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Debt Management Solutions

  Bankruptcy is a good option and works extremely well for some.

  The facts about Bankruptcy

There is a fee to go bankrupt. The fee is £510. You pay £150 to the court and £360 to the official receiver. If you have a low income or receive benefits, you may be exempt from the court fee allowing you to go bankrupt for £360 if you are in receipt of certain benefits.

Bankruptcy normally lasts for a year. You cannot borrow any further credit and would have to declare any changes within your circumstances to the official receiver during this year.

Once you are made bankrupt, you will no longer be in control of your assets. The only things you may keep are items or equipment needed for work or items needed for household purposes, i.e. bedding, furniture, clothing and other basic household necessities.

All other assets will be disposed of by either the IP (Insolvency practitioner) or the OR (Official Receiver) for sale, they will use the monies to go towards the fees and costs and expenses of the bankruptcy and then your creditors.

  What if a creditor makes me Bankrupt

Creditors will only look at this option as a last resort and it can be quite scary to open a letter that states that the intention is to make you bankrupt, taking away the feeling of control completely. Our advice is to give us a call straight away, in many cases we can get this dealt with quickly and get an offer of repayment out. Many of the creditors are satisfied with this as they don't want to take such a hard line and will accept the offer. If they don't accept the offer, all is not lost as we can go down the legal route protecting your best interests. The key to this situation is speed, never leave it that extra day or two, by contacting us immediately we have a better chance of resolving the situation.

  What are the alternatives to Bankruptcy

There are two alternatives to Bankruptcy that we can look at, the first being Debt Management and the second being an IVA.

You can begin your application Online by going to the Insolvency Service here

Call today on 0800 027 9595 and chat with an advisor who will be able to look at your situation and advise on what your options are.


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