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Bankruptcy

What is Bankruptcy?

Bankruptcy offers a way to tackle debts you can’t pay. It involves selling your assets to pay your creditors. You’ll then typically be released from your debts after 12 months. Start your debt assessment Fees may apply. Your credit rating may be affected & details may be passed on to 3rd parties. T&Cs apply.
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Tick Consolidate & lower payments
Tick Write off unaffordable debt
Tick Get your debts under control
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Why consider Bankruptcy?

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Protected from further legal action

Declaring bankruptcy will prevent your creditors from being able to contact you or pursue further legal action.
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The debt gets sorted

Declaring bankruptcy allows you to tackle your debts, with most outstanding debts written off after 12 months.
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Set up relatively quickly

The bankruptcy process can be initiated within a month, providing relief from financial stress.
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Prevent home repossession

Bankruptcy can halt foreclosure proceedings, giving you time to negotiate or find alternative solutions to keep your home.

Why might Bankruptcy not be for me?

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Assets

Your assets, including your car and home, could be repossessed.
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Cost

An initial fee is required.
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Public register

Your bankruptcy will be publicly recorded in the Bankruptcy Insolvency Register.
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Credit rating

Your credit rating will be affected negatively for six years.
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Am I eligible for Bankruptcy?

You will need to pay a total fee of £680 to apply to go bankrupt. Before declaring bankruptcy you should consider whether:
Tick The amount you owe is more than the value of your possessions.
Tick Your circumstances might change in the future.
Tick Bankruptcy will affect any of your future plans, such as working in certain industries.
Tick Another debt solution might better fit your circumstances.
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Is Bankruptcy right for you?

There’s lots to consider when choosing a debt solution. Speaking to an adviser can help you understand your options and decide whether bankruptcy is right for your situation.

The Debt Advice Service help over 15,000 people in the UK every year

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What is your total unsecured debt amount?
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YOUR JOURNEY WITH US

Our 5 step process

01

GET STARTED

Answer questions about your financial situation

02

SPEAK TO AN ADVISER

Chat to one of our team who will talk you through your situation and provide realistic options

03

LEAVE IT TO US

The team will listen to your goals, find a solution and be with you all the way

04

TIME TO THINK

There’s no pressure from us to make a quick decision, and we’re here when you’re ready to move forward

05

TACKLE YOUR DEBTS

We’ll either continue your application via our in-house insolvency practitioner or put you in contact with a trusted partner to progress your application further

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The Debt Advice Service

We’re here to help you find out what your options are and to talk you through them in plain English.

The Debt Advice Service will provide you with information on all relevant debt solutions that may be available for you to make an informed choice based on your circumstances. If you wish to pursue a particular debt solution, we’ll either continue your application via our in-house insolvency practitioner or put you in contact with a trusted partner to progress your application further.