Personal bankruptcy can certainly enable you to write off your debts and make a fresh start but there are many things to consider before you make a decision on whether it’s the right debt solution for you. There’s a detailed process top go through so make sure you get the right advice and guidance.
For free advice on personal bankruptcy call us on 0800 007 5021
Personal bankruptcy is a process for individuals whose debt problems are at the stage where they are genuinely unable to pay them off within a realistic time period. It is a legal procedure put in place in order to resolve the debt situation people can find themselves in and bring a formal end to what can be an incredibly worrying, stressful and debilitating time in people’s lives.
Personal Bankruptcy in Scotland
Personal bankruptcy in Scotland is different from the rest of the UK and has its own term which is Sequestration. The process, rules and qualification criteria are specific to Scotland, full details of which can be found in our section on Bankruptcy in Scotland.
What is personal bankruptcy?
Personal bankruptcy is the process for getting out of debt when you are financially insolvent and unable to meet your debts as they become due. Financial insolvency is where your unsecured debts are greater than your personal assets.
How does personal bankruptcy work?
Because personal bankruptcy is a formal legal procedure the process must be followed according to the bankruptcy rules and guidelines. The process is administered by a licensed insolvency practitioner who will ensure you follow the correct procedures and deal with your creditors on your behalf.
Ensure you get professional debt advice
Bankruptcy is a serious situation and will have implications for your financial future, your home and even your job if you work in certain professions or run a business. It is important therefore that you seek professional debt advice to ensure you have all the information available to make the right decision.
EP-Debt provides free debt advice on personal bankruptcy and you can speak to our expert debt advisors at any time without obligation.
For free and independent advice on personal bankruptcy call us on 0800 007 5021 or email us here.