Bankruptcy should always be seen as a last resort when you none of the other options of debt help apply. It may well be that other debt solutions, such as an IVA (Individual Voluntary Arrangement) could lead to you clearing your debts.
With bankruptcy your debts will be cleared but there are many implications to consider. For example, your house, your car and all your other assets could be sold off to pay your creditors, leaving you with very little.
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What bankruptcy involves
You also need to know that your bank accounts and credit cards will be closed down and you could face restrictions in gaining certain types of work and other financial services in the future. That’s why it’s worth getting the best debt advice first to see whether an IVA, Debt Consolidation, Debt Management or another debt solution could save you from bankruptcy.
Further restrictions
Although you can normally expect to be discharged from your bankruptcy after a period of 12 months, it can be extended to 15 years. This will all depend on your bankruptcy restrictions as decided by the official receiver.
Call us free on 0800 083 1433. Our phone lines are open 8:00 am to 9:00 pm Monday to Friday, 9:00 am to 5:00 pm on Saturday and 10:00 am to 4:00 pm on Sunday. You can call free for an initial chat about your own financial situation.
If you are calling from a mobile just let us know and we will call you straight back.
