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Bankruptcy




Debt Advice Request


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.

Interest frozen

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.



Want to find out about more debt solutions?

Find out other ways we can help you



Individual Voluntary Arrangement


Find out if an individual voluntary arrangement is the best debt solution for you and what we can do to help.

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Debt Consolidation


Consolidating your debts may make them more manageable for you as the entirety of your unsecured loan repayments can be amalgamated into a single monthly sum. Discover how we can help you with debt consolidation.

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Debt Management Plan


Debt management plans are tailor made and take into consideration your monthly income and outgoings to lower your loan repayments to one affordable sum. If you are interested in a debt management plan find out more.

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Debt Advice Request


Harassment eradication

Once the Bankruptcy arrangement is accepted by your creditors, they will no longer be able to relentless call you up chasing for late repayment, giving you that vital breathing space necessary to address debt with a clear mind.


Court action prevention

Once your Bankruptcy is accepted, you will usually be given protection from any further legal action being taken against you, which can alleviate some of the stress you may have been experiencing from frequent court action threats.


Cost effective

Bankruptcy usually necessitates an upfront payment of £700 in order to start the process, after which you will sell off your expensive assets for just 12 months and have all your debt written off after. Considering most people are insolvent when considering the procedure, it can be hugely cost effective.


100% of debt written off

After your bankruptcy period comes to an end, all of your unsecured debt included within the arrangement will be written off, so you can pursue future aims without the cloud of debt hanging over your head.


Stop Creditors Chasing You!

    We’ll handle interaction with all of your unsecured creditors on your behalf and negotiate with them in order to try and attain the best possible revised repayment arrangement for your debt. Furthermore, our altruistic financial advisors will serve as the sole point of contact between yourself and your creditors throughout the creation, implementation and course of your chosen debt solution in order to protect you from the harassment often exhibited by aggressive creditors. Contact us today and start the process of tackling your debt problems head on today.


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285

People are declared insolvent or bankrupt every day in the UK

£163 M

Was the daily amount of interest paid on personal debt in November

18 min

Is how often a property is repossessed in the UK

£3,167

Is the average adult consumer borrowing in Nov 2013

1,315

People a day reported they had become redundant

346

Purchases were made in the UK every second using debit and credit cards


Want to find the best debt solution for your individual financial circumstances? Contact us today and take control of your debt.

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Customer service

We have a staunch company policy of high quality customer service and as such will always be just a phone call away throughout the course of your debt solution if you ever require any help or advice.


Finance experts

All of our members of staff have worked in the finance industry for a number of years now and as such will analyse your financial situation and produce a number of custom solutions to your debt that reflect your circumstances the best.


Devoted aftercare

If you complete your debt solution successfully, we will retain contact with you in order to make sure that you are carrying on your upward trajectory with your money management.


Harassment Protection

Once you seek our help, we will take over all interaction with your creditor’s and work hard to ensure that they cannot harass you by letter, email or telephone anymore, so you can concentrate on tackling your debt.


  • How it works
  • The Advantages
  • The Disadvantages
  • Is it Right for Me?

Firstly, place all your details onto our form, including information about your outstanding debt, your asset and financial information and any other things you believe that will be helpful for us to help facilitate your bankruptcy. We’ll then despatch a few forms to your home that you will be required to fill in, and after you have handed them back to us we will re-send out to your local county court and start the process of lobbying for your bankruptcy. You’ll be required to pay £750 in order to embark on the procedure, and providing you can afford this, you will have an official receiver value your home and sell of your expensive assets over a 12 month period. On completion of the ‘bankruptcy year’, all your unsecured creditor debt included within the arrangement will be written off, though you may be required to make small contributions for the two years after, if your salary picks up.

  • All unsecured debt included within Bankruptcy cleared after a maximum of 3 years, irrespective of full repayment, with two years of small contributions and one year of repossession.
  • All living essentials in your home are retained, only you’re more valuable asset such as your home or high priced vehicles are taken.
  • In most cases, creditor’s will stop all court action against you after the Bankruptcy order has been declared, and interest charges should stop as well.
  • You can move forward after a year without the cloud of debt hanging over you, rather than dedicating all your time and money toward long term loan repayment.
  • You lose your home and vehicle which can unsettle your day-to-day living severely.
  • It costs up to £750 to enter into Bankruptcy and this might rise depending on which solicitor you use and how much legal support you choose to fight your case.
  • Certain jobs do not take lightly to their employees being made bankruptcy, which could potentially comprise your position at work.
  • Your credit rating will adversely affected, which could comprise your ability to acquire finance to pursue further endeavours in the future.

Bankruptcy is best suited if you are someone who has a large amount of unsecured debt that you are defaulting on and subsequently being subjected to added interest charges, but do not have a home or any particularly expensive assets under your ownership. If you fall into this category, then you can use bankruptcy to write off your debt within a year, and then move forward in your life without having to be weighed down with the strain of debt repayments constantly on your mind. You also stand to gain protection from further legal action against you and could have current proceedings being levelled at you brought to an end with the amicable resolution of your debt issues through Bankruptcy. Moreover, if you use our service, we can deal with your creditors on your behalf so that they stop contacting you via post, email and phone every day asking for repayment, and will try and secure the best possible arrangement for your circumstances.

However, if you have a family, own an expensive home and a number of assets and stocks, and then bankruptcy may not be the best suited solution to your problems; even though with certain levels of debt it may be the only viable option. If you fall into this category, then you stand to lose a lot in order to clear your debt, and you will have to ask whether bringing about such instability within a year of your life warrants being able to clear your debt off after a year. Moreover, you will be unable to access any meaningful amount of credit for up to 7 years if you undergo Bankruptcy, so you will have to keep this in mind if you have genuine business aspirations at present.

Our bankruptcy team have managed a multitude of cases across the UK and fully believe they can assist you with your difficulties at present. For more help, or answers to any questions you may have, contact us now and we’ll ensure that we reply as soon as possible so we can collectively embark on the journey of battling and beating your debt.


Call Today For a Free, No Obligation Debt Plan Proposal
Our expert debt advisors will put together a tailored debt solution based on your individual circumstances.

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For more information, please visit:
Alternatives to Bankruptcy
Bankruptcy FAQ
Dealing with your Official Receiver during Bankruptcy
How to go bankrupt
Personal restrictions whilst bankrupt
What happens once my bankruptcy order is decreed?
What happens to your assets whilst you are bankrupt?
What happens to your home whilst you are bankrupt?
What happens when your Bankruptcy comes to an end?
What is Bankruptcy?