Bankruptcy is an option that is available if you simply see no method of being able to pay your existing debt and you have explored
Debt Management and an
IVA options already.
Bankruptcy is a legal status that normally will last 1 year – your non-essential assets and excess income will be used to pay the companies that you owe money to.
You can declare yourself bankrupt (complete our form and we can help) or your creditors can declare you bankrupt.
Once the bankruptcy period has ended you will be issued with a bankruptcy discharge certificate and your credit record can be updated accordingly.
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Struggling with Debt
There are few worse feelings than feeling the burden of debt and wondering how you might become free...
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Debt Free
Debt Free options are available such as Debt Management and IVAs with us at Debt Help...
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Understanding Debt
Understanding Debt
When talking about debt, and the help and advic...
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.