Bankruptcy

Bankruptcy is a legally binding debt solution that’s often used as a last resort if you are having debt problems and you can’t repay your debts in a reasonable amount of time.

Bankruptcy

Being made bankrupt is an extreme option for people who cannot pay their debts.

All your unsecured debts will be included in your bankruptcy, including mortgages, so you’ll have to surrender your home to the agreement.

Once your bankruptcy is completed, you will be free of your debts and able to make a fresh start.

Applying for bankruptcy is done through the Insolvency Service in England and Wales and the High Court in Northern Ireland. If you do apply to go bankrupt, you’ll need to pay the fee of £680.

Advantages

Allows you to make a fresh start, usually within a year.
Eliminates the pressure of dealing with the companies you are in debt to, as all communication with them must go through an official receiver.
The companies included can no longer take legal action against you.
You’ll be able to keep enough money to live on as well as essential belongings – including a car worth £1,000 or less if it is needed for work.
If you’re self-employed, you can keep any items necessary for your trade.
You may also be able to keep your home if you have little to no equity in it.

Disadvantages

Your credit rating will be negatively affected for six years after your bankruptcy.
Personal bankruptcy will be placed on a public record.
Your home is likely to be sold unless you have little or no equity in the property
It comes with a cost – you will need to pay £680 to go bankrupt.
Cars over the value of £1,000 are usually sold, however, if a friend or relative pays the difference then it’s possible to keep it.
Some jobs are affected by bankruptcy, for example, you won’t be able to work as a company director or be involved with the management of a limited company while you’re bankrupt. You can also no longer practice as a solicitor, accountant or in other financial services.

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Advice Centre Group Ltd registered in England and Wales (14322979). Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX.

Adam Southard is authorised as a Licensed Insolvency Practitioner in the United Kingdom by the Insolvency Practitioners Association, We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meet the criteria for one of our insolvency solutions, therefore, all advice regarding Individual Voluntary Arrangements (IVA) is given in reasonable contemplation of an insolvency appointment.

Adam Southard is licensed to act as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association. Office Holder No. 11930

Insolvency Practitioner Directory- Insolvency Practitioner Details (bis.gov.uk)

What you need to know about Individual Voluntary Arrangements (Insolvency Service)

We provide solutions to individuals throughout the UK, We Will help recommend solutions available, tailored to your circumstances in which you can then make an informed decision about which solution you qualify for.