Bankruptcy

Fast becoming a real solution to many thousands of ordinary people

See if you qualify ➜

Bankruptcy is fast becoming a real solution to many thousands of ordinary people facing serious consumer debt problems in the UK today, Many people who have no or very little disposable income to pay to creditors are turning towards Bankruptcy to eliminate all their unsecured debts that can be included in bankruptcy.

Let DebtUKOnline see if you qualify for Bankruptcy. Usually we would say that Bankruptcy is for the “can’t pays”, therefore if you can pay at least something to your creditors each month then this can be achieved through Bankruptcy also.

Is Bankruptcy right for you?

 

If you are considering Bankruptcy then we can assist you every step of the way to ensure your desired outcome is acheived successfully. First you will want to find out if you qualify for help, using our really quick form that takes less than a minute to complete. Once you have done that, one of our partners from the lovely Insolvency Plus Group will give you a call in a matter of minutes so you aren’t waiting around. You get to discuss your needs and find out what your best options for the future are. It’s really friendly, there’s no one asking you for anything you don’t want to tell us and you are basically getting really great information that will help you decide what is right for you. If that sounds like something you would be interested in, simply head to our See if you qualify and complete your details.

The Facts

Your credit rating will also be affected after bankruptcy. Bankruptcy will leave a severe dent in your credit rating and you will find for the next 6 years after you declare bankruptcy, obtaining credit will be very difficult. There are also some professions that you will not be able to partake in after bankruptcy such as certain government positions, pub licensee or insolvency practitioner. An advisor will make you aware if your profession is at risk prior to you making a bankruptcy commitment.

If you do decide to go bankrupt then you will face certain restrictions in the first year. Bankruptcy Restrictions include

  • You will be asked to downsize or sell any sizeable assets such as your car, television, jewellery (worth over £2,500)
  • You will not be able to act as a company director
  • You will not be able to trade in any business unless you inform all the people beforehand that you have been made bankrupt
  • You will not be able to obtain credit over £500 without declaring that you are bankrupt

Steps to Bankruptcy

Step One
Insolvency Plus Group will conduct an assessment with you over the telephone once you have filled out our Bankruptcy online enquiry.

Step Two
If they still feel that it is the right choice for you to make they shall advise you on how to make an online application for bankruptcy. As of April 2016, bankruptcy can be applied for via the gov.uk website. You will then have peace of mind you have had professional advice on your debts and you know bankruptcy is the correct solution for you. Should you find that bankruptcy isn’t the right solution for you, Insolvency Plus Group will advise you of potential alternative debt solutions that are available to you and will assist you on setting up a plan.

Step Three
After you make a bankruptcy application, you application will be examined by someone who works for the insolvency service called an adjudicator. They will determine whether you should be made bankrupt. The adjudicator will have the task of ascertaining whether you have anything to pay in your bankruptcy. They will be looking to see if infact you have any assets in Bankruptcy such as your property or any other assets that can be sold to raise money towards paying your creditors. If you have a monthly disposable income after taking into account your essential living costs for you and your family you could be asked to pay a monthly income payments order for upto 3 years after the Bankruptcy Order is made.

 

See if you qualify ➜

What is the charge for Bankruptcy help?

The initial advice involved in ascertaining whether Bankruptcy is the right choice for your particular debt problem is free, however if after speaking to one of our advisers you feel that Bankruptcy is the right choice for your particular circumstances then we shall advise you of the costs that are involved with going Bankrupt. Typical bankruptcy fees are now £655.

What are the implications and restrictions of Bankruptcy?

If you do decide to go bankrupt there are unfortunately some things you cannot do in your in first year. So you will need to decide if any of these are going to cause you any problems before you enter Bankruptcy. Hopefully though you will be able to get past these hurdles on your way to getting back on track.  These include:

  • The Official Receiver will take over any sizeable assets such as your car, television, jewellery (worth over £2,500)
  • You will not be able to act as a Company Director
  • You will not be able to trade in any business unless you inform all the people beforehand that you have been made bankrupt
  • You will not be able to obtain credit over £500 without declaring that you are bankrupt

Your credit rating will also be affected after bankruptcy. Bankruptcy will leave a severe dent in your credit rating and you will find for the next 6 years after you declare bankruptcy, obtaining credit will be very difficult. So it isn’t a magic debt wand! You have to think and make sure you won’t slip into old habits afterwards. There are also some professions that you will not be able to belong to after bankruptcy such as certain government positions, pub licensee or insolvency practitioner. There are more than that, but the guys at Insolvency Plus Group will let you know if your profession is at risk before you commit to it..

If you are worried about any of the implications or problems that bankruptcy may cause you then that is what DebtUKOnline is all about. We are here to help you figure out what is right for you. We are only a call or email away.