Advice on making yourself or being made Bankrupt

If your debts have brought you to the point where you think you may go bankrupt, then it’s vital you get the right advice. For example, an IVA, or another debt solution, may still be an alternative to going bankrupt.

However, if bankruptcy is the only option, talk to us first. As a not for profit organisation we can make sure you get free, expert and impartial bankruptcy advice on the best way for you to overcome your debts and start afresh.

Becoming Bankrupt

To become bankrupt, a petition must be submitted to a court. This can either be done voluntarily by yourself, or by one or more of your creditors, as long as they can show that you owe them unsecured debts of £750 or more. Note that this is different in Scotland.

The effects of bankruptcy

Whilst bankruptcy can clear your debts and enable you to rebuild your life, it can also cause a lot of distress and embarrassment. There are also many implications to becoming bankrupt. That’s why it’s important to talk to us first, especially if an IVA or another debt solution could save you from many of the negatives associated with bankruptcy.

Bankruptcy advice FAQ's

• Q: Who would handle my bankruptcy?

  A: The Official Receiver will act as your trustee in bankruptcy unless an Insolvency Practitioner is appointed. Your Trustee is responsible for looking into all your financial affairs and making a full report to your creditors. He or she may also make a report to court.

• Q: Can I rely on advice from the Debt Advice Trust?

  A: Absolutely. We’re a registered not for profit organisation and exist purely to help people in serious debt. Call us and you will speak directly to fully trained experts with vast experience of dealing with debt problems and the various solutions ranging from bankruptcy to IVAs, re-mortgaging, debt management plans and more besides. Plus, you’ll have the added reassurance of knowing that our advice is impartial and not guided in any way by other interests.

More Bankruptcy FAQ's