An Introduction to Bankruptcy

An Introduction to bankruptcy

Bankruptcy is often seen as the last resort in solving any debt issues, but I do not subscribe to this. On this site you will find the pros and cons of bankruptcy, and the myths of an IVA. Please read these and it will become apparent that bankruptcy has been and remains a far more utilised debt solution than the IVA.

The consequences of becoming bankrupt may mean you lose your house, it could prevent you from pursuing certain careers and, for example, prevent you from becoming a company director for a period of time. Having said that, the severity and stigma of bankruptcy has lessened over time and it is now far more acceptable than it used to be. This year some 80,000 individuals will become bankrupt.

Bankruptcy can be a daunting experience. Taking customers through the bankruptcy process, even attending court with you if necessary, is a particular area of expertise within Help With Debt UK. We have handled the bankruptcy process for a huge number of customers and can make it a quick and painless process, providing it is the right solution for you.

How do I know if I need to pursue the bankruptcy option?
The easy way to find out is to call one of our expert debt advisors. They will, very quickly, get to understand your current financial position and advise the best way to solve your situation. The conversation is completely confidential, free of charge and without obligation. We are just here to help.

What is bankruptcy?
Bankruptcy means that all your debts (subject to a very few minor exceptions) are written off on the instant you are made bankrupt. If you have disposable income you may be required to pay this to the Official Receiver for a maximum of three years. However as part of what we do we configure your disposable income to reduce as much as possible the potential of having to make income payments. You will generally be discharged from bankruptcy in a year or less. If you have equity in your property or valuable assets you may have to release these to the Official Receiver.