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Leading Bankruptcy Specialists
Become debt free in 12 months
What successful bankruptcy immediately offers you
How it works
Fill out our simple 35 second online assessment form
Our quick and free online assessment takes you effortlessly through the key questions to see if you qualify for bankruptcy. Click the blue button below to start you assemment.
Speak with one of our friendly and confidential bankruptcy experts
Our friendly and highly experienced bankruptcy experts will be able to offer you a choice of plans to get your finances back in order and to start enjoying life again.
We help you choose the plan that’s best for you
Bankruptcy may or may not be the best plan to move forward with. We will help guide you through this crucial financial decision so that you’re put you back in control of your financial future.
What our satisfied customers have to say…
Michelle Pawson
"I called bankruptcy limited, as I wasn't sure what to do about bankruptcy and needed some information about it. I spoke to a lovely chap on the phone and explained my situation to him and he listened to everything I said. he replied with some clear advice and I had more of an understanding of my situation and what I should do.
I am now following his advice and feel so much happier. I would recommend bankruptcy limited they are a professional company."
James
"We really can't thank Sean enough, after about 2 years of trying to lift my partners bankruptcy we found Sean at bankruptcy limited. He never gave up even through all the struggles of the courts etc closing through the pandemic, he was always on hand answering calls and txs quickly and efficiently. We were honestly worried of the outcome but he got us the best outcome possible and we are over the moon and can finally move forward with our lives. Thank you again."
Helen Walsh
"This company helped through a difficult time.
I first contacted them because I was very worried after receiving threatening dept letters.
The service and advise I received from them was excellent, it certainly empowerd me and I was able challenge this problem more positively and stay calm."
"My problem has been solved in very short time.Great professional advice and service! Thank you very much! Highly recommend it to anyone! "
Tina Miller
"Thank you Janet. I aim to provide clear practical solutions and help where I can to support the needs of clients."
Janet Exelby
"Very highly rated, helps with everything and was always available for advice, would definitely recommend to anybody who needs help at a difficult time."
Michael Lee
"I had a few questions about my bankruptcy and I needed advice on what I need to do when I move out of the UK permanently. Sean was very kind to do so and I am more confident now."
Suvo D
"I rang this company today upset worried and stressed about my financial situation and after to speaking to a very professional and understanding man Sean."
Tracey Hobbs
"Called and spoke to Shaun. Got really good advice for nothing, very hard to find such people nowadays! Appreciate your support and guidance."
A Kay
"I made a call to this service,to ask for some advice .so glad I did .I was given fantastic advice .Nothing to much trouble highly reccomend this service 5☆"
Audrey
"You may have heard of a saying “ you’ve tried the rest now try the BEST” Sean and his team truly are the BEST KIND CARING AND PROFESSIONAL"
Tara
"A class service. Kind, sincere, patient professional advice. I would highly recomend this company."
James
"Really fast friendly service at what I can only describe as a truly difficult time. Supportive and efficient."
Sarah Jackson
Your bankruptcy questions answered
If you have any questions, please call our professional team on 01425 600129
Why trust bankruptcy.co.uk?
bankruptcy.co.uk has been helping people just like you for over 25 years. We’re true bankruptcy experts, enabling us to very quickly and expertly help you establish if bankruptcy is the correct path, or if you need to take other insolvency options. Whichever path is best for yourself, we’ll then guide you through the process.
Our team are all exceptionally friendly, highly skilled, totally confidential and very proactive. Our collective passion is finding a solution that’s right for you, enabling you to get your finances back in order and start enjoying life again.
Exactly what is bankruptcy?
Bankruptcy is a legal status that clears all or most of a person’s debts. Bankruptcy is an option for people who are in such severe financial difficulties that they have no realistic ability to repay their debts within a reasonable time frame. Being bankrupt is not a permanent status, if you abide by all the Official Receiver rules it lasts 12 months. After successfully completing your 12 months of bankruptcy you are then discharged. After discharge, your bankruptcy stays on your credit file for 6 years. .
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Is Bankruptcy right for you?
If someone’s financial difficulties are so severe that they have no realistic ability to repay their debts within a reasonable time frame then bankruptcy could be the correct avenue to take.A successful bankruptcy will write off all or most of a person’s debts, and also prevents:
- Any future legal action regarding the debts included within the bankruptcy
- Creditors making contact
- Bailiffs and debt collectors continuing to hassle
However, once a person is declared bankrupt, there are a number of things that happen that need to be seriously considered by anyone looking to take the path of bankruptcy
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What happens when you are declared bankrupt?
The key aspects that change when you are declared bankrupt are:
- For 12 months (during the period of being an undischarged bankrupt) you must comply with the Official Receiver. All your earnings must be declared, and any earnings over and above the threshold will be given to your creditors.
- Payments to creditors from your earnings could continue for up to three years post discharge.
- Your assets may be sold to pay creditors. Certain goods will not be taken if they are a required for everyday living, such as clothing, household furniture, work equipment, etc.
- If you’re a homeowner then you may be forced to sell your property. A forced sale of your property depends on the level of equity.
- To obtain credit of more than £500 you’ll need to inform the lender of your bankruptcy status.
- You will most likely lose your job if you work in: Financial Services, Law, Medicine, and Property.
- You can’t be involved in running a Ltd business without permission from a court.
- You will generally have to close your bank or building society account when you’re made bankrupt. You may be able to open another account as long as the bank or building society gives you permission to.
- Obtaining any form of credit will be considerably more difficult for up to six years.
- Your insurance premiums will generally be negatively affected.
- Details of your bankruptcy are placed on the Individual Insolvency Register, and remain there for three months after the date of your discharge from bankruptcy.
All of these factors need to very carefully considered, weighed up, and you then need to make the decision. We will be with you and support you along this crucially important decision-making journey.
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What debts are not cleared by bankruptcy?
Bankruptcy does not write off:
- Magistrates’ court fines
- Student loans
- Arrears of maintenance or maintenance payments ordered by a court
- Child Support Agency & Child Maintenance Service arrears
- Debts you acquired through fraud
- Debts you owe as a result of a personal injury claim against you.
If bankruptcy is not right for you then what are the alternatives?
Although our name is bankruptcy.co.uk we very frequently advise our customers to not take the bankruptcy option as it’s simply not right for them. These are the other main options:
- Individual voluntary arrangements (IVAs) – your repayment agreements are negotiated by an insolvency practitioner.
- Informal agreements – arrangements are made with your creditors, with a schedule of repayments being agreed.
- Administration orders – an order is drawn-up for you to make regular payments to your local court. The payments are then divided up by the court between the creditors.
- Debt Relief Orders – a formal insolvency process for people with no assets, low income and no prospect of being able to clear their debts.
Again, we will help you through every step if you choose any of these bankruptcy alternatives.
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