Debt Help Compare is open until 8pm today - call us on 0845 838 1892
From mobiles, it might be cheaper to call us on 01942 204 659
Write off up to 100% of your debt and become
debt free in 12 months
Find out if Debt Management is the best option for you
We will select the best advisors to help you save money every month See how much you can save - Try our FREE 60 second debt calculator
What is Bankruptcy?
Bankruptcy FAQs
Will Bankruptcy cost me my job?
This entirely depends on the industry in which you work. Members of certain professional bodies may
be subject to restrictions so check your contract Terms of Employment in for a definitive answer.
Can I keep my home?
You always run the risk that your home could be sold to pay off your debt. Seek expert advice.
What are the consequences of bankruptcy?
Bankruptcy is not an easy way out. You have to carefully consider the consequences.
There is the stigma of having your details published in your local newspaper,
you could well struggle when applying for credit or opening a bank account and
there are careers that exclude people who are bankrupt, or even those who were once bankrupt.
There is the stigma of having your details published in your local newspaper,
you could well struggle when applying for credit or opening a bank account and
there are careers that exclude people who are bankrupt, or even those who were once bankrupt.
What exactly is bankruptcy?
Individuals who cannot meet their financial commitments, or whose liabilities exceed their assets, may apply to Court to be declared
bankrupt. Also, a creditor who is owed in excess
of £ 750 can petition for a person's bankruptcy.
What exactly is bankruptcy?
Individuals who cannot meet their financial commitments, or whose liabilities exceed their assets, may apply to Court to be
declared bankrupt. Also, a creditor who is owed in excess
of £ 750 can petition for a person's bankruptcy
Where do they make the bankruptcy order?
The Bankruptcy Order will be issued by the same court where
the Bankruptcy Petition was filed. This tends to be your local County Court but could be at the High Court.
What are the effects of bankruptcy?
The nominated Trustee takes control of all of your assets, including your home, you cannot obtain credit in excess of £ 500 without
having to disclose that you are bankrupt and you must conduct all business under the same name as you were
made bankrupt
Is declaring myself bankrupt the right decision for me?
You could well find that another debt solutions,
such as an IVA
Trust Deed in Scotland),Debt Management Plan
or Consolidation Loan would be
more appropriate to your circumstances. Our initial advice won't cost you anything but it could help you decide which
option is best suited to your current financial situation.
Declaring yourself bankrupt is a huge step and the decision should not be taken lightly. There are other options available to you. Just call one of our advisors now and they will discuss your current financial situation with you and help you to find solutions to take steps to resolving your debt problem.
Declaring yourself bankrupt is a huge step and the decision should not be taken lightly. There are other options available to you. Just call one of our advisors now and they will discuss your current financial situation with you and help you to find solutions to take steps to resolving your debt problem.
Can I keep my bank account?
There are no rules against a bankrupt individual having a bank account.
Anyone who's been declared bankrupt should inform their bank about the change in their
circumstances as they may add some conditions of usage to the operation of your account.
Of course, there's no way that you should be requesting any lending or overdraft facility when in this situation.
If I'm bankrupt, can I still work?
You can still be self-employed or be employed if you are declared bankrupt.
You must simply follow the rules imposed by Bankruptcy legislation and inform
any lender that you are bankrupt before trying to obtain credit of over £500.
If your salary exceeds your household expenditure, the Official Receiver may request an Income Payments Order (IPO).
How long does the bankruptcy term last?
Since the 1st of April 2004, bankruptcy terms usually last one year from the date that the Bankruptcy
Order took effect.
An annulment of a Bankruptcy Order is the process by which a court can overturn the Bankruptcy order
and return you to the point before the bankruptcy took effect, leaving no record on your credit history.
What is a discharge from bankruptcy?
This is the procedure by which you are released from the constraints of bankruptcy and are absolved from the majority of your debt.
If I am declared bankrupt, do I still have to pay off my student loan?
As of the 1st of September 2004, your student loan cannot be included in your Bankruptcy.
You will have to maintain payments in accordance with its terms and conditions.
You cannot obtain credit in excess of £ 500 without having to disclose that you are bankrupt.
You must conduct all business under the same name as you were made bankrupt.
©2010 Minus 5 Media t/a Debt Help Compare
Website Design by Website Design Manchester
& SEO by SEO Manchester
XML Sitepmap