Bankruptcy

Bankruptcy is an extreme solution to solving your debt problems, and should only be an option when all other avenues are properly exhausted.

Bankruptcy is a very public process and the procedure converts all your possessions and disposable income into cash to help repay your outstanding creditor commitments. 

Bankruptcy Worries?

An IVA is a less severe alternative to bankruptcy.

If you think that you are going to be made bankrupt or thinking about declaring yourself bankrupt, then you need to consider if an IVA would be a better option. IVAs were set up by the government as a less severe alternative to bankruptcy, and they are in place to help you.
 
If you find yourself in serious financial difficulties and need some specialist advice, please call our advisors on 0808 131 9103.

In terms of solving debts, bankruptcy is an extreme solution, and is only suitable for debtors when all other options are exhausted. Always take expert advice from an Insolvency Practitioner.



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Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)
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