Clear Insolvency provides a bankruptcy service to clients throughout the UK and for UK citizens living abroad. We can guide you through the entire process of bankruptcy from start to finish so that you can take control of your finances; lift the heavy burden of mounting debt; alleviate anxiety, restore your confidence and have a fresh start.
If your debt is becoming unmanageable then bankruptcy can be an effective solution. Once bankrupt you will no longer be responsible for your debts and can look forward to restoring your credit file.
If you don't have any assets to protect and your occupation is not affected then bankruptcy is an option worth considering.
To see how we can help you complete our enquiry form and we will call you back.
For immediate advice, call us on 0208 144 2947.
Visit the FAQ section as we cover a lot of common topics you will need to be aware of if considering bankruptcy.
Is Bankruptcy Right For You?
It could be that bankruptcy is the most suitable debt solution for you.
You may hear that bankruptcy should be considered a last resort, and that you should try an IVA (Individual Voluntary Arrangement), IPP (Informal Payment Plan) or DMP (Debt Management Plan) first, but this isn't always suitable. What's right for you depends entirely on your circumstances as these are all solutions to the same problem, but tackled differently.
You may find that you would benefit from professional help in completing your Statement of Affairs and Bankruptcy Petition.
From the time that you decide to apply for a bankruptcy order, to the day that you are declared bankrupt, you may seek assistance in order to keep your creditors and bailiffs at bay. In addition, performing your own research into bankruptcy often results in receiving conflicting information, depending on the source(s).
Personal bankruptcy for Scottish residents is called Sequestration.
To be sequestrated you must owe at least £1,500 and either: one or more of your creditors must have taken you to court to enforce or demand you repay a debt or you must have been on a debt payment programme under DAS that has been revoked and one of the creditors in the DPP have been to court and obtained a decree on one of the debts.
You are immediately free from debt and will not be responsible for any of your pre-existing debts.
It is a fresh start for you and your family to start again and build yourself up from a position of strength. You are immediately protected from all your creditors who form part of your bankruptcy.
There's so much scare mongering regarding bankruptcy, on the internet and given in the form of advice (by some debt management companies), that it can be enough to put someone off applying for the protection of a bankruptcy order - even if it's the most suitable solution for them to clear all of their debts.
The truth is, bankruptcy is just another form of insolvency, much like an IVA, and the option that's best for you depends on your circumstances.
You will be discharged after a maximum of 12 months and possibly even sooner depending on your circumstances (some people are discharged after 6-8 months). All your (unsecured) debts will be written off by bankruptcy and none of your creditors will be able to pursue you for them anymore.
The worst outcome if you don't have any assets to protect is that you may have to pay a percentage of your surplus income to your trustee for 36 months into what's called an IPA, but this is far less than you would be paying in either a Debt Management Plan or an IVA and for a much shorter period. In addition, the money you pay towards an IPA goes directly to your creditors, whereas with an IVA or DMP you will be also be paying the firm a monthly contribution for setting it up.
Clear Insolvency is trading name of Hamilton and Clarke Ltd.
Registered in the UK. Company no. 6465374. Consumer Credit License (UK) 612841
Clear Insolvency, 27 Old Gloucester Street, London, WC1N 3AX
