Bankruptcy - How It Works
Be Debt Free and make a clean break
Bankruptcy Benefits Include
- Possibly reduce debt – when there is no alternative
- Creditors demands will usually stop
- Reduced costs – cost less than IVA
Also...
- Can in some cases be discharged in 12 months
- No further action will be carried out by the creditors
Your Bankruptcy Queries Answered
How long will the Bankruptcy last?
You are normally discharged from your bankruptcy within 12 months, but may be longer if you withhold any information from the courts
Will this cover my student loan?
Unfortunately bankruptcy does not include student loans and other exceptions such as court fines.
Can I Keep My Car?
If your car is valued less than £2000.00 the courts may allow you to keep your car. The courts will sequester any assets but household goods are safe.
Does it cost me to declare myself bankrupt?
There are fees involved £150.00 court fee and standard £450 official receivership fee, which is included with administration costs. In addition, fee’s can be paid in instalments subject to arrangement with your chosen debt management company.
