What is Bankruptcy?
Bankruptcy is a solution to clear all your unsecured debts if you have little or no money available to pay your creditors. Once bankruptcy has been declared, any surplus assets you have are shared evenly amongst your creditors. Once you have received your discharge from your official receiver then your unsecured debts are usually written off subject to some limitations.
Can I go Bankrupt?
Bankruptcy should be considered as a last resort to solving your debt problems. If you have little or no money and no way of raising money to repay your unsecured debts then bankruptcy may be the only option available to you. It is recommended you speak to a professional bankruptcy advisor to see what your debt options are before declaring yourself bankrupt.
You must seek professional advice before declaring yourself bankrupt. It may seem very appealing to think of being debt free especially if you have a high level of debt, but there are some drawbacks to Bankruptcy to be aware of, and you can learn more about here
We do the hard work
We can deal with your creditors directly so you can sit back and relax, whilst we do the hard work. Bankruptcy Clinic are also experienced in other debt solutions as well as Bankruptcy. So if you find yourself in out of control debt, we can offer advice on a wide variety of options. More than many other companies.