How does it work?
To declare yourself bankrupt, you must apply online to an official adjudicator at the Insolvency Service and pay a fee of £680 (in installments, if necessary). You’ll also need to provide information about your debts, income and outgoings – including any correspondence with bailiffs or enforcement agents.
When you go bankrupt, an Official Receiver will be appointed to assess your income, assets and outgoings. If you’re a homeowner, your house may be sold off to release equity. So may your car and any other luxury items you own.
After a year or so, most of your outstanding debts will be written off. But until you’re discharged from bankruptcy, you’ll be under certain restrictions – for instance, you’ll have to declare your situation when applying for large amounts of credit. Your credit rating will be negatively affected and any credit you do get is likely to be expensive, both now and in the future.
So before you make the decision to go bankrupt, it’s a good idea to get advice from a free, independent and expert service like ours.
Get in touch with our team today by calling 0800 138 3422 or filling in our short assessment form.
What to expect
- We’ll use the information you’ve given us to establish the nature and urgency of your debt.
We’ll continue to advise you and give you a detailed analysis of the help available to you. We can do this by booking you in for a face-to-face appointment at your nearest centre, or a telephone or video call advice session or continue to advise you by message.
You choose how we can help you
We’ll explore your situation and get all of the information to be able to provide you with advice. We will then discuss your options and talk you through the pros and cons of each.
- We’ll establish the best possible solution and help you to resolve your debt – whether that’s by means of advocacy, representation or negotiation on your behalf, or by helping you write letters and supporting you throughout the process. If you need advice from outside of our services then we can refer you for further support too!