If you have a serious debt problem, you may be at risk of bankruptcy. However, often an IVA or another debt solution may prove a better option. Bankruptcy should be seen very much as a last resort.
Bankruptcy arises when you can no longer meet the debt repayments to your creditors. In this event you can either voluntarily file a bankruptcy petition with the courts, or one or more of your creditors can present a bankruptcy petition to the courts. For a creditor to do this, they must be owed at least £750 by you in unsecured debts (or £1500 if you live in Scotland).
Call the Debt Advice Trust for bankruptcy information you can trust
There are many laws in the UK relating to bankruptcy. These extend beyond the financial implications and include such things as your future ability to be a company director or to hold certain public offices. You’ll certainly need to know all the facts about what happens immediately after you declare yourself bankrupt. That’s why it pays to call the Debt Advice Trust for free, honest and impartial advice.
Ask the experts
As a not for profit organisation, we are here just to help you get the best possible advice to do with your debts, including IVAs, bankruptcy and other debt solutions. Our fully trained staff can ensure you benefit from expert knowledge of all the implications of going bankrupt and will be very understanding and helpful towards you.
Bankruptcy UK FAQ's
- Q: Are literally all my assets sold off in the event of bankruptcy?
A: Yes. That’s why it’s vital to talk with the Debt Advice Trust first in case an IVA or other debt solution may still be an option to help you avoid bankruptcy.
- Q: What do I do after filing my petition for bankruptcy?
A: The Official Receiver will initially take over once a bankruptcy order has been made and handle all aspects of your bankruptcy, including liaising with your creditors. You will be under a legal obligation to co-operate fully with him or her.
