How can you be made bankrupt?
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 of your IVA
We would only recommend this solution for you after we have explored all other options. If you need some support in deciding which debt solution is best for you our team would be happy to help you. You can enquire here.
Bankruptcy Advantages
Creditors stop pursuing you for payment, once a bankruptcy order has been made against you.
Free yourself from the pressure of overwhelming debt so you can make a fresh start.
Bankruptcy Considerations
Some debts cannot be written off, such as court fines.
Your bankruptcy will be publicised in newspapers.
Your bankruptcy will stay on your credit report for 6 years, making it difficult to obtain credit during this time frame.
You’ll have to disclose your bankruptcy if you apply for credit over £500.
You may lose your home, along with any other valuable assets.
Do I qualify?
Anyone who is in debt and struggling to meet their monthly repayments can apply for bankruptcy.
