If you have a debt problem, one of your options for sorting it out might be bankruptcy. You can apply for bankruptcy if you can’t pay back your debts.
As well as applying for bankruptcy yourself, someone else you owe money to (a creditor) can apply to make you bankrupt, even if you don’t want them to. For a creditor to make you bankrupt, you must owe at least £5,000.
Our partner company’s assessment team will discuss with you the bankruptcy process and how it will affect you.
if your income is high enough, you’ll be asked to make payments towards your debts for 3 years (If your income is made up solely of benefits, you do not need to make payments)
Your credit rating will be affected for 6 years and during the term of bankruptcy you may not obtain credit of more than £500.
If you own your home and there is equity available, it might have to be sold (but you may be able to apply to your local authority for re-housing)
At the end of the bankruptcy term, any unsecured debts are written off.
Interest and charges are frozen and legal action must stop
Designed to put you back on track
Help if your debts are over £5,000. An IVA can help clear up to 81% of unaffordable debtsMore info
Help if you have debts of £2,000 or more. Reduce monthly paymentsMore info
Help if you have little or no disposable income
For those with little spare income and low value assetsMore info
Money Helper is an important service set up by the Government. They provide free debt counseling, debt adjustment and credit information.
We specialise in providing and administering Individual Voluntary Arrangement (“IVA”) solutions to individuals based in England, Wales and Northern Ireland. We do not administer Debt Management Plans, Debt Relief Orders, or any other debt solutions.
Sarah North is authorised in the UK to act as Insolvency Practitioner by the Insolvency Practitioners Association
Registered Address: Sandfold House, Sandfold Lane, Levenshulme, M19 3BJ. Tel: 01625 801007.
We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meets the criteria for an IVA, therefore, all advice is given in reasonable contemplation of an insolvency appointment.
We are a fully licensed and regulated insolvency practice specialising in the provision of Individual Voluntary Arrangements (IVA’s). In 2020 we helped over 500 people successfully enter an IVA and supported a further 2,700 people by referring them to a fee free or charitable debt advice service provider.
*The amount of debt write off is based on your own personal circumstances.
As of 28th September 2021, 37% of customers are estimated to write off 81% or more of unsecured debts included in the IVA.