Bankruptcy often lasts for only 12 months in total.
Once approved, creditors can no longer proceed with legal action against you.
Creditors are no longer able to contact you regarding your debts.
Interest and charges are frozen once the bankruptcy application has been approved.
Most people are discharged from bankruptcy after 12 months at which point all included debts are written off, giving a fresh start.
If you own a home or possessions of significant value, these items could be sold to help repay your debts.
There is an application fee of £680, although this can be paid in installments.
You could be asked to make payments towards your debts for a period of up to 3 years.
Bankruptcy will be recorded and have a negative impact on your credit file for a period of 6 years.
Your personal details will be recorded on the Insolvency Register which is a public record.
Bankruptcy may impact your employment; therefore, you should always check the terms of your employment contract before making an application. You are also unable to be a company director unless you have permission from the court.
If you wish to see if you are eligible for Bankruptcy, our expert team of Advisors are here to help.
BankruptcyToday.co.uk is not regulated and is for fact-finding only. We can help assess your circumstances and point you to someone who can provide available options that suit your debt criteria.
If you decide that an IVA (Individual Voluntary Agreement) is not the best option for you after we have prepared the necessary information, you can opt out of the process and have all of your details removed. We receive a fee from the third party that we refer you to for introducing you and for the work we have completed. However, you will not be responsible for paying this fee. The third party will contact you directly to continue the process of your IVA application or to explore other solutions, but only with your permission after we have introduced you.