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Put an end to unmanageable debts
Bankruptcy could write off your unmanageable unsecured debts. What's more, it's normally completed after a year.
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Prevents further action from lenders
Once your bankruptcy has been approved, it's legally binding - your lenders can't take any further action regarding your unsecured debts.
Writes off unmanageable unsecured debts
Any unsecured debts that you can't afford to repay will be written off on 'discharge' from bankruptcy - normally after a year.
Ensures your other living costs are affordable
Regular payments on your unsecured debts will normally be stopped, ensuring that your day-to-day living costs - such as bills - are affordable.
To apply for your own bankruptcy, you will have to go to a County Court. If your case is approved by the Court, all payments, interest and charges on your secured debts will be stopped and rights to your assets (your valuable belongings, including your home if you're a homeowner) will be handed over to a 'Trustee'. They are responsible for making sure your lenders each receive a fair proportion of the money raised from selling your assets.
Most people who enter bankruptcy are discharged after a year. At that point, any unsecured debt that you haven't been able to pay back will be completely written off. However, you may be expected to make regular payments to your lenders for up to three years after discharge, if you can afford to.
Many people feel bankruptcy should only be considered if there are no other options available. However, even if you do qualify for another solution (such as an IVA), bankruptcy could be the best solution for your circumstances.
Bankruptcy has a few advantages over other solutions: it's over relatively quickly, and it doesn't require regular payments unless you can afford it. On the other hand, you stand to lose your valuable assets - including your home if you are a homeowner.
Bankruptcy is an insolvency solution that will have a major impact on your credit rating. Records will appear on your credit history for six years, and you may find it very difficult to obtain credit during this time.
Also keep in mind that your valuable assets, including your car or home (if you are a homeowner), could be sold to help repay your debts.
But not getting the help you need could have even worse consequences in the long run - so don't hesitate to contact us if you're in trouble.
Find out more about the fees involved with each debt solution.
Download the Insolvency Service guide to dealing with creditors.
We'll help find you the best solution to your debts