Don't worry. We can help. Bankruptcy is not the end.

If you are having overwhelming debt problems then claiming bankruptcy is the last resort. The consequences of bankruptcy are severe, and we will always try to find bankruptcy alternatives which will better suit you. If you think you need to claim, we will assess your situation and where possible, help you find better debt relief solutions.

Sometimes however, bankruptcy is the only option available. In this situation, we can help. We will initiate a Walk-Through-Bankruptcy with you, which takes the stress and complications out of bankruptcy, and leaves you better prepared for life after bankruptcy. We complete all the necessary forms and paperwork for you to sign and will attend court at the date of your hearing.

Advantages of Bankrupcy

• The pressure is taken off you as you do not have to deal with your creditors
• You are allowed to keep certain things, like household goods and a reasonable amount to live on
• When the bankruptcy order is over, you can make a fresh start.  In many cases, this can be after only one year
• Creditors have to stop most types of court action to get their money back following a bankruptcy order (but in some cases the bailiffs may still be able to take belongings away)
• The money owed can usually be written off

Disadvantages of bankruptcy:

• It will cost up to £700 in court fees and a deposit to go bankrupt (as of June 2011), plus we will charge an additional fee to help you complete the bankruptcy documentation.
• Whilst you are bankrupt you can not apply for more credit
• If you own your own home, it might have to be sold.  However, you may be able to apply to your local authority for re-housing
• Some possessions might have to be sold, for example your vehicle and any luxury items you may own
• If you own a business (as a Sole Trader), it is more than likely that the Official Received will close down your business, dismiss the employees and sell off the assets
• Going bankrupt can affect your immigration status (where applicable)
• Bankruptcy cannot be kept private, details will be listed on the Insolvency Register, which people can access on the internet
• Even when you are no longer bankrupt, you could have another order, called a bankruptcy restriction order made against you
• Even throughout bankruptcy there are some debts, such as court fines and student loans that will never be written off.  Also, secured creditors can still take action against you
• Your employment may be affected. It is advised that you check your employment contract: for example, if you are made bankrupt you can not be a Company Director
• There are some powers for the official receiver to take criminal action against you: for example, if you have committed fraud

Obtaining a mortgage after bankruptcy will be very difficult if not impossible, for a number of years, due to the way in wich your credit rating will be affected. This can be improved and positively affected in time, but you should be aware that rebuilding credit after bankruptcy will take time.

If you absolutely require bankruptcy, we will help you take the pain out of your claim and guide you through. We will help you to find a less damaging solution to your debt problems wherever possible - you may qualify for example for an Individual Voluntary Agreement, or other bankruptcy alternative.