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Bankruptcy is an option that may need to be considered if an Individual can't pay their debts and there is little prospect that their circumstances will improve.

What is Bankruptcy?

Bankruptcy is a way of becoming debt free if you can't afford to repay your debts. You can choose to make yourself bankrupt or one of your creditors can petition the Court in order to force bankruptcy.

To become bankrupt you will need to pay a fee of around £495 to the Court, this also covers the Official Receivers fee. You will then need to attend a meeting with the Official Receiver and discuss your circumstances in detail. The Official Receiver will determine the terms of your bankruptcy including - the length of time you will remain bankrupt and what will happen to your assets.

Problems with Bankruptcy

The good news is that all your debts will be written off under the bankruptcy terms. However, there are very serious implications that you must be aware of including;

  • Some of your personal assets will be sold by the Official Receiver.
  • You may lose your home.
  • If you are renting a property, your landlord will be informed.
  • Notice of the Bankruptcy will be advertised.
  • You will not be able to obtain new credit (without informing the lender).
  • You will not be allowed to be a Company Director.
  • You will be automatically excluded from certain jobs.
  • Your credit rating will be affected for 6-years.

 

Alternatives to Bankruptcy

Before deciding to declare bankruptcy, you should consider;

You will find information about these options on this site.

What to do next

Before making a decision on the best course of action, please call us free on 0800 1804 933 for independent advice.

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Anderson Brookes Ltd

Anderson Brookes Ltd provides advice to individuals, business owners and company directors that are struggling with debt. Anderson Brookes Ltd is Authorised and Regulated by the Financial Conduct Authority; our registration number is 669796. You can confirm our details on the FCA website www.fca.org.uk. Anderson Brookes Ltd is a limited company registered in England and Wales; company registration number is 4213701. You can read more about the services provided by Anderson Brookes Ltd by visiting OUR SERVICES. A printed copy of our Initial Disclosure Document will be provided to you before any Instructions are accepted from you. You can request a copy at any time by calling 01204 255 051. Some of the services provided by Anderson Brookes Ltd are not regulated by the Financial Conduct Authority.

Anderson Brookes Insolvency Practitioners Ltd

Anderson Brookes Insolvency Practitioners Ltd is a limited company registered in England and Wales; company registration number is 10324159. Registered office address is 4th Floor, Churchgate House, Bolton, Lancashire BL1 1HL. Brendan P Hogan is licensed to act as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association. Licence Number 101680.