In A Panic Over Your Debts? Don’t Worry, Help Is At Hand…

Bankruptcy is Only One of Many Options Available to You. Speak to Our Team Who Can Find The Right Option to Fit Your Needs & Give You Back Control…

*Debts of under £6000 do not qualify

Alternatively why not complete our online form to see if you qualify

Debt Management Companies

What is bankruptcy & how does it work?

Bankruptcy is a form of insolvency and is a declaration that you can’t repay your debts (unsecured) You can declare yourself bankrupt or it can be by a  creditor(s) to whom you owe a lot of money.

Once bankruptcy has been declared, there is no need to interact with your creditors. No further court action can be taken by them against you, equally they have to cease sending you threatening letters and phone calls from those to whom you owe money have to stop. Instead, the responsibility of your assets and money, will be taken over by a trustee. The trustee is either an official receiver (an officer appointed by the bankruptcy court) or an insolvency practitioner  (usually an accountant or lawyer).


A bankruptcy order usually lasts for a year, Typically at the end of the year your existing debts are written off and you will, for all intents and purposes, be out of debt.

Declaring bankruptcy involves going to court with associated costs and if you were to use a solicitor this can add to the cost.

Let’s compare an alternative to bankruptcy –

Although that sounds like a feasible solution let’s look at the cons of declaring bankruptcy –
All assets (including property) have to be sold
Any additional income in excess of basic living has to be paid to your creditors
Your job may be at risk – some trades won’t employ when bankrupt
Your bankruptcy is made public
Potential large fees upfront to declare bankruptcy

The most common alternative is an IVA (individual voluntary agreement), so let’s look at the pro’s for this alternative
Ring fence and protect any property or assets
Freeze interest and charges from your creditors
Ceases any legal action
Government backed scheme
Legally stops creditor contact (no more threatening letters or calls)
No set up fees, no management fees
Up to 85% of your debts written off

So before you file for Bankruptcy why not discuss your options, call one of impartial friendly debt specialists now on 01234 123 456 

Or fill in our online form to and we will be than happy to take you through how we can help you get back in control