Bankruptcy is when you legally declare your inability to pay your debts. Bankruptcy means that all of your debts are written off but it comes with some serious implications that would need to be very carefully considered before going ahead with it. For that reason people usually turn to bankruptcy as a last resort though some people do see Bankruptcy as a fresh start.
There is 2 ways people can be made bankrupt. They can enter into bankruptcy voluntarily if they feel there is no other option and the debt solutions on offer cant help them or they can declared Bankrupt by their creditors who wish to recover part of the funds owed to them.
There is other debt solutions available that should be considered before bankruptcy such as IVAs and Debt Management. If you would like more information on Bankruptcy please browse this bankruptcy section of the website or call our Debt Advisors on 0800 043 0200 and they can answer all your Debt questions and queries about bankruptcy.
Click here to learn How to avoid going Bankrupt using our bankrutpcy alternatives.
A fee is only payable where further services are requested. All fees will be explained in detail and discussed prior to commencement of any debt repayment plan. Repaying debt over a longer period may increase the total amount to be repaid. Phonecalls: Calls from a landline are normally free. Please consult your provider if you are unsure. Calls from a mobile may be subject to charges. If you get charged just ask us to call you back for free.