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    Bankruptcy Petition
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    Statutory Demands
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    Official Receiver
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    Your Bankruptcy Hearing
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    Debts Excluded from Bankruptcy
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    Your Assets
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    Your Property
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    Your Car & Bankruptcy
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    Bank Accounts
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What is Bankruptcy?

Bankruptcy is an option that often has to be considered when you cannot pay your debts as they fall due. A first time bankrupt with debts will generally receive their discharge one year after the date of the bankruptcy order.

Bankruptcy is one way of dealing with debts you cannot pay. The bankruptcy proceedings:-

  1. free you from overwhelming debts so you can make a fresh start, subject to some restrictions
  2. make sure your assets are shared out fairly among your creditors.

Although bankruptcy has a bad stigma and is publicly advertised, it should always be considered when dealing with individual insolvency cases. However bankruptcy is just one of several options to be considered when you cannot repay your debts. If you are ever faced with the prospect of bankruptcy you should always look at alternatives as soon as possible such as an Individual Voluntary Arrangement or a Debt Management Plan.

Our team of specialists are here to help you find an alternative to Bankruptcy or to assist with your Bankruptcy application. You can call our helpline on 0800 088 2147 or simply the online test to check if you qualify. Find out if you qualify for an IVA
Apply for Bankruptcy online

How are you made bankrupt?

You can be made bankrupt either in one of three ways.

  • Voluntarily Bankruptcy - you apply to become bankrupt yourself.
  • Involuntarily Bankruptcy - A creditor you owe money (£750 Minimum) applies for your bankruptcy
  • The supervisor or anyone bound by an IVA

A bankruptcy order can still be made even if you refuse to acknowledge the proceedings or refuse to agree to them. You should therefore co-operate fully once the bankruptcy proceedings have begun. If you dispute the creditor’s claim, you should try and reach a settlement before the bankruptcy petition is due to be heard. Trying to do so after the bankruptcy order is made is both difficult and expensive.

What are the implications of bankruptcy?

  • You lose control of your assets.
  • You cannot obtain credit for over £250 without the permission from the lender.
  • You cannot act as a company director.
  • You cannot take any part in the promotion, formation or management of a limited company (LTD) without the permission of the court.
  • You cannot trade in any business under any other name unless you inform all persons concerned of the bankruptcy.
  • You may not practice as a Charted Accountant / Lawyer.
  • You may not act as a Justice of the peace (JP).
  • You may not become an member of parliament.
  • You may not become a member of the local authority.
  • Your credit is affected for many years after the annulment.
  • You may be publicly examined in court.

What are the advantages of bankruptcy?

  • For the person involved, bankruptcy provides relative peace of mind and possible automatic discharge after one year (or less in some cases).
  • For the creditors, bankruptcy allows a full investigation of the debtor's affairs to be carried out.

There are many long term disadvantages associated with Bankruptcy which need to be considered before you make your final decision.

Expert help and advice when you need it most

Our panel of specialists can quickly advise you if you qualify for an IVA,
Debt Management Plan, Trust Deed as an alternative to bankruptcy.
Simply call the team on 0800 088 2147.
Alternatively take the online debt test and find your best solution. Find your best solution with the online debt test

We're here to help

Please explore the website, as it contains a wealth of information that will reduce your stress and anxiety. There is lots of information explaining the bankruptcy process and the effects it may have on you personally, such as your home and your job. Their are also guides on dealing with council tax debts, bailiffs and Inland Revenue debts, to simply reducing your outgoings.

If at any time you need advice then remember that help is simply a phone call away. Our advice line is available to anyone who is considering bankruptcy and would like some professional advice. Just call 0800 088 2147

Bankruptcy Alternatives

Become stress free from as little as £100 pcm
With a Debt Management Plan you could simply pay one affordable monthly payment and no longer have to deal with your creditors..
See if you qualify  DMP eligibilty test
 
Write off up to 70% of your debt
If you qualify for an IVA you could:
Write off up to 70% of your debt
Freeze all interest & charges
Keep your house

See if you qualify  IVA eligibility test
 
Scottish Resident?- be debt free in 36 months
Be DEBT FREE in 36 months using Scotland's answer to the IVA.
See if you qualify  Trust Deed eligibility test
 
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DebtAdvice-Online.co.uk does not charge you any fees for our service, however the partners we work with help fund the DebtAdvice-Online.co.uk service. Our partners charge fees and those vary depending on the partner and the debt solution. Customers should refer to our partners' websites for more information regarding their services.

We will pass your details on to one of our debt partners who will contact you and explain all the options available to you. They will then be able to help you set up a debt solution which is right for you.

Debt solutions should not be entered into lightly - they affect your credit rating. Failure to keep up with repayments can result in bankruptcy or legal action. Different debt solutions have different risks attached to them.

The lender is not obliged to accept less in settlement of the debt than they are entitled to; nor to freeze interest or charges. It could result in the total amount payable increasing, or the period over which it is to be repaid increasing. Debt solutions affect credit ratings.

The debt products and solutions offered by our partners depend on your criteria and circumstances, including how much you owe and how many creditors you owe money to. You need to speak to a debt advisor to obtain a full assessment.

 
 
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Bankruptcy

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What is bankruptcy?
Effects of bankruptcy
Disadvantages of bankruptcy
Bankruptcy costs
Alternatives to bankruptcy
Bankruptcy petition
Official Receiver
Bankruptcy hearing
Debts excluded from bankruptcy
Bankruptcy and assets
Bankruptcy and your home
Bankruptcy and your car
Bankruptcy and your pension
Bankruptcy and bank accounts

IVA's

What is an IVA?
How does an IVA work
IVA vs bankruptcy
Benefits of an IVA
Do I qualify for an IVA?
Trust Deeds

What is an PTD?
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PTD vs bankruptcy
Benefits of a PTD
Do I qualify for a PTD?
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DMP vs bankruptcy
Do I qualify for a DMP
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