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Bankruptcy is designed for people that have debt and fall into a position of being unable to pay anything or very little back towards it. Your bankruptcy will usually last for 12 months and after that period you will be discharged from the bankruptcy. Bankruptcy should only be considered by somebody that is in a position where they are unable to pay their debts, unsure if this is the best option for you? Contact one of our friendly advisors for a free confidential review. Click Here

It is always recommended to seek professional help and advice before considering the solution. Any assets that you have when going bankrupt will be distributed fairly amongst your creditors.

Will I still be able to have a bank account when I’m Bankrupt? Yes, there are numerous accounts you can have once you have been made bankrupt however you may lose your debit card facility and will more than likely have to use a cash card.
How long does it take to become bankrupt?
In most cases a bankruptcy case can be completed and processed within 4 weeks.

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How long will I be bankrupt?
In most straight forward cases now people are being discharged from their bankruptcies after 12 months.
Advantages of Bankruptcy.
  • Guaranteed to stop creditor hassle
  • Become debt free within 12 months
  • Reduced stress
  • Protection from further legal action

Disadvantages

  • Adverse effect on credit rating resulting being listed on an public insolvency register
  • If you apply for bankruptcy you would be required to pay a substantial court fee
  • If you apply to obtain credit of more than £500 during your bankruptcy and prior to discharge you must bring this to the lenders attention.
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