Bankruptcy Explained

Is Bankruptcy the Right Choice?

Once filed there's no going back. Get expert assistance.

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Bankruptcy Courts in and around Lee on the Solent

Stafford Combined Court Centre

Stafford Combined Court Centre
Victoria Square
Stafford
Staffordshire
ST16 2QQ

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Stoke-on-Trent Combined Court

Stoke-on-Trent Combined Court
Bethesda Street
Hanley
Stoke-on-Trent
Staffordshire
ST1 3BP

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Lee on the Solent Bankruptcy Help

Filing for bankruptcy can be very beneficial choice for some, and a terribly devasting one for others. Obtaining the protection of a bankruptcy order is a civil right that you can enforce when your level of debt has become so unmanageable, and the prospect of you repaying it so impossible, that it is the only reasonable course of action.

There is an alternative called an IVA, which is arguably a much more suitable choice if you have a property (that’s in equity) that you want to keep, or vehicles worth more than £2,500. Unlike bankruptcy an IVA protects your assets, and is a contract between you and your creditors agreeing upon monthly instalments for a period of 5 years.

When facing insolvency it is worth considering both options, but whichever you choose, they both adversely affect your credit rating in the same way and they both provide a way to lift the burden of debt.

You can speak to a qualified insolvency expert for unbiased advice, with no-obligation, by completing the form on the right.

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