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Bankruptcy Services UK

Bankruptcy is a kind of insolvency. In bankruptcy, the debts are written off in the event that the debtor cannot afford to pay for them. It gives one a fresh start. Bankruptcy essentially is a legal process. It is suitable if the debtor has a little chance of paying for his debts in a stipulated amount of time.

Upon making himself bankrupt, nearly all of a debtor’s debts that are unsecured are written off. There are cases wherein one’s creditors choose to make an individual bankrupt. Bankruptcy nevertheless has some serious implications. It shouldn’t be taken lightly.

A few of the financial institutions work with debtors to consider if bankruptcy is the right solution for them. They also consider a range of other solutions which may be suitable for a debtor’s circumstances.

Frequently Asked Question

Is filing for bankruptcy bad?
Filing for bankruptcy has a bad reputation in many circles because it damages your credit score and involves discharging debts that might never be repaid and it will also appear as a public record for 10 years after filing.
How many years will it affect me, if I file for bankruptcy?
It will remain on your credit report and affect your credit score for seven to ten years; the impact will reduce over time.
Is it really worth it to file for bankruptcy?
It is worth saying that if you plan on filing for bankruptcy, better options are available, though your creditors can be sued later by the court, and have the money taken away. But it I better not to go into it. Choose your options wisely.
Do I need to involve a lawyer?
In Bankruptcy laws, borrowers are not required to have an attorney to file for bankruptcy relief.

Bankruptcy comes with some benefits:

Debtor’s unsecured debts are written off and the creditors cannot take any further legal action against the debtor for repaying the debts.
In a similar way, debtors must also stop demanding payment, adding other charges or charging interest. They are very likely to stop contacting a debtor.

There are some risks involved with bankruptcy as well:

Assets such as homes and vehicles may be included in bankruptcy. A few of the jobs are also affected, such as roles that are legal or financial.

Bankruptcy lays a negative impact over the credit file and appears over it for six years. Bankruptcy is recorded over a public register.

In order to apply for bankruptcy, a debtor is required to get details about his financial situation. This includes his debts, outgoing charges and income.

The next step, in many cases is to get financial counsel. If a financial institution recommends bankruptcy, they can discuss the benefits and risks involved and communicate to the debtor the ways to declare bankruptcy. Joint bankruptcy is another financial provision, and it is available only for business partners.


Debt Management Plan

1. Legal protection from creditor action1. Creditors can still take legal action
2. Assets can be sold off2. Home is less protected
3. Interests are not frozen3. Interest and charges are not guaranteed to be frozen
4. Debts are written off after being declared bankruptcy4. DMP will not write-off any unaffordable debt
5. It takes 1 year5. It take many more years


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