Bankruptcy information

Bankruptcy is a complicated subject. If you're reading this page, you're probably looking for answers to all kinds of questions.

• How does it work?
• What do all the legal terms mean?
• Do the pros really outweigh the cons?

All the webpages in the world can't tell you everything you really need to know:

• Is it right for me?
• What's the difference between bankruptcy and an IVA?
• Where can I go for bankruptcy information?

If you're looking for bankruptcy information, there's no substitute for one-to-one professional advice.

Making yourself bankrupt is a major decision, and one you shouldn't make until you've discussed your situation with experts - until you've understood all the implications of bankruptcy and explored every possible alternative.

What can we do for you?

In other words, we can help you explore all your options.

If bankruptcy truly is the best solution to your financial problems, we'll help you all the way through your bankruptcy.

From the day we draw up your bankruptcy petition, we'll be there for you: preparing you for your court hearing, talking to your Official Receiver, and providing all the bankruptcy information you need. If something comes up - or you just need to talk to someone - at any stage of the bankruptcy process, you'll have the expertise of our financial specialists and insolvency experts at your disposal, thanks to our special bankruptcy advice line.

If bankruptcy isn't right for you, we can help you find the right way to put your money worries behind you and move on with your life.

For further information visit www.bankruptcyadvisorycentre.co.uk

Bankruptcy information - some useful links

• Bankruptcy Advisory Centre
• The Insolvency Service
• Association of Business Recovery Professionals (R3)
• Directgov - what happens when you become bankrupt?

Bankruptcy - the pros

• You'll be legally protected from action by your creditors
• Your outstanding unsecured debt will be written off when the bankruptcy is over
• You'll have a chance to make a fresh start, free of debt
• You could be discharged in 1 year
• You could reduce your stress levels - although bankruptcy isn't easy, you'll know you're dealing with your situation

Bankruptcy - the cons

• You may lose your home, along with any other valuable assets (savings, shares, etc.)
• Some debts cannot be written off (e.g. court fines, secured debt and student loans)
• Your bankruptcy will be publicised in newspapers
• Your bankruptcy will stay on your credit report for 6 years, potentially adding to the cost and difficulty of obtaining credit.
• You'll be barred from certain jobs: company director, for example, or local government councillor
• You'll have to declare your bankruptcy if you apply for credit over £500.

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