Bankruptcy Benefits

It can sometimes feel as though bankruptcy may be your only way out of debt. But there are alternatives out there, such as an IVA or Debt Management Plan.

You should always seek expert advice before you consider starting Bankruptcy proceedings. For help and information, please call our freephone number 0800 048 1766.

Bankruptcy Benefits:

  • Once you have been discharged from your Bankruptcy Order, all your debts will be written off, and you should be able to begin your debt free future within 12 months.
    (However this is not strictly true and you may end up making payments into the bankruptcy estate for an additional three years through a binding Income Payments Order which is issued by the Court, even though your bankruptcy order will have legally finished after 12 months.)
  • There will be no more phone calls or letters from creditors demanding money, as they will be dealt with by a third party.

Once you have declared yourself bankrupt, any assets will be sold to repay your creditors and your financial life will be subject to scrutiny.

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