When considering your options, one of the most recognised debt solution is Bankruptcy. Bankruptcy is the most severe consequence of debt and should never be entered into lightly. For some people, however, going bankrupt may be the most appropriate solution. It can be the best way to repay what they can of their debt, write off the rest – and make a fresh start.
If you are considering becoming bankrupt speak to us, we are bankruptcy advice specialists and can help you.
Bankruptcy is a form of insolvency and has some severe consequences. Your debt will be written off, however, this will only happen after your assets and property have been sold to clear as much of the debt as possible.
Bankruptcy should be considered as a last resort. See whether a Debt Management Plan or an Individual Voluntary Arrangement (IVA) could help before deciding to go bankrupt.
Bankruptcy advantages
- Absolute peace of mind – your debts will be written off.
- Possible discharge within one year.
Bankruptcy disadvantages
- You may lose your home or your assets.
- Your credit can be affected for up to six years after the bankruptcy has completed
- You may struggle to open bank accounts and will have to disclose bankruptcy on some insurance requests.
- You cannot act as a company director.
- Your financial and personal details will be examined in court.
- Depending on your profession, you could lose your job.
- You may not become a member or part of the local authority
Humber Debt Solutions will complete the initial assessment with you to determine your suitability for Bankruptcy. Your case will then be passed to our Insolvency Practitioners who will process your Bankruptcy application with you. Fees apply and will be explained fully by the Insolvency Practitioner on assessment.
The insolvency service has produced a guide for people who are struggling with debt, which outlines each of the available solutions.
For further information please view the FAQs page or complete the contact form on the right.
