Bankruptcy
Learn more about Bankruptcy
What is a Bankruptcy?
If you are unable to pay your debts you can apply to make yourself bankrupt. Bankruptcy is a formal insolvency route and can have serious financial implications.
Bankruptcy is a solution that – if appropriate to your circumstances – can be applied for when no alternative solution can be found, such as an Individual Voluntary Arrangement.
Bankruptcy is a debt solution available to residents of England, Wales and Northern Ireland.
How does Bankruptcy work?
Other people can put you into bankruptcy or you can make this choice yourself. It’s something to be carefully considered.
The three ways you can go bankrupt are:
- You apply for bankruptcy yourself
- An application for bankruptcy from a creditor
- By the IVA Supervisor if you fail to meet the terms of your IVA
Benefits and Considerations of Bankruptcy
Benefits of Bankruptcy
- Your Bankruptcy could be discharged within 12 months
- It can free you from the pressure from creditors
- All debts that qualify for bankruptcy are written off
- The stigma of bankruptcy is not what it once was
- The process to make yourself bankrupt is now completed online
Considerations of Bankruptcy
- You lose control of finances and assets, the official receiver or Trustee appointed on your case will decide what happens to your valuable asset and finances
- Under certain circumstances, bankruptcy can affect types of employment
- It will affect your credit file for six years
- Putting yourself into bankruptcy will cost £680, this can be paid in monthly installments however you will not be afforded the protection of bankruptcy until such time as this is paid
- Depending on if you have proven disposable income and employment status, you may have to pay income payments for up to thirty-six months
- Your information will be held on a public register
Other Debt Solutions
Solutions for unsecured debts
Debt solutions can help with many unsecured debts including:
Council Tax Arrears, HMRC debt & benefits overpayment
Payday loans, bank loans & overdrafts
Credit cards, store cards & catalogues
Bailiff Enforcement & Debt Collector Action
County Court Judgments (CCJs) & Attachment of Earnings
Creditors in the UK
Overcome problem debt with major creditors in the UK including:
Service you can trust
We pride ourselves on delivering the highest level of service to help people find a solution to overcome problem debt.
Read real reviews of our service on Trustpilot.
Start your journey today and see which solution suits your needs.
Speak to a debt help expert now on 0161 823 4974 or complete the form to book a call back.
They helped us immensely throughly would absolutely recommend them.
C Garrard, Trustpilot 5*
Service you can trust
We pride ourselves on delivering the highest level of service to help people find a solution to overcome problem debt.
Read real reviews of our service on Trustpilot.
Start your journey today and see which solution suits your needs.
Speak to a debt help expert now on 0161 823 4974 or complete the form to book a call back.
They helped us immensely throughly would absolutely recommend them.
C Garrard, Trustpilot 5*
How to get started in three steps
Be guided every step of the way to get you back in control of your debts
Contact us
Complete the online form or call us on 0161 823 4974
Talk to the experts
Speak to a debt specialist and understand all options available based on your individual circumstances
Make an informed decision
Gain all the information you need to make an informed decision about your financial future
This may not be suitable in all circumstances. Fees apply. Your credit rating may be affected.
Take the firsts steps to overcome problem debt
Complete the form and book a call back with an expert advisor.
All financial solutions are subject to eligibility and acceptance. Fees may apply.
Free debt counselling, debt adjusting and providing of credit information services is available. You can find out more by contacting Money Helper.
Free debt counselling, debt adjusting and providing of credit information services is available. You can find out more by contacting Money Helper.