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From time to time a business may experience financial difficulties and set backs. Business Debt Advice aim to help both you and your business get through any difficult financial challenges.
Bankruptcy is a way of dealing with your debts if you are unable to pay them. Essentially, your debts are greater than your assets. You can declare yourself bankrupt (known as a debtors petition) or one of your creditors with whom you owe more than £750 can petition for your Bankruptcy (known as a creditors petition).
Bankruptcy should only be considered as a last resort. There are alternative debt solutions that could be considered if you are struggling to pay your debts. We can talk through your situation with you to see what options are available.
Bankruptcy usually lasts 1 year. When the bankruptcy period is over, most of your debts are discharged (cancelled) but there will be restrictions on obtaining credit. An official receiver is appointed to protect your assets and investigate the situation that has led to your bankruptcy.
An IVA is a legal agreement between you and your creditors where you pay back a portion of the debts that you owe. In an IVA you can be debt free in 5 years or less.
Read MoreBankruptcy should only be considered as a last resort. Bankruptcy is a way of dealing with your debts if you are unable to pay them.
Read MoreA Debt Management Plan is an Informal Agreement between you and your creditors where you pay back your debts at an affordable monthly rate.
Read MoreDebt Consolidation is a method used by many people to consolidate their debts into one lower affordable payment.
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