Bankruptcy

 

Bankruptcy is a public process, as the details are always advertised in your local newspaper and online. Everyone that you are financially connected with is notified, including your bank/building society, landlord, etc.

Future assets acquired during the term of the bankruptcy will be lost, such as inheritances. All your possessions and disposable income are converted into cash, to go towards repaying some or all of your outstanding debt.

It is an extreme solution to solving your debt problems, and is only suitable for debtors when all other options are exhausted.
 
If you find yourself facing bankruptcy, please give call us on 0808 131 9110 and see if we can advise you on any viable alternatives.

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)