How to declare Bankruptcy

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What is Bankruptcy?

Bankruptcy is a formal debt solution that writes off debt you can't afford to repay. It is usually a last resort for people struggling with debt. 


You should get professional advice before going Bankrupt.


Need to know more? Contact us today to find our how bankruptcy could affect you and what the alternatives are.

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What does going bankrupt mean?

To apply for Bankruptcy there is an upfront cost of £680. The application is made online. After being declared bankrupt, you are subject to restrictions for 12 months and you may be ordered to make repayments from your income for up to 3 years. These can be taken directly from your income 


A court official, known as the official receiver, is appointed to take control of your finances. They will interview you, tell you how much you will repay and investigate what assets could be sold. 


We can help you understand how Bankruptcy would affect your life and explain any alternatives there may be.

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Should I go bankrupt?

What are the alternatives?

Is bankruptcy the best option?

How will bankruptcy affect you?

Can you keep your job?

What happens to my bank?


There's lots to understand, but don't stress. We can help you make the right decision. Contact us today for help with all the options available. 

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Write off up to 85% of your debts and saved £1000's with an approved debt scheme

What are the alternatives?

Individual Voluntary Arrangement

A Government scheme that can write off up to 85% of your debt. One monthly affordable payment. No further interest or charges and protection from legal action. 

Debt Management

An informal solution to repay everything you owe in full. One affordable monthly payment. Further interest and charges may be applied.

Debt Relief Order

A fast track bankruptcy costing £90. You must meet strict criteria on debt level, the value of your assets and your disposable income to qualify.

Self Managed Solution

An informal solution to repay what you owe at a rate you can afford. Further interest and charges may be applied.

Consolidation

Borrowing more money to repay what you owe. A consolidated payment which you make until the new loan is repaid in full.

Administration Order

A court based solution for anyone who has a CCJ and owes less than £5,000. You will repay everything you owe in full. 

In 2018 over 100,000 had up to 85% of their debt written off using Government legislation...