Personal Bankruptcy

Bankruptcy is not for the faint-hearted. It requires serious consideration and should be the last resort, and then only if you are unable to get an IVA or an alternative debt solution.

Harrington Brooks can offer you good, practical advice on whether bankruptcy is a worthy, or indeed your best option. Talk to one of our expert advisors today on 0808 131 0040.

You may file for bankruptcy if you are unable to meet all the repayments on your loans and other responsibilities. Most creditors would prefer you to find out what alternatives you have, as they would not gain much from your filing for bankruptcy. This may be something to consider, as you may still be able to pay off most of your debts, and this could save you from filing for bankruptcy.

It is worth stressing again that you should not leave things until it has become too difficult to deal with. Our advice to you would be to seek help and assistance as soon as you suspect that your debts may be becoming an issue. Our advice comes with peace of mind and we will do everything possible to help you resolve your debt problem in the best way and in the shortest possible time.

We always endeavour to give the most appropriate guidance to resolve debt problems quickly. All you need to do is call us at Harrington Brooks today on

0808 131 0040

and speak to one of our expert debt advisors.

In most cases bankruptcy lasts a maximum of 12 months and some bankrupts may receive a discharge after 6 months. Bankrupts may not apply for credit exceeding £500 without declaring their financial status. They should also tell their business partners and creditors they are bankrupt, otherwise they may face prosecution. Undischarged bankrupts may not be involved in the formation or management of a limited company without a Court’s permission.

Pros and Cons

One of the more straightforward pros is being free from debt. You’ll be able to make a fresh, stress free start, though some restrictions may apply.

The disadvantages of a bankruptcy may include the possibility of losing assets and closing down of a business. Future creditors should be informed of the bankrupt’s status and there are certain positions that bankrupts may not hold.