Take Control of Your Debt With Bankruptcy
Bankruptcy is a measure that you can take if you have a high level of unsecured creditor debt that you are currently defaulting on. The process consists of all of your highest valued assets, stocks and shares being repossessed over a 12 month period in order to contribute toward the partial or full repayment of your debt. After the one year ‘bankruptcy’ period comes to an end, all of your unsecured debt will be written off, irrespective of whether you cleared the full balance, though you might be required to pay small amounts from your income in the three years that follow if your finances improve. You will have to pay £750 to be declared bankruptcy, some of which goes to the court and the rest as a handling fee to a nominee in order to facilitate your entry into bankruptcy. Bankruptcy usually benefits those with a high level of debt who do not own a lot of assets as they stand to have their debt written off without having to part with any valuable things they own.
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Debt written off in one year
Your Bankruptcy period will last for a period of 12 months, after which time all included unsecured debt will be written off and you can move forward without having to deal with the burden of debt.
Living essential retention
Whilst you will lose your home and expensive assets, other assets cannot be seized by agencies or insolvency authorities.
Once the Bankruptcy period begins, the amount you owe will remain fixed meaning that your creditors should be unable to raise your debt levels anymore through late and interest charges.