Personal Bankruptcy

Bankruptcy | Personal Debt

What is Bankruptcy?

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.

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Personal Debt Solutions


The IVA is available to people with debts in the UK and Northern Ireland. It is a formal debt solution between you and your creditors.

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Debt Management

A Debt Management Plan is an Informal Agreement between you and your creditors where you pay back your debts at an affordable monthly rate.

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Personal Bankruptcy

Bankruptcy is the legal term given when you are unable to pay any of your debts. It can be a very daunting process and also puts threats on your business.

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Consolidation Loan

Debt Consolidation is a method used by many people to consolidate their debts into one lower affordable payment.

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For more on Bankruptcy…Call our Business Debt Advice line on: 0800 0436 999

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About us

Business Debt Advice is owned by McCambridge Duffy who are one of the leading Insolvency firms in the UK and have been in the financial industry since 1932. McCambridge Duffy solely provide IVAs and other Insolvency solutions.

On our site you will find information on debt solutions, both formal and informal. We provide this information so you have a clear overview of the options available for dealing with your debts. We do not offer informal debt solutions, so if an insolvency solution is not your recommended course of action, with your permission, we will refer you to an appropriate agency/provider that can assist you further.