Bankruptcy

I can't pay my bills. Is there a way out?
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How can we help?

If you're struggling with unaffordable debt and you do not have sufficient income or assets for us to propose a repayment plan to your creditors, Bankruptcy can bring closure and remove the burden of debt. There are consequences which you will need to be aware of, so during an initial consultation we go through your debt, assets (if any), income and expenditure. We will explain the pros and cons of taking any action and put forward your options. You will then be able to make an informed decision, but ultimately, the final choice is yours.

Our initial consultation is FREE, and you do not have any obligation to act, however the burden of debt can be heavy and can have consequences for your health and wellbeing so you will find the feeling of relieve once you have chosen to act, can be immense. If you choose to file for Bankruptcy we can fully explain the process, assist you to file your bankruptcy application and prepare you for your interview by the Official Receiver.

  • We can offer a FREE confidential consultation to discuss your options
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Common questions about Bankruptcy:

Frequently Asked Questions

Bankruptcy is a court-based insolvency procedure that writes off an individual's debts if they can't afford to repay them.
When you make a bankruptcy application, it has to be approved by the Insolvency Service's Adjudicator, who will look to determine that you are insolvent and that you reside in the UK. If this is the case that your bankruptcy will be approved, and the official receiver will be appointed to take control of your financial matters.
There are some jobs from which you a prohibited as a bankrupt. You cannot be a Member of Parliament or be the director of a company. For some professions - solicitors, accountants, financial advisers and other financial services, you may be prohibited by your professional body from practising whilst bankrupt. If you are in the police, need a security check or your employment contract states so, you must inform your employer if you go bankrupt.

A lot of people worry unnecessarily that their job could be at risk through bankruptcy. Unless you work in one of the areas mentioned above it is extremely unlikely that you will have any employment problems.
Your mortgage and any secured loans will be included in your bankruptcy. If you have vacated the property or been evicted by the lender, any shortfall after the property is sold will be a debt that is wiped out by your bankruptcy. If you continue paying your mortgage and secured loans your lenders will not repossess the property. If the property has equity, the official receiver will want to sell the property to repay debts. The OR has three years to decide what to do with your property. If there is no equity at the end of this time, the house will usually be returned to you.
You will be required to list all your assets worth more than £500 on your bankruptcy application. These assets are usually sold to repay your creditors and sometimes the official receiver will return some of the funds to cover your living costs if you have no significant income.You will lose any savings and investments (except your pension) even if they are very small, such as £25 in premium bonds. The official receiver will not be interest in taking: Tools of your trade, clothes, bedding, furniture, household equipment and other belongings that are necessary for your basic family needs (unless they are of unusual value). Your partner's item and your children's toys do not have to be listed and are not at risk. As a rule, you should not give away or sell assets for less than they are worth before you go bankrupt. The official receiver can go back and overturn transactions up to 5 years in the past. If you have already done this unintentionally you should list the sale/gift on your bankruptcy application.
Bankruptcy normally lasts for one year. After this time, you'll be 'discharged' from your bankruptcy regardless of how much is still owed. Your debts will then be completely cleared.

This can now only be done online at the www.gov.uk portal. It costs £680 and you'll need to provide information about your income, outgoings and debts.

If you're in England or Wales apply here: https://www.gov.uk/apply-for-bankruptcy

The process is different if you're in Scotland or Northern Ireland.

Scotland: https://www.aib.gov.uk/

Northern Ireland: https://www.gov.uk/apply-for-bankruptcy

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