Bankruptcy

Bankruptcy is perhaps one of the best known debt solutions and the route that most people would prefer not to take. But, the fact is that to get bankruptcy help may well be the best option for many people, both for individuals and sole traders. Call Bankruptcy Helpline to find out.

Debt Helpline will explain this solution to provide a nother option allowing you to sort out your debts once and for all, usually within a year, so should you declare yourself bankrupt?

What is bankruptcy help?

Bankruptcy is one of the most effective ways of freeing yourself from debt. Here you basically declare yourself bankrupt (or your creditors may petition to have you declared bankrupt) and your assets could be used to pay off as much of your debt as possible, this liability can be limited with the correct advice, call the Bankruptcy Helpline to clarify.

Once you are released from bankruptcy (usually after one year) your remaining debts will be written off. Let's take a look at the bankruptcy process:

• You, or your creditors, make a bankruptcy petition to either your local County Court or to the High Court in London. The court will then initiate a bankruptcy order against you.
  
  
• There may be three fees payable here -- a court fee, an administration cost and a fee to swear your statement of affairs during the bankruptcy process, this could vary depending on your circumstances, Bankruptcy Helpline will advise.
  
  
• The court will then decide if bankruptcy is the right route for you to take. If it is then your bankruptcy order will be approved. If not, you may be recommended to take a different debt management route, Bankruptcy Helpline can assess your situation before you attend court.
  
  
• You will have to work with the Official Receiver to assess any assets that you have and if applicable go towards paying off your debts, Debt Helpline can help here.
  
  
• Once your bankruptcy period is finished any remaining debts that you have will be written off.

Debt Helpline explains the benefits to you?

Bankruptcy comes with a range of benefits that may make it the best solution for many people with serious debt problems, Bankruptcy Helpline will clarify any details you dont understand, bankruptcy can help you:

• Totally clear yourself from debt within a relatively short space of time and then make a fresh financial start. You may pay off your debts from your assets and the rest will be written off at the end of the period, Debt Helpline will advise.
  
  
• Prevent creditors from chasing you for the money that you owe. Once you have a bankruptcy order in place they have to leave you alone.

Are there any drawbacks to bankruptcy?

Although declaring yourself bankrupt can be a quick and efficient way of sorting out your debt problems there are some drawbacks, Debt Helpline will point out disadvantages to taking out this kind of solution, Bankruptcy Helpline will explain these. Issues that you may want to think about include:

• If you run your own business this could be wound up if you do not seek the correct advice, call Debt Helpline, Bankruptcy Helpline. There are solutions to protect your assets (for example, equitity in your home, vehicles etc) to mitigate any losses.
  
  
• Any assets recovered will go towards repaying what you owe, if the correct advice is not taken this could mean losing your home, car and other assets such as pensions etc, the Bankruptcy Helpline and Debt Helpline will explain.
  
  
• Your name will appear on the Insolvency List for 6 years and it may also appear in the London Gazette.
  
  
• You will not be able to have an overdraft facility or have a cheque book for the period of the bankruptcy but you are still allowed a bank account.You will also not be able to apply for new credit agreements over £500 unless you inform the lender that you are bankrupt, Debt Helpline will show you how to set up new bank accounts
  
  
• Your bankruptcy will show up on your credit history for at least 6 years which may make it hard to get new finance in the future.
  
  
• Some professions will not allow you to work within them i.e. Accountancy and some other financial sectors, please call for advice.
  
  
• Bankruptcy Help and advice can prevent costly mistakes, for peace of mind pick up the phone and call us now.

Do I qualify for bankruptcy?

There are no limits set on whether you can declare yourself bankrupt. If a creditor is trying to have you declared bankrupt then you need to owe them at least £750. Call Bankruptcy Helpline for further information 0800 098 8212

This site is for information only, all debt solutions are provided through our associate company who are fully compliant and regulated.