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Bankruptcy Services UK

Bankruptcy is a kind of insolvency. In bankruptcy, the debts are written off if 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 unsecured debts 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 that may be suitable for a debtor’s circumstances.

Frequently Asked Question

Is bankruptcy appropriate for me?
Filing for bankruptcy has a bad reputation in many rounds because it damages your credit score and involves discharging debts that might never be repaid. Therefore, it will also appear as a public record for 10 years after filing and can also have an impact on your job. I suggest that you should always get expert advice before making any decision.
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. Therefore, the impact will reduce over time.
Declare bankrupt write off all your debts?
Yes, that’s true when you are, discharged from bankruptcy. All your debts are written off. There are a few which not include child maintenance arrears, criminal fines and also for TV licensee arrears.
How smooths bankruptcy work?
When you declare bankrupt, all of your debts can be written off and you can do a new start. It’s a big step to declare you bankrupt because it directly has a broad impact on our home or job. You also may ask to sell precious assets like a home, car. You can only keep the things that require for daily living.
Do I need to involve a lawyer?
In Bankruptcy laws, borrowers are not required to have an attorney to file for bankruptcy relief.

Pros of Bankruptcy

  • Bankruptcy gives you a new start and your all unsecured debt would be written off.
  • In that case, creditors can’t take any legal action against you to recover your debts.
  • Creditors stop asking any payment, interest or any other charge.
  • Creditors have no connection with you in the future.

Cons of Bankruptcy

Bankruptcy includes assets like your home or vehicle under this.

Bankruptcy even affects some jobs like financial roles or any legal work.

Bankruptcy has a bad impression on your credit file which remains for around six years.

Bankruptcy will be documented on a public register.


Bankruptcy / Debt Management

There are few things you need to keep in mind that if you want to become bankrupt, there are so many aspects to take into consideration. You have to understand the consequences for better understanding please find some difference between bankruptcy and Debt management.


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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