Is Bankruptcy For Me?
If you have little or no disposable income (no money to repay your debts) then Bankruptcy would certainly be one of a limited options available to you. Bankruptcy can clear all your unsecured debts and prevent any further creditor calls. A bankruptcy professional can assess whether bankruptcy is right for you and offer you all the advice you need to go bankrupt. If you don't want the hassle of having to declare bankruptcy yourself, then a bankruptcy professional at Revive UK Ltd can help you get started with all the paperwork
The Bankruptcy Clinic will pass on any details you submit via our site onto Revive UK Ltd who will then contact you and discuss the best way to handle your debt situation.
Their advisors will first go through your financial situation, and help identify all options available on a non-advice basis. You may find that your personal situation is more suitable for an alternative debt solution, such as an IVA or Debt Management Plan. Revive UK Ltd will guide you through the debt options open to you and help you put a debt solution in place.
If you do feel that bankruptcy is your best option then they can help you get started with your bankruptcy application and advise you of any pitfalls to bankruptcy.
Do you qualify for Bankruptcy?
See if you Qualify
Your unsecured debts can usually be written off.
Creditors have to stop most types of court action to get their money back following a bankruptcy order.
Debt free typically in 12 months.
It must be noted that bankruptcy isnt for everyone. There are certain bankruptcy restrictions once you have been made bankrupt by the court which usually last 12 months from the date the court made you bankrupt.
You will be unable to borrow more than £500 without informing the lender you are bankrupt
You will not be able to act as a company director, insolvency practitioner and certain other positions in the finance sector may have caveats in place in their work contracts meaning that you cannot hold that position whilst subject to a bankruptcy order.
You will not be able to manage another business without telling business associates that you were made bankrupt.
Low credit rating
Bankruptcy can also have a severe effect on your credit rating. If a debt has been included into your bankruptcy then the creditor will mark the account in default. The default could remain on your credit file for up to 6 years from the date the default was issued.
The Bankruptcy Clinic Team
Bankruptcy Clinic in partnership with Revive UK Ltd have their own team of bankruptcy advisors, so you can rest assured that they are available to answer your questions regarding any aspect of the process, via a free phone number.
Bankruptcy Counselling: As part of our Best Advice Service, Bankruptcy Clinic offer bankruptcy counselling. We understand that the bankruptcy process is a very stressful time, and they are on hand to help you decide if bankruptcy really is the right decision for you.
If you are thinking about declaring yourself bankrupt, then it is important that you get expert advice. For further information about our Bankruptcy Service, you can contact one of their expert advisors today via our online enquiry form.