Bankruptcy is legal process where you are declared unable to pay your creditors. You can petition for your own bankruptcy or a creditor/s can petition for your bankruptcy if who you owe them more than £750.
It costs around £150 court fee* (which could be waived if you are on income support) and around £317 administration fee* in the UK.
If you are interested in Bankruptcy you can contact your local court office by calling the Court Enquiries line on 0207 210 2266 or by looking under "court" in your local phonebook. You will need to speak to the bankruptcy clerk and ask them to send out the forms for you to fill out (also known as petition papers).
You can also contact us for any information you may have about bankruptcy and we will be happy to advise you.
Avoiding Bankruptcy
Sometimes when people find themselves facing serious debt problems bankruptcy may seem like the only way out . This is not always the case.
People with assets and/or professional jobs (or any other special circumstances) may wish to avoid going bankrupt. There are other options available but you should explore all these options carefully before making any decisions. You may be able to propose an IVA (Individual Voluntary Arrangement) or Trust Deed (in Scotland). You can realistically have your debts written off and be debt free in 1 to 5 years.
To find out if we can help you to avoid bankruptcy or just get some free advice call 0800 043 0200 and speak to one of our friendly advisers or apply on line
We can help with any amount of debt, small or large. Our advice is free and, if your circumstances are appropriate, we will propose an arrangement with your creditors to pay your debts.
