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0287 1376 827 0800 0436 999
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.
IVA
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Debt Management
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Personal Bankruptcy
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Debt Consolidation
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BusinessDebtAdvice.co.uk is part of McCambridge Duffy Insolvency Practitioners established 1932.
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Information on formal and informal debt solutions is available on our website. We do not offer informal solutions, but provide this information so you have a clear and objective overview of the options available. If an Insolvency solution is not suitable or you would prefer to take an informal route, we will recommend an appropriate provider, with your permission.
All of our advice is free and confidential. A fee is only payable where further services are requested. All fees will be explained in detail and discussed prior to commencement of any solution. Repaying debt over a longer period may increase the total amount to be repaid. In the UK, consumer credit activities are covered by the Institute of Chartered Accountants in Scotland, Group Licence number G/900011
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.
A Debt Management Plan is an Informal Agreement between you and your creditors where you pay back your debts at an affordable monthly rate. 
Bankruptcy should only be considered as a last resort. Bankruptcy is a way of dealing with your debts if you are unable to pay them.
