1. How does the process work?
Complete our short application form and we can explore the various options for you – and advise if you need to go down the bankruptcy route. You will then be talked through the process.
2. What are the effects of bankruptcy?
A Trustee will control all your assets during bankruptcy – including your home. You won’t be able to apply for any credit or borrowing of greater than £500. You may be also restricted in what kind of business activities you can carry out.
3. How will bankruptcy affect my credit rating?
The fact that you have been declared bankrupt will remain on your credit file for 6 years at least. You will probably find that even after this period you will be asked if you have ever been declared bankrupt and you will no doubt need to provide proof that the bankruptcy has been discharged.
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More information about debt management and advice:
Write off all the debt you cannot afford and avoid legal action. Government legislation that helps you clear your debt in 60 months.
Lower your monthly payments on your existing debt with one affordable monthly payment plan. Hassle free and flexible plans for if your situation changes.
Bankruptcy is a consideration if you simply cannot pay debts that you owe and you have already considered
Debt Management and an
IVA.
A Trust Deed is a legal process only available to residents in Scotland and offers an alternative to bankruptcy.