When you have mounting debts with no prospect of paying them off, declaring bankruptcy is often an efficient way to remedy the problem and provide you with the chance to have a fresh start.
Personal bankruptcy will clear all of your current unsecured debts, but in doing so it is going to stay on your Credit File for six years, which will impact your future borrowing during that timeframe. An alternative method of insolvency is an IVA, which could be best suited if you have equity to protect, or a profession that is excluded from personal bankruptcy.
If personal bankruptcy is definitely the right choice for you, then the appropriate paperwork will eventually be submitted to your local County Court.
For those living within Liverpool
we have included the court details below. You only need to contact the court if you already have everything prepared, including your Statement of Affairs and Debtor's Petition, and you are ready to finalise the Bankruptcy Order.
To arrange a consultation you can complete this online form
, and an experienced Advisor will be in touch to assess your situation and advise you accordingly.