Bankruptcy is a formal legal debt solution that may be considered when you’re unable to repay your debts and have limited assets or income available. It is designed to help individuals deal with unmanageable debt while offering protection from further action by creditors.
When someone is declared bankrupt, control of certain assets may pass to an appointed official, who can sell them to help repay creditors. In many cases, most unsecured debts are written off after around 12 months, giving the individual a fresh financial start.
During bankruptcy, creditors are generally prevented from continuing collection activity or taking further court action against you without permission. Eligibility will depend on your financial circumstances, including your level of debt, income, and the value of any assets you own.
Bankruptcy may not be suitable for everyone. Fees may apply, and it can have a serious impact on your credit rating and financial circumstances
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Bankruptcy places your finances under the control of an Official Receiver, who reviews your income, debts, and assets. Some valuable assets may be sold to repay creditors, although essential items are usually protected. Financial restrictions will normally apply during the bankruptcy period.
You apply online through the Insolvency Service and pay the required fee. Once approved, an Official Receiver manages your case, reviews your finances, and may use available income or assets to repay creditors.
Bankruptcy usually lasts 12 months. After this time, most included debts are written off, although some payments may continue for up to three years if you can afford to contribute.
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