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Bankruptcy Explained

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0800 564 22 11

Bankruptcy Explained

Bankruptcy is an option for any individual who cannot pay their debts “as and when they fall due”.

The Bankruptcy proceeding has two aims:

  • To free the individual from the pressures of creditors (people they owe money to) to enable them to make a fresh start.
  • To ensure that all assets (such as property and investments) are shared out fairly among the creditors.

Bankruptcy Explained

Anyone can go bankrupt, including individual members of a partnership. There are different insolvency procedures for dealing with companies and for partnerships themselves.

If bankruptcy proceedings are taken against you, or you are thinking of making yourself bankrupt, you should seek your own legal or financial advice as soon as possible.

Free Online Bankruptcy Eligibility Test

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Use our Free Online Bankruptcy Qualification Check to see if Bankruptcy could be the right option for you.

Bankruptcy is a serious matter. You will have to give up any possessions of value and your interest in your home. It will almost certainly involve the closure of any business you run and the dismissal of your employees. Bankruptcy will also impose certain restrictions on you. See disadvantages of bankruptcy for more details

There are many long term disadvantages associated with Bankruptcy which need to be considered before you make your final decision. It is recommended that you seek expert advice if you are considering declaring yourself bankrupt.

N.B. Are you sure declaring bankruptcy is the only option?

But before you apply for bankruptcy make sure you're certain you've considered the following questions:

Need Bankruptcy Advice?

Our panel of specialists can quickly advise you on what to do if you are considering going bankrupt. Simply call the team FREE on 0800 564 22 11.
Alternatively take the online bankruptcy test and check if you qualify.

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Fantastic,they are life savers.

I Contacted them at 5 pm on a Thursday night,they arranged a meeting Friday morning with all the relevant bodies their because my case was the following Monday .I can't sing their praises high enough they contacted the courts same afternoon. Fantastic response, I avoided bankruptcy on the Monday and was given time to arrange an Iva. I risked losing my home,my mother and fathers home all hope seemed lost until I made that fateful phone call. I can now sleep at night.

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BankruptcyAdvice-Online.co.uk does not charge you any fees for using our service, all of our network partners will also provide you with a free initial consultation free of charge, to ensure you get the advice you need when you need it.

We will pass your details on to one of our network of our approved Insolvency Practitioners or Debt Advice Charities who will contact you and explain all the options available to you. They will then be able to help you set up a debt solution which is right for you.

The debt solution offered to you by our network will depend on your criteria and circumstances, including how much you owe and how many creditors you owe money to. You need to speak to a debt advisor to obtain a full assessment.

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