Bankruptcy
What is Bankruptcy?
‘Bankruptcy is a legal proceeding which allows you to clear your debts if you are unable to meet payment requirements and have failed to agree reduced payment options with your creditors. Bankruptcy frees you from debts usually within 12 months and ensures any assets you have are shared evenly amongst your creditors'
Is Bankruptcy right for me?
- Very low disposable income
- Cannot afford to make repayments on your debts
Bankruptcy Explained
When deciding upon bankruptcy as an option it is vital to understand its implications and discuss with an experienced debt advisor at Debt Simple to establish whether it really is the right solution for you.
Our debt advisors will offer you free impartial and ethical advice, we will advise of the advantages and disadvantages before you make any decision, and will also advise of the alternatives you have available, such as debt management or an IVA.
Many people who come to us for debt advice are under the impression that bankruptcy is the only solution they have, but we will look at your personal circumstances and guide you in the right direction.
Our Service
- We will look at your income and essential living costs (mortgage/rent, utility bills etc) and work out an affordable monthly repayment.
- We have strategic partnerships in place with professional bodies to help you with the application of Bankruptcy.
- We can discuss other solutions available to you, if you want to avoid applying for Bankruptcy.
The decision to apply for bankruptcy is a serious one so we will make sure an expert advisor will go through all the advantages and disadvantages of bankruptcy before you make your decision. They will also be able to advise whether or not you should look at alternative solutions.
Advantages of Bankruptcy Disadvantages of Bankruptcy
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