding Bankruptcy

There are ways of avoiding bankruptcy or even getting a bankruptcy annuled. One way could be to enter into an IVA. If you are experiencing difficulties repaying your debts you should always explore all your options. Bankruptcy may be your most appropriate option but make sure you know what is involved, how your assets (house, car etc) will be afffected and what long term constraints will be placed upon you.

We are very experienced in dealing with Bankruptcy enquiries so you should call us for a free telephone consultation on 0800 043 5135.

Contact us for more information on Bankruptcy, Avoiding or Annuling Bankruptcy.