When searching for help regarding debt a common belief is that bankruptcy is the only advice available. In reality, there are numerous debt solutions which can help resolve money worries. At Debt Support Trust our charity advice line offers debt help on a wide range of solutions. So, if bankruptcy is the correct solution you will be speaking directly to our bankruptcy advice line and will be offered tailored advice based on your specific financial situation.
If you would like to check whether bankruptcy is the right debt solution for you, why not try the 10 minute debt test? Or you can call our debt charity advice line specialists today on 0800 085 0226.
Should I Go Bankrupt?
Before deciding whether you should or shouldn’t go bankrupt, you must seek impartial debt advice from a registered debt charity. This ensures you’re not making the wrong decision which could affect your employment, assets or credit file.
If you are struggling to meet your minimum contractual repayments to your debts then bankruptcy could be the correct option. However, there are other factors to consider when determining the right debt solution for you. For example, do you have any assets with equity, such as a house? If so, you could be asked to sell your house in bankruptcy to repay the debt. In other debt solutions you could retain your property and become debt free.
If your are in employment then you could be asked to make a contribution to your bankruptcy each month under and Income Payment Order. This arrangement lasts for 3 years, despite bankruptcy only being 1 year.
There are other pros and cons of entering bankruptcy to deal with debts. Bankruptcy may not hold the same implications for one person as it does for another. There are also two routes to enter bankruptcy so speak to our bankruptcy advice line today on 0800 085 0226 to get specific bankruptcy help.
Typical Bankruptcy Questions
There are often questions that people considering bankruptcy have. Some of the most common questions are:
What is the cost of Bankruptcy?
Bankruptcy costs vary depending on the route you’re deciding to enter. If you are suitable for a DRO route to bankruptcy then the cost is £90. Otherwise the cost is £700 at the local court. If you’re on a low income then the bankruptcy application cost at your local court could be reduced to £525.
In Scotland, the bankruptcy application cost is £200.
How do I make myself bankrupt?
You can make yourself bankrupt by going to your local court or speaking to a money advisor who can help you organise a DRO. You should give Debt Support Trust a call on 0800 085 0226 to discuss which route is best for you.
Can you help me with bankruptcy?
Yes. We can help you determine whether bankruptcy is the right debt solution, which route is suitable and even help with paperwork.
You can email us for assistance email@example.com or call 0800 085 0226.
Somebody else is making me bankrupt, what can I do?
When somebody else is making you bankrupt you should seek debt advice as quickly as you can. Time is generally of the essence to help you avoid bankruptcy, if that is what you want. If somebody else is making you bankrupt then you do not have to pay the bankruptcy fees, which would save you money