How Do You Go Bankrupt?

Free Advice On How To Declare Bankruptcy

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A Guide On How To Go Bankrupt

 

How Do You Go Bankrupt - Consider The Alternatives First

Bankruptcy should not be something anyone enters into lightly, but for certain situations it really is the best and only option available. There are other ways to deal with debt problems, but the right option for you will depend on the size of your debts, your income and other factors. For people with a steady source of income, it may be possible to repay your debts through a Debt Management Plan, but if your income is not sufficient in proportion to your debts, you may need to consider alternatives, including bankruptcy.

For people in the UK with over £15,000 worth of debts who do not have enough income to repay these in full, there is a solution called an IVA or Individual Voluntary Arrangement. This involves making an affordable payment towards your debts for five years, after which the remaining amount is written off. The equivalent of the IVA for residents of Scotland is the Trust Deed. US residents should consider Debt Settlement.

If you are unsure about the best solution to your situation, the best way forward is to apply for a free review by a debt specialist, who will examine your situation and let you know whether they can offer you a solution or not. This costs nothing and puts you under no obligation. You can do this quickly and easily by using either the form at the top of this page for advice on bankruptcy or IVAs from an Insolvency Practitioner, or by using the form at the bottom of the page for help from a leading Debt Management Company.

What Is Bankruptcy?

Bankruptcy is a legal process designed to settle the finances of anyone who cannot repay the debts they have incurred. You can start this process yourself, as a way of protecting yourself from the people you owe money to, or the process may be started by one of your creditors if they think it is in their best interests for you to become bankrupt.

It does allow you to get rid of all your current liabilities and start again, but it is not without consequences. You will lose control over all of your assets and there are restrictions on using bank accounts or getting any form of credit during the process. Some people are concerned about the stigma sometimes associated with becoming bankrupt and there is no way of avoiding the fact that as part of the process a notice must be published in a newspaper to state what is happening. There will also be certain conditions that affect what you do after the process is finished, such as certain jobs or positions that you will be barred from taking up.

How Do You Go Bankrupt - The Process

If you think you are going to have to go bankrupt, the best starting point is to seek advice from a qualified Insolvency Practitioner. You can do this now by using the online form at the top of this page. They will take you through the process and organise all the paperwork for you.

The process in the UK involves getting a Debtor’s Petition from your local County Court and another form called a Statement Of Affairs. You will need to complete both of these and arrange to present them to the County Court. The court will assess your situation and the information you have submitted and make a judgement on whether you are to be made bankrupt or not.

You will then usually have to arrange an appointment with the Official Receiver, who will want to interview you and more detail about your affairs. At this point you should be able to learn more about how long the process will take, what the affect on your assets will be and what payments you may need to make.

How To File Bankruptcy - Advantages of Being Bankrupt

It is difficult to ever think of bankruptcy as a good thing, but if it is your only option, then it is at least better than doing nothing. Here are some of the more positive aspects of the process:

Potential Disadvantages Of Bankruptcy

How Do You Go Bankrupt – Getting Help

The best way to check whether you should go bankrupt, or whether there may be a better alternative, is to apply for a free review by professional debt advisor. They will examine your finances and let you know whether bankruptcy is possible and whether or not it is your only option.

You can do this quickly and free of charge by completing the online form at the bottom of this page. This will go straight to our recommended debt management company, who will be in touch to discuss your situation.




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