Bankruptcy
If you are struggling to repay your debts, it may be necessary to seek bankruptcy advice.
Bankruptcy is a legal process which becomes an option when your debts are greater than your assets. Bankruptcy is carried out by writing off all of your debts so you can no longer be chased for them.
An Official Receiver will be placed in charge of your estate and may sell your assets for the benefit of your creditors. The Official Receiver will also decide whether or not you can afford to make payments to your creditors for up to three years. Declaring yourself bankrupt can write off all debts, usually in 12 months, but can make it extremely difficult to get credit in the future. For this reason we strongly recommend that you seek bankruptcy help before taking any action.
Is Bankruptcy right for me?
Before you consider bankruptcy help it is vital that you discuss your situation with a professional, as it may have permanent implications on your ability to get credit or certain jobs in the future. These implications make it extremely important to seek expert Bankruptcy advice before you act.
Whilst in many cases bankruptcy help can be the best or only solution to an individual’s debt problem, sometimes it may be better to consider an alternative debt solution such as an Individual Voluntary Arrangement (IVA) or other solutions that do not carry the same long-term consequences.
Debt Release Direct can offer you unique, personal advice on how bankruptcy will affect you, your assets and your job. If you would like to speak to a Debt Release Direct advisor to discuss your options, you can call for FREE on 0800 804 7538.
What are the advantages of Bankruptcy?
- You have complete legal protection from your creditors
- You no longer have to pay your creditors directly
- At the end of your period of bankruptcy (usually 12 months), all your debts will be written off
What are the disadvantages of Bankruptcy?
- You may lose any property or valuable assets you own
- You may be refused certain jobs in the future
- During your period of bankruptcy your ability to obtain credit will be restricted
- You may struggle to get credit in the future, even after you have been discharged
- The court could impose an Income Payment Order (IPO) or a Bankruptcy Restrictions Order (BRO). These are detailed and complex arrangements which require full understanding.
How can Debt Release Direct help you with Bankruptcy?
From the first phonecall, our bankruptcy help specialists will be able to dispel common bankruptcy myths, answer any questions you have; providing the professional debt and bankruptcy advice that you need.
Bankruptcy can be a frightening and intimidating experience when pursued alone. Our advisors can fill in the necessary forms for you, talk to you before and after your court appearance and provide you with all the bankruptcy advice and bankruptcy help you need. We would also recommend you open a brand new bank account that gives you savings at many high street stores and will not be closed because of your bankruptcy.