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 often seen as a last resort and, if appropriate to your circumstances, can be applied for when no alternative solution can be found – such as an Individual Voluntary Arrangement.
Hows 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
Bankruptcy is a debt solution available to residents of England, Wales and Northern Ireland.
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
We're here to help people get debt free
At UK Debt Service we specialise in Individual Voluntary Arrangements (IVAs) and help people become debt free.
Our advisors are here to listen and help you understand the options available based on your individual circumstances and see if an IVA is the most appropriate solution.
Start your journey towards a debt free future today and see if you qualify for an IVA.
Debts we can help with
We can help with unsecured debts including the below and more
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
How to get started in three steps
We will guide you every step of the way to help you get back to enjoying life knowing you're in control of your debts
Complete the online form or call us on 0330 320 0827
Talk to the experts
Talk with us so we can understand your circumstances and take you through your options
Make an informed decision
We'll give you all the information you need to make an informed decision
Check if you qualify for an IVA
Start your journey to a debt free future today. Complete the form and one of our expert advisers will call you back.
UK Debt Services specialises in IVAs, but we will always review your circumstances and let you know all debt solutions available so you can make an informed decision.