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Bankruptcy Help UK |
If you, or someone you know, is facing bankruptcy, you must know that there are a number of realistic alternatives instead of declaring bankruptcy. 9 times out of 10 bankruptcy is not a viable solution to serious debt problems! This is why we set up the Bankruptcy Clinic to deal specifically with cases of serious debt that require immediate expert help. Our experienced staff can guide you through the options over the phone or by mail without any obligation at a time of your choosing. Simply complete the Enquiry Page and we can take your case forward.
Increasingly, many individuals see bankruptcy as a simple solution to remove severe debt problems. However, there are often longer term financial consequences which may not be foreseen. |
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| Do I need to Declare Myself Bankrupt? |
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| In some situations, the best way to solve your debt problem will be to declare yourself Bankrupt. Please call us for FREE advice if you are considering going Bankrupt. It has a lasting effect and should only be considered as a last resort. We may be able to help you avoid Bankruptcy - there are other options and you should be absolutely sure that declaring yourself bankrupt is the best solution to your problem before you do. |
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| Is there a difference between Bankruptcy and Liquidation? |
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Bankruptcy refers to private individuals, Liquidation refers to companies. Both will be determined by your local County Court (or the High Court in London). Once the Bankruptcy Order is made by the Court then the Insolvency Service (also known as the Official Receivers) or a Private Insolvency Practitioner will be appointed to pay off debts using your assets (belongings). Bankruptcy is a fresh start, a way of dealing with debts that you cannot pay. However it should not be rushed into - be sure to get advice before you take this drastic action.
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| Is there a difference between Bankruptcy and Liquidation? |
| Bankruptcy refers to private individuals, Liquidation refers to companies. Both will be determined by your local County Court (or the High Court in London). Once the Bankruptcy Order is made by the Court then the Insolvency Service (also known as the Official Receivers) or a Private Insolvency Practitioner will be appointed to pay off debts using your assets (belongings). Bankruptcy is a fresh start, a way of dealing with debts that you cannot pay. However it should not be rushed into - be sure to get advice before you take this drastic action.
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| What are the Advantages of Declaring Bankruptcy? |
It will stop other debt collection procedures - no more letters, phone calls, or bailiffs at the door. The matter is taken out of your hands. Once the Bankruptcy Order is made by the Court, settlement of the debts will be taken over by the Official Receiver / Trustee.
Once the Bankrputcy is 'discharged' most debts are written off and you can make a fresh start. Not all debts are written off - you cannot avoid secured debts (for example mortgages), court fines or debts from certain court orders, money owing to the Child Support Agency and student loans granted before March 1999, amongst others.
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What are the Disadvantages of Declaring Bankruptcy? |
To start with...your 'assets' (belongings) can be sold. This could mean losing your home, car and other valuable possessions. If you own a business it may be sold to pay your debts. This can also include assets you do not have at the moment but expect to get during the period of Bankruptcy - future earnings / inheritance etc.
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