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How To Go Bankrupt

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    How To Go Bankruptcy

    If you have problem debt, one of your options for sorting it out might be bankruptcy. You can apply for bankruptcy if you can’t pay back your debts.
    If you owe more than £5000 out to your creditors, they can apply to have you made bankrupt.

    As well as applying for bankruptcy yourself, someone else you owe money to (a creditor) can ask a court to make you bankrupt, even if you don’t want them to. They can only do this if you owe at least £5,000. You can find out more about creditors making you bankrupt.

    If your debts are below £20,000 you may qualify for a DRO (Debt Relief Order) which with a one-off payment of only £90 will clear all your debts to see if you qualify try our Debt Relief Calculator

    Does Bankruptcy Write off All of Your Debts?

    The majority of your debts will be covered by your bankruptcy order. When you are discharge from your bankruptcy, these debts are then legally written off.

    Its important to note, that not all types of debt can be included in bankruptcy.

    If you are concerned some of your debts may not be included into your bankruptcy. One of our expert advisors will be able to discuss qualifying debts for bankruptcy

    Paying Bankruptcy Fee's

    You can pay online when you apply for bankruptcy. If you pay online, you can choose to pay in instalments.

    The total cost of Bankruptcy is £680 which is made up of; the adjudicator fee £130 and £580 to the official receiver. These payments are to be made to the Insolvency Service online.

    This fee can be made in instalments. The minimum payment amount is £5.00, to which you can pay in as many instalments as you like

    ⚠ If you are struggling to raise the funds to pay for your Bankruptcy fee’s. One of our advisors can discuss potential charities who will cover these costs for you.

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    Bankruptcy Common Questions – FAQ’s

    Benefits of Bankruptcy

    ▫ Your unsecured debts will be written off, giving you a fresh start

    ▫ Your creditors can’t take any further legal action against you to recover your debts

    ▫ They must also stop demanding payment, charging interest and adding other charges

    ▫ You won’t receive any further contact from your creditors

    Risks of Bankruptcy

    ▫ Assets such as your home or vehicle may be included in your bankruptcy

    ▫ Some jobs are affected, such as legal or financial roles

    ▫ Bankruptcy will have a negative impact on your credit file and appear on it for six years

    ▫ Your bankruptcy will be recorded on a public register

    Is Bankruptcy Right For You?

    ▫ If you are struggling to repay unaffordable debt. Then Bankruptcy may be an option for you*

    ▫ Bankruptcy isn’t a decision to be taken lightly. It’s important to understand the advantages as well as the disadvantages to declaring yourself bankrupt

    ▫ Things such as your vehicle or home can be affected or sold in bankruptcy. There are also cases where you may be asked to contribute an ongoing monthly payment towards your debts. Known as an income payments arrangement (IPA). This can last up to 3 years.

    ▫ To find out if bankruptcy is suitable for you. You should always speak to an expert before making the choice to proceed with bankruptcy

    What Are My Alternative Options

    If you believe bankruptcy isn’t right for you. There are a number of alterative solutions that may be available to you; Debt Management Plan (DMP), Individual Voluntary Arrangement (IVA), Debt Relief Order (DRO)

    Our advisors are trained to give advice on ALL alternative debt solutions. Learn more about these options

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    * If you are considering the option of bankruptcy, there are a number of factors that would need to be considered. The implications of bankruptcy may vary depending on your personal situation. Our specialist advisors will be able to determine these factors and the advice they provide you would be based upon the information you provide. If the information provided is not true to your situation the advice you receive may not be accurate
    Money Support Group specialise in providing debt advice tailored to the needs of each customer, based on their individual financial circumstances. We do not charge a fee for our advice or directly provide debt solution products; we offer our customers no-obligation referrals to trusted providers of appropriate debt solutions and (as a commercial firm) receive a referral fee from debt solution providers for any successful customer referrals.
    Some debt solutions involve fees to you – these fees will always be explained to you and confirmed in writing by your chosen solution provider before you decide to take up their service and before any solution agreements are signed.
    Money Advice Service offers you access to free, impartial and independent sources of debt advice.
    Money Support Group are an Appointed Representative of Two Financial Services Limited, who are authorised and regulated by the Financial Conduct Authority under authorisation no. 671355. Money Support Group are registered in England & Wales, registered company address: Office 007, Northlight Parade, Brierfield, Nelson, BB9 5EG, company registration number 10008746, Information Commissioner’s Office registration number ZA261956