Bankruptcy

Bankruptcy should always be regarded as an extreme solution to solving your financial problems. Debt Helpline believe that bankruptcy should only be seen as a last resort when all other options have been fully exhausted.

A Bankruptcy Order will mean that all of your assets and disposable income are lost as they will go towards paying your creditors, this includes losing your home and your car. 

All of your bank accounts and credit cards will be closed. Bankruptcy is also a very public process, your details will be published in your local paper and are available online. It will also place restrictions on your future career prospects.

Free Bankruptcy Help from the Debt Helpline 

If you find yourself facing bankruptcy, please call us the Debt Helpline team on 0808 131 9113 to see if we can provide you with a better alternative. 

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)