What Is Bankruptcy?
Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
If you’re in severe financial difficulty and are considering going bankrupt, you’ll probably have lots of questions about it.Here we’ll tell you more about what bankruptcy is. Remember, bankruptcy might not be your only option and it might not be the best one for you.
Who Can Apply For Bankruptcy?
Should You File For Bankruptcy?
Filing for bankruptcy is often seen as a scary but open option. But it’s important to know that when you’re facing what seems like financial ruin, you have choices. It’s really important you don’t make a decision to go bankrupt alone. Talk to a free debt adviser first.
Free Debt Management Plan
Debt Management Plans are available across the UK although people don’t take advantage of them. So regardless of where you live in the UK, if you’re struggling to keep up with payments to your debts. A DMP can help get everything in order, therefore making things that little bit more manageable to help ease stress over debt problems.
Individual Voluntary Arrangement
An Individual Voluntary Arrangement (IVA) is a formal and legally-binding agreement between you and your creditors to pay back your debts. This is agreed over a period of time and any remaining debt after this is written off. An insolvency practitioner deals with the creditors throughout the duration of the IVA so you don’t have to.