Bankruptcy

Bankruptcy is often considered the last resort for people struggling with debt because there are other free debt solutions to consider first. We will give you free, immediate and professional debt advice to find the best debt solution for you.


What is bankruptcy?

Simply put, bankruptcy can occur when an individual's debts are greater than his or her assets. Declaring bankruptcy means an individual is financially insolvent and can be relieved of outstanding debts. It is often considered as a last resort for people with serious and ongoing debt problems.

Find out about Payplan's alternatives to bankruptcy.

Key things you should know about bankruptcy

How will bankruptcy affect me?

What are the disadvantages of bankruptcy?

Assets

Some items aren't treated as assets for this purpose:

If you have a regular and disposable income you'll be asked to make monthly payments for three years towards your debts based on what the Official Receiver thinks is affordable.

If your circumstances change, you'll need to tell the Official Receiver, so they can review these arrangements.


More Information on Bankruptcy

There's more about how bankruptcy will affect you and associated issues at the links below:

For further information or to discuss the implications for you of going bankrupt please call us on freephone 0800 280 2816 or e-mail us in complete confidence.

Alternatives to Bankruptcy

If you are in serious debt and contemplating bankruptcy, there are other alternatives that can avoid the severe consequences of bankruptcy:

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