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.
Why consider Bankruptcy?
Protected from further legal action
Declaring bankruptcy will prevent your creditors from being able to contact you or pursue further legal action.The debt gets sorted
Declaring bankruptcy allows you to tackle your debts, with most outstanding debts written off after 12 months.Set up relatively quickly
The bankruptcy process can be initiated within a month, providing relief from financial stress.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?
Assets
Your assets, including your car and home, could be repossessed.Cost
An initial fee is required.Public register
Your bankruptcy will be publicly recorded in the Bankruptcy Insolvency Register.Credit rating
Your credit rating will be affected negatively for six years.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:
The amount you owe is more than the value of your possessions.
Your circumstances might change in the future.
Bankruptcy will affect any of your future plans, such as working in certain industries.
Another debt solution might better fit your circumstances.
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
With over 400 verified reviews on Reviews.io , see why so many people trust us to help them tackle problem debt. Start your debt assessmentStart your debt assessment today
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Safe, secure & confidentialOur 5 step process
GET STARTED
Answer questions about your financial situation
SPEAK TO AN ADVISER
Chat to one of our team who will talk you through your situation and provide realistic options
LEAVE IT TO US
The team will listen to your goals, find a solution and be with you all the way
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
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
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.