Bankruptcy Information and Advice

Independent debt help from one of the UK's leading bankruptcy and debt management advisors. We are here to provide free impartial assistance to help you to overcome your debt problems.

Our advisors are able to provide you with up to date information about the whole range of debt solutions including:

Individual Voluntary Arrangements (IVA's)
Debt Management Plans
Bankruptcy

To contact Debt Management Help simply call us on freephone 0800 043 50 43 or alternatively complete our enquiry form.

Independent Bankruptcy Advice

If you are considering bankruptcy Debt Management Help.org.uk is here to give you professional unbiased support. Call us on 0800 043 50 43, all calls are free and lines are open 7 days a week from 9am to 9pm. Alternatively complete our enquiry form and we will call you back.

What is Bankruptcy?

Bankruptcy is a method of dealing with debts that you are unable to pay. Becoming bankrupt is a way of freeing yourself from serious debt problems while at the same time ensuring that your assets are shared out fairly between your creditors. Bankruptcy is available to anyone subject to some restrictions.

Becoming Bankrupt

The bankruptcy process begins with a bankruptcy petition being presented to the court. This petition can be presented either by yourself or by a creditor to which you owe at least £250. After receiving the petition the court can either issue a bankruptcy order, dismiss the petition, appoint an Insolvency Practitioner to deal with the debt, or if more information is needed the proceedings may be delayed. A bankruptcy order can be made even if you dispute or refuse to acknowledge it.

Advantages of Bankruptcy

For a person looking to overcome debt problems bankruptcy has several benefits. The Official Receiver or a nominee will be appointed to deal with your financial affairs on your behalf. You will receive Court protection from any further debt recovery actions by your creditors. The bankruptcy will last for one year at the end of which you are able to start afresh with most if not all of your debts cleared.

Disadvanatges and Implications of Bankruptcy

Being made bankrupt does however have a number of negative consequences associated with it. For example any valuable assets including your home may be sold to repay your debts. Additionally the Bankruptcy Order will be publicised in your local newspaper and your credit rating will be affected making it more difficult to obtain credit in the future. As a bankrupt you will be restricted from certain professions including being an accountant, lawyer or company director.