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The last resort!

Benefits

  • Relieves the stress caused by dealing with numerous creditors.
  • Once a bankruptcy order is made, a third party takes over the administration, decision making and payment process of the debts.
  • Creditors forced to recognise that they must accept less money than is owed.
  • Debtors typically pay less with a bankruptcy order than with an Individual Voluntary Arrangement.
  • Once discharged, most debts are written off and creditors cannot pursue them.

What is bankruptcy?

Bankruptcy is a way of dealing with debts when you don’t have any available money to pay. Bankruptcy makes you free from debts within 12 months and ensures any assets you have are shared evenly amongst your creditors.

Once you have received your discharge then you are totally debt free subject to some limitations.

Bankruptcy should only be considered when an individual cannot pay their debts. If you have no or little disposable income then bankruptcy may simply be your only option. Being made bankrupt for the first time generally mean you will receive your discharge one year after the date of the bankruptcy order, or even less than a year in some cases.

It is always important you seek professional advice before declaring yourself bankrupt. It may seem very appealing to think you can be debt free in 12 months especially if you have a high level of debt, but as mentioned earlier, there are some drawbacks to bankruptcy which you need to be fully aware of.

4 Steps to becoming DEBT FREE!

  1. We conduct an assessment with you over the telephone once you have filled out our Take the Bankruptcy test online application
  2. If we still feel that it is the right choice for you to make we send out our Bankruptcy pack for you to complete giving us full information of who your debts are with and details of exactly what your income and expenditure details are, this can then be sent back to our Bankruptcy department so that they can write to your credit companies informing them of your wishes to go Bankrupt.
  3. We fill out your Bankruptcy application form with you and send it to you to sign off, this can then form part of your application to your local County court, an application will then be made to the County court for your Bankruptcy to be dealt with at the court, you will then be declared Bankrupt.
  4. We fill out your Bankruptcy application form with you and send it to you to sign off, this can then form part of your application to your local County court, an application will then be made to the County court for your Bankruptcy to be dealt with at the court, and you will then be declared Bankrupt.

There is no need to deal with the stresses of going bankrupt alone!

Our Service

The Bankruptcy Clinic Bankruptcy Service offers you a professional, indepth service covering all areas of the bankruptcy procedure:

Best Advice Options: You may feel as though bankruptcy is the only debt solution available for your personal circumstances, but this is not always the case.

Our team of expert bankruptcy advisors will first go through your financial situation, and see if bankruptcy really is your best option. You may find that your personal situation is more suitable for an alternative debt solution, such as an IVA or Debt Management Plan.

Completion of Bankruptcy Forms: When you declare bankruptcy, you will need to complete a selection of documents which will have to be presented to the court for them to review.

 

Completing the Bankruptcy Forms

Many people find that these forms can be very tricky to fill in. it is important that you declare your financial status correctly, so that you don’t experience any complications in court or with your bankruptcy order.

Remember that bankruptcy is a legally binding and public process, so it is essential that these forms are filled in correctly, or you could potential face a court mandated punishment lasting for up to 15 years.

But don’t worry, as part of our service our dedicated bankruptcy advisors will complete the forms on your behalf. We have the highest level of expertise so you have the piece of mind that your documents will be filled in correctly, and they are reviewed by a senior Insolvency manager prior to being submitted to your local court.

Telephone Support: Bankruptcy is a complex legal process and you may have a number of questions that you need answering when you are declaring yourself bankrupt.

Disadvantages

  • You lose control of some / all of your assets.
  • You cannot obtain credit for over £250 without the permission from the lender.
  • You cannot act as a company director.
  • You cannot take any part in the promotion, formation or management of a limited company (LTD) without the permission of the court.
  • You cannot trade in any business under any other name unless you inform all persons concerned of the bankruptcy.
  • You may not practice as a Charted Accountant / Lawyer.
  • You may not act as a Justice of the peace (JP).
  • You may not become a member of parliament.
  • You may not become a member of the local authority.
  • Your credit is affected for many years after the annulment.
  • You may be publicly examined in court.

Bankruptcy is a severe last resort if you are in serious debt and no other debt solutions, such as an IVA (Individual Voluntary Arrangement) or Debt Management Plan can save you from going bankrupt. Bankruptcy wipes away your entire credit and gives you a clean slate. However there are certain conditions you must adhere too while under your agreement with the courts.
We will do everything in our power to find a more suitable solution but in some cases this is the best way to regain control and enjoy financial freedom.

Subject to certain exemptions, bankruptcy means your assets are sold off and the money used to pay people you owe money to. Assets could include life insurance and pensions. You would probably have to sell your house.

Give us a call today or fill in our contact us form so we can help ease the confusion of this difficult time.

Bankruptcy restrictions

If you go bankrupt, your situation is advertised in your local newspaper. The restrictions you will face include having bank accounts and credit cards closed. Your landlord will be informed and, for certain professions, you run the risk of losing your job.