1. Complete our quick enquiry form
2. Speak to a Bankruptcy Expert about your options
3. Your Bankruptcy application will be completed for you
What is Bankruptcy?Bankruptcy is a solution to clear all your unsecured debts if you have little or no money available to repay your creditors. Once bankruptcy has been declared, any surplus assets you have are then shared equally amongst your creditors. Once your discharge has been received from your official receiver, your unsecured debts are usually written off subject to certain 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.
Professional AdviceYou must seek professional advice before you Go Bankrupt yourself. It may seem very tempting to think of being debt free especially if you have a high amount of debt, but there are some drawbacks to Bankruptcy to be aware of, and you can learn more about here
Your OptionsIf Bankruptcy is the correct solution for you, you will be advised on how to go bankrupt and how to start your bankruptcy application. You will also be advised on alternative debt solutions should you qualify for one of them. Operating on a best advice policy, you will be presented with the facts about each option and it will be your choice on which solution to go for.
Limitations to Bankruptcy
Your 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.
If you are a home owner with equity in your property your share of this will normally have to be released for the benefit of your creditors. If there is little or no equity in your property then it is likely that your property will be safe from bankruptcy.
You will be unable to act as a company director or be involved in the management of a ltd company whilst your are bankrupt. There are also some professions that are affected by bankruptcy such as accountants, solicitors and people involved in financial services.
You will be unable to borrow more than £500 without informing the lender you are bankrupt
We want you to put your trust in us. At Bankruptcy Clinic, we’re not just concerned about doing things right. We also want to do the right thing. That’s why when you become a client, our promise to you is: