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Bankruptcy is a massive formal and
legal step. It can help you get rid of debts you’re unable to repay within what’s considered to be a reasonable period of time.
Going bankrupt has serious implications for
your future. So it should only be used when you have no other choice. The single appealing
feature of bankruptcy is that you could potentially write off all your debt, but you’d still have court fees and all the stigma and stuff that comes with something this serious!
There are two types of bankruptcy:
involuntary and voluntary.
If you owe £750 or more, a creditor can apply to declare you as bankrupt. They start a legal process resulting in a court issuing you with a bankruptcy order. You can’t get out of it.
You can apply for this when your debts are bigger than your assets. If you don’t qualify for an IVA or you’ve been refused for one, you might consider choosing to go bankrupt.
Either way, your assets are given to a Trustee who manages your Bankruptcy, who can sell these assets, such as your home, to pay your creditors.
Check out the advantages and disadvantages, which are big. One final word of caution: even if
you have no assets, as we said before, going bankrupt is not free – there’s an application fee
of at least £700 to pay.
There’s a super-helpful debt charity you can call, StepChange. You can ask them anything and they’ll help you every step of the way.
Get BacktoBlack. Talk to us today
Or, take your first steps to debt freedom
with our online form
team of experts
can help you
on your way to
Click below and we’ll tell you a little bit
more about us. Our story is based around
our experience with problem debt.
Find out why we enjoy what we do here at
BacktoBlack, what makes us tick, and how we
can help you change your life for the better!
Don’t worry, we know how you feel.
All these fancy debt words are hard to keep
track of. So to make things easier for you, we’ve
put together a BacktoBlack Debtionary to help
explain the jargon! That way you’ll be up to speed
in no time at all, and ready for that pub quiz.