Bankruptcy Process

Before you consider declaring yourself bankrupt, you need to make sure that you have fully exhausted all other options available to you.An Individual Voluntary Arrangement could save you from some of the long term effects of bankruptcy. To find out more, please call one of our advisors on 0800 048 1766.

How Does the Bankruptcy Process Work?

The Court determines whether to declare an individual bankrupt, and this can be petitioned by either yourself or your creditors, who can do this without your consent. 

The Official Receiver (a civil servant and an Officer of the Department of Trade and Industry) will require the full details of your financial circumstances, along with a face to face interview.

Once this is agreed you will lose control of your assets and income. They are divided between the creditors, to help pay back what they are owed. All of your financial links will be told about your situation.

Bankruptcy is a complex legal issue and consequently there are serious implications which cannot be avoided. We might be able to help you avoid bankruptcy, so please contact one of our specialist advisors on 0800 048 1766.