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It’s not easy for anyone to consider Bankruptcy.

For people with extreme levels of debt and repayment problems, it could be the only option.
However, Bankruptcy is publicly advertised, which can be distressing. We would only recommend this solution for you after we have explored all other options.


  • Free yourself from the pressure of overwhelming debt so you can make a fresh start.
  • Creditors stop pursuing you for payment, once a Bankruptcy order has been made against you.


  • Some debts cannot be written off, such as court fines
  • Your bankruptcy will be publicised in newspapers
  • You may lose your home, along with any other valuable assets
  • Your bankruptcy will stay on your credit report for 6 years, and it will be difficult obtaining credit
  • You’ll have to disclose your bankruptcy if you apply for credit over £500

How does Bankruptcy work?

The aim of Bankruptcy is to share out your assets fairly among your creditors (companies you owe money to), so you are no longer pursued for payment. Anyone can go bankrupt, including individual members of a partnership.

An individual can be made bankrupt in one of three ways.

  • Voluntarily – You declare yourself bankrupt
  • Involuntarily – By the creditor you owe money to (£5,000 Minimum)
  • By the supervisor or anyone bound by an IVA

The Courts are officially responsible for making a bankruptcy order against an individual, although this is done at the request of either the individual or one of his/her creditors. The assets of a bankrupt individual then fall under the control of a Trustee. This will be either the Official Receiver (a civil servant and officer of the Court), or a licensed Insolvency Practitioner.

The Trustee is responsible for uncovering as much as possible about the debtor’s assets and liabilities and then maximising returns for the creditors from the assets available, within certain guidelines. A Bankruptcy order can still be made even if you refuse to acknowledge the proceedings or refuse to agree to them. You should therefore co-operate fully if Bankruptcy proceedings have begun against you.

If you dispute the creditors claim, you should try to reach a settlement before the Bankruptcy petition is due to be heard. Trying to do so after the Bankruptcy order is made is more difficult and expensive.


DFH were understanding, caring, sympathetic and incredibly helpful. If you are struggling with debt - these people make debt their business to help you.

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