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An email will be sent to you no more than 15 minutes after completing the form regarding your options and legal rights


You will receive an email within 15 minutes of completeing the form regarding bankruptcy and alternative options that are available
Complete the form on the right to see if bankruptcy is the best option for you or if you qualify for one of the alternatives.
Bankruptcy is not the the only option available for people struggling to pay debts, in fact these days it is usually a last resort.
Bankruptcy is a point where you are no longer able to pay back your debts or even get close to ever paying them back. At this point, you can declare yourself bankrupt voluntarily. In some cases, you are forced to file for bankruptcy if creditors petition because you have not paid your debts to them.

There are many reasons people are forced to file for bankruptcy and the usual cause is that they take on more debt than they could ever hope to pay back, although sometimes it is just a change in circumstances such as job loss, too much debt with little or no savings to help during the time with no job often gets people so far behind that there is no way to ever catch up.

It is important to talk to all creditors during times like this because many are willing to set up alternative payment plans that will work for you during these times.

Once filing for bankruptcy whether voluntarily or forced a court appointed trustee or official receiver will for a limited period of time be given the authority to take over the management of your financial affairs. Once the bankruptcy has been completed and everything settled, your finances will be your responsibility again.

What Will Be Affected By Bankruptcy?

The trustee will have access to your all of your assets. This will include your home and any other possessions that can be sold to pay back your debts to the creditors. Your home is often sold, this will first pay off any existing mortgage then any equity after that will be distributed to the creditors.
You get to keep clothes necessary furniture and things needed for cooking and eating when filing for bankruptcy but anything else of value will probably be sold to raise funds to send to your creditors that is why it is important to explore all other options before taking this step. Does It Affect Your Future.
Your future credit is also affected by filing for bankruptcy.  The process for filing bankruptcy can often take up to a year. After which time, the bankruptcy will remain on your credit report or file for another six years. During this time, it will be difficult to receive credit from lenders as you will be seen as high risk.
Filing for bankruptcy is an important decision for you to make. It is important that you have tried everything to pay back your financial obligations before filing for bankruptcy. There are debt solutions such as Debt Management, IVA or Trust Deeds (for residents of Scotland) that should be looked at in depth before you must file for bankruptcy. These options should be considered in depth before moving forward with bankruptcy.
Bankruptcy will affect your finances for the next six years at least. It is important that you understand that this is a major and final step to get your financial situation back on track. Explore all options before making a final decision.
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